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The Economics of Home Care


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The Economics of Care

 

Whether your loved one chooses to stay in their home or live at a facility, knowing what costs are involved are important.  Deciding to keep a loved one at home with help from a home care agency is usually the favoured choice with most seniors.  Depending on the level of care needed, home care can potentially save thousands of dollars a month compared to nursing homes or assisted living facilities.  By offering different levels of care services, gives seniors the option of living in their own home for as long as possible.  Seniors who have in-home care often delay and even prevent the need for acute care in an institution.  In turn, hospital visits and even fatalities can be greatly reduced.

The best way to prepare for the cost of care is knowing what to expect.  The average retirement residence is between $4,000 to $6,000 /month.  This type of lifestyle does not include any additional private one on one care, leaving the client looking for external help from agencies and at an additional cost.  Agencies such as Home Instead Senior Care, averages approximately $30/hr.  If your loved one is receiving support from the province, a home care agency may be able to remove the tax (this is assessed on a case by case basis).  Hiring a trusted agency has the added benefit of one on one care for your loved one, knowing that caregivers are supported by a reputable employer that thoroughly screens and trains their caregivers and provides continuous oversight.

Care does come at a cost and being prepared for those costs helps to reduce the stress that is involved in the process of choosing care. One of the key factors in having the right information is to know what type of care a loved one needs.  There are different types of care and how much or little care is required is a big factor.  Home Instead Senior Care offers a wide range of care plans, which include home helper and companionship to specialized Alzheimer/dementia care.  We have palliative and hospice care both in home and hospital.  Oftentimes, we offer supplemental care in facilities to give families and peace of mind know their loved one has the attention and care they need.

 There are government programs that can help offset some costs involved in home care such as the "Ontario Disability Tax Credit".  More information about this can be found on the Government of Canada website. 

 

For more information please call Home Instead Senior Care at: 416-698-1384


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