Out-of-Pocket Costs an Expected Part of Budgeting for Eldercare

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ElderCarelink Survey Shows Most are Prepared for Out-of-Pocket and Private Payments When Considering Eldercare Services

As budgeting for senior care becomes more common, better resources for seeking options for cost-effective solutions that meet individual needs will become even more of a priority.

Those seeking eldercare services such as home care and assisted living plan on paying out-of-pocket costs, according to the latest data gathered by ElderCarelink, a national eldercare referral service which spots trends and identifies growing needs of seniors and caregivers. The ElderCarelink survey indicates that 87% of consumers in need of care or anticipating home health care, adult day care, assisted living and other senior services have budgeted for out-of-pocket costs. In addition, 40% of respondents are prepared to pay for care exclusively with private funds, followed by 32% of consumers who will rely on a combination of private payments and insurance. Other methods of funding represented in the ElderCarelink study were Medicare, Medicaid and Long Term Care insurance.

In most cases, home care, long-term care facilities and adult day care services are not covered by Medicare, Medicaid or private insurance. This, coupled with gaps in insurance coverage, has caused families to increasingly rely less on outside sources of payment. With the majority of consumers expecting to pay out-of-pocket for all or some of their long term care expenses, it’s increasingly clear that families are now recognizing that they will need to prepare for this reality. For many, paying out-of-pocket will influence decisions about types of service, length of stay and location of care, whether home health care, elder day care or living assistance.

“With increasing reliance on out-of-pocket expenditures to cover costs of eldercare, it is more important than ever for families to choose the best eldercare providers for their specific needs - providers who cannot only deliver the necessary services but who can do so at a price that the family can afford,” said Robert F. Brooks, CEO of ElderCarelink. “As budgeting for senior care becomes more common, better resources for seeking options for cost-effective solutions that meet individual needs will become even more of a priority.” The survey is part of the ElderCarelink service, which connects consumers and families seeking eldercare products and services with the most appropriate provider based on their needs. ElderCarelink takes into account financial needs as well as individual care needs, and includes options for insurance services and financial planning.

About ElderCarelink

ElderCarelink is a leading provider of qualified lead generation services within the eldercare industry. ElderCarelink provides free, personal internet-based referrals to consumers, matching specialists in eldercare to seniors and their families. ElderCarelink assists families in finding a multitude of senior services, including assisted living, nursing homes, adult day care, private duty nursing, care management and homecare in all 50 states. More about finding eldercare assistance or joining our network of providers can be found at http://www.eldercarelink.com.

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