Financial Costs of Caregivers Assistance

Financial Cost of Caregiving Assistance

Families often underestimate the financial cost of caregiving. When planning for this responsibility, it’s important that you involve not only the person you care for, but other family members too, if possible. Make smart use of family resources and other programs by checking out your options and making decisions in advance.

How Much Does It Cost To Hire a Caregiver?

Hiring a caregiver is not a cheap option and it does require a lot of planning in order to make a good financial decision. Remember this is a full time job for caregivers and they will likely be around the patient for 8 to 10 hours a day. That is only for the day time caregiver. You might require a night time caregiver as well. This adds up to a lot of money. The costs of a caregiver can be anywhere from $800 to $3500 a week. It is time to start a list of how you will pay for a caregiver.

Start by making a list of possible expenses that may be incurred, such as:

  • Traveling to provide assistance Long-distance phone calls.
  • Medical expenses, including surgeries, therapies, medications and housekeeping services.
  • Personal care nursing services such as bathing Special clothing, including elderly incontinence products, adult day care or respite care.
  • Home care, medical equipment or adaptations that enable the person to remain at home. Alternatives to home living arrangements.

Once you’ve calculated potential expenses, how will they be covered? This requires open and honest communication among everyone. If necessary, ask a third party to help guide the discussions – a social worker, a spiritual advisor or other experienced facilitator.

Some programs require income information, so you will need records on Social Security, pensions, interest, dividends, net rent and other income. Look into public and private benefits that might be available, such as: Supplemental Security Income (SSI, Community Options Program (COP) and Medicare or Medicaid – medical care for eligible disabled older adults Private benefits, including insurance. Remember, the best caregiver advice is to involve more people, peferably the community, in the caregiving of the individual.

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