HOME CARE & FINANCES

The Financial Impact of Home Care

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he financial impact of home care may not be as significant as it appears at first. Once people stop to think about what’s really involved in providing quality home care, many realize that such a decision needs to be based on more than dollars and cents.

When determining the true financial impact of home care, you’ve got to consider many other factors. First in line of importance is the cost of your time. Do you remember learning about opportunity costs? These are the costs that should be weighed when deciding whether to decline or accept an opportunity.

In the case of home care, if you’re the one who has been assigned the responsibility of caring for an aging individual, it’s important to realize that such a responsibility is going to require a considerable amount of your time. You’re the one who is going to get the phone calls at all times, day and night. You’re the one who will be coordinating transportation to and from medical appointments, grocery shopping, and other errands. You’re the one who will have another home to clean. You’re the one who is going to help deal with bill paying, provide companionship, and whatever other task comes your way. And if you don’t live close by, be sure to factor in travel time.

You already don’t have enough time in one day to take care of the demands placed on you from work, your family and your own home. How will you possibly manage to take on so many new responsibilities?

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ill you have to reduce your working hours to part-time? Will you have to pass on a promotion that would pay more but require you to put in extra hours and/or travel? How will the money you won’t be earning because of your caregiving responsibilities impact your financial situation now and in your own retirement? And if you do have to cut back to part-time, what will happen to your 401K contributions, your vacation day/sick day accumulations and the other benefits you get by working full-time? These are the lost opportunity costs you’ve got to consider.

Now take another look at the quotes you’ve been given to have others assume the daily responsibilities involved in providing home care. After considering the above and calculating the realistic financial impact of providing home care yourself, the costs of having a qualified and insured home care agency assume these tasks don’t seem that high, do they?

When you work with a reputable home care agency, you’ll still oversee home care issues but you won’t have to be involved on a day-to-day basis. You’ll have peace of mind knowing your loved ones are receiving proper care and you’ll still be able to take care of your own life. If you’ve been avoiding it, now is the time to determine the financial impact that home care will make on your life. You might find that allowing others to do the job is a smart financial decision!

Our Mission is to provide our clients with the highest level of quality of life that is achievable.