We are not insurance agents. We are owners of Feingold Home Health Services and we see on a daily basis the staggering cost of in-home care when you or a loved one chooses to live at home and needs assistance with the activities of daily living.
Many of you who are fortunate enough to have parents who are still living may already know the staggering cost of home health care. Aging, many times, also comes with the need for assistance with the activities of daily living (ADL).
Many people equate Alzheimer’s with the need for home health care; however, Alzheimer’s is just one of the many variables in one’s health that requires assistance to maintain a lifestyle within the comfort of their own home. A stroke, unforeseen accidents, surgeries and just old age are reasons many of us will need home health care.
Home health care comes with a price tag; if you have not planned ahead, which can rapidly deplete your savings. In today’s market, the cost of 24/7 care for a live-in care giver can run, at a minimum, $240 a day, times 365 equals nearly $125,000 annually. Hourly care ranges from $18 – $26+ per hour for a Certified Nurse Assistant/Home Health Aide (CNA/HHA) depending on the care needed. It is extremely important to make sure you have the long term health care insurance coverage necessary to offset the costs of care.
As we said before, these expenses can rapidly deplete your life savings. In many instances, when a spouse becomes ill or disabled, the healthy spouse and or their family are forced to use retirement savings or other resources to care for their loved one. That may leave the surviving spouse with the lack of assets to continue with her/his own lifestyle.
You may think, “I don’t need the insurance because I have Medicare”. What you may not be aware of is Medicare does not cover most costs of long term care in the home. Medicare will take care of some of your hospital and prescribed home medical costs, but generally does not cover most long term care. You need long term health care insurance to cover these expenses.
The time to consider purchasing long term health care insurance is when you are in your 50’s and 60’s. Your rates are generally lower, the younger you are. There are many different long term policies available in the market place. You should have a discussion with an insurance agent at Richard S. Bernstein and Associates to see which plans are best for you. You should consider your medical history along with your family medical history. These factors can help you and your agent decide which policy is best for you.
If you have questions regarding home health care assistance, please feel free to reach out to us at Feingold Home Health Services where we provide both agency and registry services. We are licensed, bonded and insured. We are located in Lake Worth, Florida and provide services in Palm Beach, Martin, and Okeechobee counties. We will be happy to answer any questions and be of assistance to you in any of your home health needs. We can be reached 24/7. Our phone number is (561) 713-1332 or email paul@feingoldnursing.com. Please visit our website www.feingoldnursing.com. Like us on FaceBook.
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