Private Home Care Costs: How to Plan for Senior Care Without Surprises
The true cost of home care can vary greatly, and understanding these prices is essential when choosing the right option for a senior. Private home care can be very affordable and is often less expensive than moving into a nursing home. However, this depends on the level of care required and other factors that can affect the total cost. Here are a few key points to understand private home care costs.
Aging at Home, How Much Does It Cost?
Aging at home can be quite economical, especially when the house is already paid off and the level of care is minimal. Of course, in some instances, private home care costs can be very expensive. The total cost depends on several factors.
- General budget: Basic livings expenses must be considered, such as municipal taxes, electricity bills, food, etc. Remember that some of these basic costs could change over time. On average, in Quebec, the monthly living expenses of someone living alone are around 2500$.
- Type of care needed for the person: The cost of care will vary greatly based on how much care is needed and how specialized it is. For example, 24/7 in home care costs by a registered nurse will be much more expensive than a personal support worker for a few hours a week. Private paid home care rates are between $38 and $43 per hour. So, for one full day per week, you can expect to pay around 1300$ a month.
- Type of house maintenance required: The home itself can significantly impact the cost of aging in place. Larger homes require more upkeep, and as we age, we may need to hire help for tasks we once managed ourselves. Even basic housekeeping will cost more in a large two-story house than in a smaller bungalow.
Generally, in-home senior care costs less than moving into a nursing home, but there are limits. If a person requires constant monitoring or intensive support, staying at home can become the more expensive option.
How Much Does 24/7 in Home Care Cost per Month in Canada?
Elderly care costs per hour can vary depending on the region, but you can easily expect between $38 to $43 per hour. In-home nurse care costs are more expensive than general support, such as housekeeping.
When calculated on a 24/7 basis, private in-home nursing care costs are indeed expensive, especially if paid out of pocket. Costs can easily reach $28,000 a month. In such cases, moving into a facility can be more beneficial.
However, there are alternative ways to make staying at home more manageable. In some cases, insurance may cover a significant portion of the cost. Another option is to have a nurse visit a few times a week, while a caregiver provides support during the rest of the time—this can be a more affordable and flexible approach.
How to Create a Budget for Private Home Care?
To create a budget for private home care, you first need to create a list of all the expenses. This will mean:
- living expenses such as food, electricity bills, municipal taxes, rent if any, etc.
- home care like housekeeping, lawn maintenance, potential renovations, etc.
- personal care that can cover medical and nursing services, but also help with meal planning and cooking, meals on wheels, psychological support, etc.
When calculating the expenses, knowing how much private home care costs per hour will give you a good baseline. You can expect an average of $38 to $43 per hour. The rate can vary depending on the region and level of expertise. Keep in mind that the needs will change over time. For example, the person might not need any help with housekeeping now but could need some in a few years.
Once you have outlined the expenses, list the resources you have access to, both financial and non-financial. For example:
- Are you, or someone else, willing to be a dedicated caregiver? If so, would it be full-time? Would they move in with the person? Caregivers are an amazing resource, and they can have access to some financial support from the government. Family and friends can also be an important resource to consider. For example, if a friend is available to drive the person to medical appointments, this can reduce the transportation budget or avoid the need to pay a private nurse.
- Are there any free community services in the area? In some cases, you can have access to a free nurse or other services.
- What government financial support do you have access to? In case of need, you can ask an expert on the matter to know which grants and tax credits you may be eligible for.
- What is the loved one’s income? When planning to age at home, it’s important to understand the financial situation of a loved one. Do they have sufficient savings? How sustainable could their living situation be? In the category of income, you can also consider insurance coverage, as it could help pay a significant portion of the costs.
How to Plan Financially for Quality Home Care?
Whether a loved one wants to age at home or would rather move into a nursing home, all these options cost money. It’s crucial to start planning early, not only for retirement, but specifically for the later years when more extensive care might be needed. This goes for your loved ones, but also for yourself. Setting aside money for home care is the most strategic way to ensure your access to quality home care.
Don’t hesitate to talk openly about this matter with your family. Knowing everyone’s wishes and needs will make planning much easier. You can also work with a financial advisor to maximize the savings based on your budget and the time you have before retirement.
Private home care might seem expensive at first, but it’s often more affordable than many realize—especially when compared to the full cost of nursing home care. The key is to accurately assess your loved one’s needs, so they receive the right level of support. With thoughtful planning and a clear understanding of the options, you can make private home care both manageable and effective.