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Out-of-Pocket Costs an Expected Part of Budgeting for EldercareElderCarelink survey shows most are prepared for out-of-pocket and private payments when considering eldercare services. ASHLAND, Massachusetts—Those seeking eldercare services such as home care and assisted living plan on paying out-of-pocket costs, according to the latest data gathered by ElderCarelink, a national eldercare referral service which spots trends and identifies growing needs of seniors and caregivers. The ElderCarelink survey indicates that 87% of consumers in need of care or anticipating home health care, adult day care, assisted living and other senior services have budgeted for out-of-pocket costs. In addition, 40% of respondents are prepared to pay for care exclusively with private funds, followed by 32% of consumers who will rely on a combination of private payments and insurance. Other methods of funding represented in the ElderCarelink study were Medicare, Medicaid and Long Term Care insurance. In most cases, home care, long-term care facilities and adult day care services are not covered by Medicare, Medicaid or private insurance. This, coupled with gaps in insurance coverage, has caused families to increasingly rely less on outside sources of payment. With the majority of consumers expecting to pay out-of-pocket for all or some of their long term care expenses, it's increasingly clear that families are now recognizing that they will need to prepare for this reality. For many, paying out-of-pocket will influence decisions about types of service, length of stay and location of care, whether home health care, elder day care or living assistance. "With increasing reliance on out-of-pocket expenditures to cover costs of eldercare, it is more important than ever for families to choose the best eldercare providers for their specific needs - providers who cannot only deliver the necessary services but who can do so at a price that the family can afford," said Robert F. Brooks, CEO of ElderCarelink. "As budgeting for senior care becomes more common, better resources for seeking options for cost-effective solutions that meet individual needs will become even more of a priority." The survey is part of the ElderCarelink service, which connects consumers and families seeking eldercare products and services with the most appropriate provider based on their needs. ElderCarelink takes into account financial needs as well as individual care needs, and includes options for insurance services and financial planning. About ElderCarelink The numbers are consistent with growing trends for elderly to be cared for in the home rather than in nursing homes and assisted living centers. Using home care providers for non-medical care can support families in their care efforts and support seniors in continuing to live independently. Utilizing home health care and personal care providers can be more cost effective as well. Elder home care services often include meal preparation, personal care services such as grooming and dressing, household services and transportation, according to the ElderCarelink survey. The survey was established by ElderCarelink to provide crucial information about a growing demographic in an effort to best serve families seeking elder care and services. The trend toward caring for our seniors in the home is evident as concerns about quality of life and reluctance to turn to dependent living situations such as nursing homes or assisted living grow,” said Robert F. Brooks, Chief Executive Officer of ElderCarelink. “As we continue to match quality providers from our network to our consumers, it is likely we will see elder home care providers expanding services and developing more targeted specialties to meet this growing need in elder care.” |
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