One of the major financial priorities among seniors entering their golden years is long-term care planning. From in-home assistance and assisted living to memory care, expenditures build up quite quickly. While Walnut Creek, CA, offers a variety of options in the realm of senior care, price flags can fluctuate dramatically between them all, depending on how much care is required or needed. Having a good financial plan will not only ensure that your loved one receives optimal care but also ensure there will be no undue financial stressors.
Financial Considerations in Senior Care
In planning for senior care, all the costs are to be considered, not just the monthly fee for care. The main financial factors include:
Type of Care
It is, of course, expected that costs will be different depending on the level of care needed. Home care could range from about $25 to $40 per hour, depending on how much help would be required for that individual. At the same time, the cost of assisted living facilities ranges from approximately 4,000 to 7,000 dollars per month. This cost truly depends on what services are actually provided and the level of care that a patient might require. Memory care, provided by those facilities that address patients suffering from diseases such as Alzheimer’s and dementia, ranges in cost from about $5,000 to $9,000 per month.
Location
From proximity to amenities and living costs to quality healthcare facilities, the prices continue to vary for Walnut Creek senior care. CarePatrol can support families in comparing the different communities based on these varying factors and stay within a budget while not sacrificing quality.
Level of Care Required
Basically, the more care the senior requires, the more costly it is. In this regard, a senior who needs basic assistance in activities of daily living, such as dressing and bathing, obviously differs in terms of financial involvement when compared to another person who needs full-time skilled nursing care. It is for this reason that early assessment and planning are important to avoid exposure to unanticipated costs.
Financing Senior Care
While paying for senior care can seem financially overwhelming, there are quite a few ways in which you can offset the costs of senior care:
- Long-Term Care Insurance
- Medicare
- Medicaid
- Veterans’ Benefits
- Bridge Loans
- Reverse Mortgages
Get Help from CarePatrol of Walnut Creek
CarePatrol of Walnut Creek is so much more than just a referral service for senior care; we work with many families to ensure they understand the associated financial dynamics.
Contact CarePatrol of Walnut Creek today and schedule a no-cost consultation to see how we can meet the individual needs of your family.
