Family members provide more than 30 billion hours of unpaid care for loved ones. According to a 2014 study of the Rand Corporation, the value of this work tops $522 billion per year. Experts agree that the cost of unpaid care is unsustainable, but the cost of paying for care is even more staggering and projected to cost $642 billion if skilled nursing care were provided. Even at minimum wage, the cost is projected at $221 billion.
Caregiving is often seen as a “woman’s job”. Women are no longer able to provide low cost or free elder care because 57% of American women are in the labor force according to the U.S. Department of Labor (2015).
Many family members who provide unpaid care find the need to supplement the care they provide with paid services. According to the U.S. Department of Human Services (2010), the average cost of a semi-private room in a skilled nursing facility is $205 per day; the cost of an assisted living averages $110 per day; the cost of a home health aide averages $21 per hour and $19 per hour for a homemaker; and lastly the cost of adult day care averages $67 per day. Prices in Colorado often times are even higher.
Among all of the concerns experienced by caregivers, paying for elder care is always one of the most stressful. The Colorado Senior Resource Guidebook provides answers for caregivers to compare with listings of all of the licensed housing and home care resources with 2015 prices and services.
While price is often a factor, caregivers often feel unprepared when interviewing potential agencies. The culture of the agency is often determined by the management team, but meeting the front line staff is not part of the process. High turnover can contribute to the concerns.
Paying for care can also be confusing. Medicare does not pay for most long term care. Medicaid will not pay unless the person has few resources, but knowing when and how to apply is complicated. The majority of Americans do not have long term care insurance. Most families pay privately, but getting good value often leaves one wondering how to assess quality.
As families struggle with caregiving, many elders are reluctant to sign powers of attorney, “Do Not Resuscitate Orders” and other legal forms that guide care decisions. Signing the documents allows caregivers to secure the needed services.
Medical powers of attorney are required to talk with physicians about care, personal representative forms are necessary to talk with Social Security and Medicare, and financial powers of attorney are required to pay bills, sell stocks, and dispose of real estate. The Guidebook features copies of common legal forms that can be used when delegating powers to another individual. Get legal advice when signing advance directives.
The Guidebook can provide information when making complex decisions. Free copies are available at local libraries throughout Colorado. Books can also be ordered at www.senioranswers.org or by sending a check for $10 to Colorado Gerontological Society, 3006 East Colfax Avenue, Denver CO 80206. For information , call 303-333-3482 and ask for a counselor.
~ Eileen Doherty, MS is the Executive Director of the Colorado Gerontological Society since 1982. She can be reached at doherty001@att.net.