According to the annual Genworth Cost of Care Survey, 7-out-of-10 seniors will eventually need some type of long-term care. For most, that care will be provided in an assisted living community, nursing home, or private residence. Once you and your family have decided to start professional home care, finding creative ways to pay for the services can be challenging. What follows are several tips you can use to manage the cost of home care, allowing you to live out the remainder of your life in the comfortable surroundings of your private residence. 

How Much Does Home Care Cost?

As retirees live longer, many run the risk of outliving their savings. According to Genworth’s latest figures, the monthly median cost for in-home care provided by a home health aide is $5,148. Seniors who rely on homemaker services can expect to pay an average of $4,957 per month. Although those figures vary by state, the cost of senior home care across the US is rising more than five percent annually.

Does Medicare cover professional in-home care?

Contrary to what you might think, Medicare insurance does always not pay for non-medical home care services. Medicare will only pay for home health care, physical therapy, a nursing home stay, long-term care hospital stay, or related skilled nursing care services for a maximum of 20 days.

Personal care, private duty care, custodial care, homemaker services, 24-hour care, and meal delivery services are not covered by Medicare. An exception may be Medicare Part C plans.

What Are My Payment Options?

If Medicare isn’t an option, here are some creative ways to finance professional caregiving services:

Out of pocket

At first, many older adults pay for care in part with their own money. They may use personal savings, a pension, a retirement fund, or income derived from stocks, bonds, or proceeds from the sale of a home.

Additionally, informal caregivers often provide free personal care and related services, including meals, transportation, and housekeeping. To remain in their homes, many older adults and their families pay out of pocket for adult day care, meal delivery services, and other community-based senior programs.

Long-term care insurance

Long-term care (LTC) insurance may cover all or part of the services, with premiums that vary depending on age, gender, health, geographic location, and more. A “hybrid” long-term care policy is another option, which is a policy that is part life insurance or annuity and part long-term care coverage. You can learn about the different LTC insurance policy types and their estimated premiums through the American Association for Long-Term Care Insurance.

Government programs

Some older adults are eligible to receive government healthcare benefits that pay at least some of the expenses associated with professional caregivers. Federal and state programs that may help with non-medical, healthcare-related costs incurred at home include:

National Council on Aging (NCOA)

The National Council on Aging (NCOA) is a private organization that offers a free service called BenefitsCheckUp®. This service can help you find state and federal benefit programs that pay for heating bills, housing, meal programs, and prescription drug programs for seniors.

Private financing options

In addition to those listed above, many seniors turn to private payment options to cover home care costs, such as reverse mortgages, life insurance policies, trusts, and annuities. When your care weighs in the balance, choosing the best home care payment option depends on many factors, including your age, health status, household finances, and the level of care needed.

Personalized In-Home Care for Seniors in Charlotte County, FL

Only paying for the professional home care services you need can be difficult. If you wish is to find a provider that offers flexible home care options, contact the caring professionals at Home Instead. Conveniently available in Naples, Fort Myers, and Charlotte Country, FL, our senior care services help to enhance the aging experience by providing practical support at home delivered with a human touch.

Our reliable in-home solutions help aging adults stay engaged in everyday life with tailor-made hourly, weekly, or monthly support that keeps them safe and well at home. At Home Instead, it is always our mission to provide a care plan personalized to your family’s needs – bringing you all comfort, companionship, and peace of mind. To learn more or schedule a time to talk with one of our home care specialists, please visit us at