Do you know how much elder care services cost?
Whether your golden years consist of retirement, travel, family, or friends your estate and care needs should be considered too.
Otherwise, without the right financial plan, the care and medical support you’d need could be out of reach. Things like in-home care, nurses, assisted living facilities, and mobility devices all come with high price tags that could negatively impact your quality of life if it’s not budgeted for accordingly.
That’s why we’ve outlined the top four elder care services that could benefit you and how you can come up with a financial plan to get them.
1. In-Home Care
Unlike standard retirement or old-age homes, in-home care allows people to stay in their current residence but still receive visits from trained professionals. For example, someone like a nurse or physiotherapist can visit a few times a month to assist with mobility and medical appointments within the home.
Additionally, an in-home caregiver can tend to things like cleaning and household chores which can be overwhelming as you age. Certain caregivers will even assist with things like groceries and errands for those who can no longer drive.
Regardless, this type of elder care is perfect for those that want to maintain their independence and cut costs since it does not demand round-the-clock care. However, additional there are additional costs to consider for this type of care such as the frequency of visits, mortgage payments, and upkeep of the residence.
2. Nursing Care
Another type of facility is a nursing care facility. These facilities are staffed 24/7 with nurses and other healthcare professionals. This type of facility is ideal for seniors who require constant monitoring and medical attention.
These centers offer constant care with things like physical therapy, medication management, and daily living tasks. Although most don’t want to assume they will end up in a facility like this, it can be the reality for many which is why it’s important to consider the costs and work it into your retirement budget if it’s something you foresee yourself needing.
3. Assisted Living Facilities
An assisted living facility differs from a nursing home because there is less medically trained staff and specialized help available in this type of home.
Rather, these facilities are designed to be exactly like any other residential community (albeit one that is geared toward the elderly). This means staff is made available to help with things like cleaning, meals, administering medication, socialization, and more but on an as-needed basis. This can be a happy medium for people who would like support in their old age but still live independently.
These types of facilities can vary in price depending on the area, amenities, and level of care which is why it’s best to visit and question them prior to committing to one. That way, you avoid a costly surprise and are not disappointed in the level of care you are receiving.
4. Hospice Care
Hospice care is primarily focused on tending to people with terminal illnesses. Although this type of care can be costly, it’s something to consider as you get close to retirement age or if certain illnesses run in your family.
This type of care differs when compared to a nursing home as it is much more specialized and aimed to provide comfort to the individual and their family. The staff at the home is also trained to provide emotional and spiritual support in addition to medical care. In turn, making the final moments of life meaningful and comfortable.
Ultimately, preparing for the future can be difficult especially since it can be hard to know exactly what you’ll need and want. But understanding how and where you want to live in your final years is critical to creating a financial plan that can support it. If you could use some help getting your financial plan in order, consider speaking with us at 407-328-5001.
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