When it comes to health care, cost is an important consideration to take. No one wants to sacrifice quality to save a few bucks, and luckily there are options to suit every senior's unique needs and limitations. Here are also a few things to remember when making the home care decision for yourself or a loved one.
According to statistics from John Hancock, a nursing home with a private room can cost more than $94,000 per year, a rate that's rising by about 3.6 percent each year. A semi-private room offers some of savings, but at $82,855 annually may still be expensive for some families. Assisted living facilities, which provide seniors with care tailored to their needs, can cost more than $41,000 each year, with prices rising by 2 percent yearly.
Elderly individuals who need daily help getting dressed, bathing, cooking and carrying out other day-to-day activities but don't necessarily need regular medical care may be best suited for a home health aide. In 2013, a professional caregiver cost American families on average about $29,600 each year - or roughly $19 per hour. Additionally, the cost of an aide is only rising by 1.3 percent yearly, meaning that families can budget ahead securely. Further, statistics show that an at-home caregiver may actually save patients with chronic obstructive pulmonary disorder up to $300 per month as a result of reduced trips to the emergency room and fewer hospitalizations.
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