Funding Home Care for Seniors in London, ON and Surrounding Areas
The cost of long-term home care varies depending on the type of care available and the level of assistance you or a loved one needs.
In this section, Comfort Keepers® reviews some of the more common funding options for home care for seniors, senior housing, and long-term care services. Senior care can range from a few hours a week of personal or companionship care from a care provider, to full-time in-home assistance, to skilled nursing care in a nursing home. Want to learn more? Call (519) 601-4075.
How much does in-home assistance cost?
Our services vary in cost depending on your individual care plan. A Comfort Keepers Client Care Specialist will meet with you and your family to develop a plan of care that meets your needs and your budget. Each Comfort Keepers office is independently owned and operated. We encourage you to contact your local office directly for a complete list of products and services available, as well as rates for your area.
Do I have to pay for all care myself?
Comfort Keepers can discuss alternative ways to pay for in-home care for seniors.
Your local office can help you investigate whether you are eligible for care funding through your personal or group insurance coverage. They can also help you contact a representative from a local government care program.
In some cases, income tax relief may be available. For example, some care expenses may be eligible as medical expenses under Canada Revenue Agency rules, and you may also be eligible for credits such as the Disability Tax Credit and the Canada caregiver amount. Eligibility depends on your situation and the specific CRA requirements.
Our Comfort Keepers office can provide general information about these programs. For tax advice specific to your situation, contact the Canada Revenue Agency (CRA) or your financial advisor.
Taking advantage of all potential sources of funding is important because it can help you or your loved one access the amount of care needed.
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The Financial Impact of Family Caregivers
At first glance, the cost of professional in-home care for seniors may look higher than it truly is, until family caregivers consider the value of the time and financial sacrifices made to care for a loved one.
If you are a family caregiver, you understand that the responsibility requires a considerable amount of your time, as well as the time and attention your loved one deserves. As an in-home caregiver, you get phone calls at all times, day and night. You coordinate transportation to and from medical appointments, grocery shopping, and other errands. You have another home to clean. You are the one who helps pay bills, provides companionship, and takes care of other tasks as needed.
And you do this in addition to your other responsibilities, such as your job and family.
Chances are you have had to reduce your hours at work to get everything done. Maybe you have cut back to part-time employment and passed up a promotion.
These lost opportunities to earn a living have a real impact on your financial situation now and in the future when it comes time to retire. Considering these lost opportunities, take another look at the quotes you have received to hire a professional care provider. With this in mind, the cost of having a qualified and insured care agency assume caregiving tasks may not seem that high.
When you work with a reputable care agency, you will still be in charge of the care being provided for your loved one. You just will not be responsible for the time-consuming, day-to-day caregiving responsibilities.
You will have peace of mind knowing your loved one is receiving proper care, while you can go about taking care of your own life.
If you have been avoiding it, now is the time to determine the financial impact that home care for seniors can have on your life. You may find that allowing others to help is a smart financial decision.
Long-Term Care Insurance
Long-term care insurance can help pay some costs of long-term care and may help you avoid depleting your savings for extended care. However, coverage can be expensive, and premiums often increase the older you are when you buy a policy.
Not all long-term care insurance policies are created equal, so be sure you know what you are buying:
Some policies cover only specific types of long-term care, while others cover a range of options, such as nursing homes, assisted living, or in-home senior care.
Ask how, and how often, premiums may increase over time.
Many policies have an elimination period, meaning a waiting time during which the covered individual must pay for their own care. The longer the elimination period, the lower the premium can be.
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Know what percentage of daily care costs your policy will cover, and remember that inflation can increase costs. Inflation protection is commonly sold as a rider for long-term care insurance.
Call us in London to discuss your situation: (519) 601-4075.
