Paying for Senior Care

Private duty home care provides medical and/or nonmedical care and companionship to seniors who want to remain in their own homes.

Ways to pay for hospice care at home include Medicare, Medicaid, veterans benefits, and private health insurance.

The average cost of home care in the United States is $27 per hour.

Hospice care at home is covered by most health insurance plans, so patients and their families don’t usually have to pay anything out of pocket.

The median cost of 24/7 in-home care is $19,656 per month.

Continuous home hospice care is covered by most insurance plans and offers temporary, round-the-clock comfort care for people with life-limiting conditions.

Home care costs an average of $4,957 a month, while nursing homes cost an average of $7,908 a month, though each option offers different services.

Cannabis is a hot topic among elders who are weary of prescription drugs and seeking alternatives for managing symptoms like pain and anxiety. But medical marijuana isn’t for everyone—there are medical, legal and financial implications to consider.

Filial responsibility laws in some states hold that adult children may be liable for their parents’ unpaid medical and nursing home bills. Learn your responsibilities in paying an impoverished parent’s long-term care costs.

For seniors who are uninsured or who have a high deductible health care plan, lab work and imaging services can be extremely costly. Fortunately, there are cheaper options available that rely on self-pay rates instead of health insurance.

Although hiring a private caregiver is thought to be less expensive than working with a home care agency, there are some important factors you must take into consideration before assuming the time-consuming role of an employer.

Most individuals over 65 take multiple prescriptions every day, which can pack a serious financial punch. A veteran caregiver shares her strategies for finding and buying competitively priced medicines.

Health care costs will take up a considerable portion of retirement savings, so it is vital to put away adequate funds and choose insurance plans are the best possible fit. Advance planning is the best way to ensure a happy and healthy retirement.

If I'd had paid family leave during my caregiving years, my life and the lives of my loved ones would have been quite different.

Some veterans can use the Aid and Attendance pension in conjunction with Medicaid to pay for nursing home costs and still have some funds left to support their community spouse and cover their own personal needs.

The 2015 Cost of Care study reveals where to find the cheapest long term care in America, as well as where in the country long term care is the costliest.

This tool locates and provides contact information for prescription drug assistance programs that offer financial aid to people who need help paying for prescription medications.

The following pharmaceutical companies have programs that provide assistance to people who need financial aid to pay for their prescription medications.

These nationwide non-profits provide assistance to those who need financial aid to pay for their prescription medications.

Employing a caregiver who is not affiliated with a home care agency can have a significant impact on the taxes you owe. Make sure you understand your role as a “household employer” before hiring an independent caregiver.