Retirement and Considering the Cost of Home Care
As people approach retirement, they often think of many things. One of those is whether or not to sell their home when the market is booming. These Baby Boomers might be considering many aspects of retirement, but one thing that commonly gets overlooked, though, is the simple fact that home care may be necessary.
There are several types of care an elderly person could rely upon as they get older, depending on their specific needs and other health concerns. One of them is home care.
What far too many seniors don’t consider, though, is the prospect of requiring extra assistance at home in the form of a professional and experienced home care aide or other providers, including home healthcare.
As minimum wage fights, Department of Labor rule changes, and more continue to take effect, it’s impacting the in home care industry and that will also likely increase the cost of in home care, especially for those who will be able to pay for it themselves (as opposed to relying on Medicaid or other government funded programs).
There are different levels of in home care support seniors could consider taking on, though. According to Rob Carrick in the Globe and Mail article, Want to stay in your home forever? Be aware of the costs of home care:
“Home care would be cheaper if you bought a small block of hours every week for services such as meal preparation, laundry and help around your home. But there’s a crossover point when home care becomes more expensive, says Lee Anne Davies, chief executive officer of the consulting firm Agenomics. “The overlooked challenge with home care is that, generally for a senior, around-the-clock care becomes necessary,” she said in an e-mail. “That will be more expensive than long-term care.”
The elderly and those approaching retirement age may benefit from more information with regard to long-term care costs. Even short-term care, such as support following a medical emergency, can be significant, depending on the individual and his or her specific needs. Those costs have the potential to impact retirement, savings, and their ability to enjoy life to the fullest.
By considering the cost of long or short-term in home care as a factor of retirement may provide a better sound financial foundation for those reaching that age. Selling a home, considering a reverse mortgage, taking out an insurance policy specifically tailored for in home care, and learning about available resources throughout the community can go a long way toward a stronger foundation.
For information on a reverse mortgage, contact iReverse Home Loans, (352) 561-3096, in The Villages, Florida