Rising slower than assisted living & nursing home rooms
When it comes to health care, there are any number of concerns: Am I getting the best possible care? Is my loved one in any pain? Does my insurance cover this? On and on. With our particular system of health care, frankly, the greatest concern may be cost. In this regard, it may be comforting to know that home health care costs might be seen as a bright spot.
The United States has grappled with a daunting rise in health care costs for years. As the massive Baby Boomer generation enters retirement, these expenses can’t help but take center stage. For this very independent generation – for anyone who appreciates his independence, really – the good news is that greater independence translates to lower health care expenses.
Already Reasonable Home Care Costs May Be Your Best Option
U.S. News & World Report magazine, in a big-picture 2010 article looking at such costs, shared data from a survey conducted by Genworth Financial. Genworth looked at five scenarios of health care expenses: licensed homemaker services, licensed home health aide, assisted living facility, semi-private nursing home room, and private nursing home room. While Genworth found the costs related to each were on the rise, the rates for licensed home health aides were rising at the slowest rate – less than a 2 percent annual increase. In other words, home health care costs were not only among the most reasonable, but they are likely to remain so relative to other options.
As we age, we may be disheartened by diminishing physical abilities. Choices will have to be made about what sort of assistance we need. With the phrase “old folks home” being part of our cultural lexicon, we can be forgiven if we were not aware of the many options available, such as in-home aides. But, going back to that bottom line, these are options of which we must be aware, as home health care can dramatically stretch one’s health care budget. Home care costs can be reasonable enough to allow someone to maintain a greater sense of independence, and for a greater length of time. And, looking at the Genworth Financial data, that may be the case for a long time to come.