Cutting the Costs of Eldercare


eldercare, financesWe've all seen it over the past months. Whether it was our parents' investments tanking or a huge loss in your family's budget due to job losses, we're all feeling the pinch of the economic times. Yet home health care costs continue to rise.

Don't dismay - there are a few tricks up our sleeves that may help you save while easing the burden of care!

  • Alternative Caregivers - if you need to obtain senior care services in your home (whether for respite care or ongoing basis), look into the possibility of finding part-time providers. Many nurses, medical students, experienced caregivers and even stay-at-home-moms are moonlighting for extra cash these days. The going rate? Fifteen to twenty dollars an hour. Just be sure to review certifications (if needed), get excellent references and check in often to ensure quality senior assistance.
  • Community Planned Activities - Check out your local resources! Many churches, synagogues and community organizations offer free or discounted programs and activities ranging from bingo to group "parent sitting" events.
  • Senior Day Care - If the economic crunch has you headed back to work, look into options for adult day care providers in your area. In-home and facility options are available in most communities and offer quality care at a fraction of the cost of contracted in home care, nursing homes or assisted living communities.
  • Stagger Care Shifts - Care giving can easily be scheduled in shifts if your parent is relatively safe for 2-3 hours at a time alone with a safety call button. Not only does it retain some of the independence for your parent, but it is a great way to minimize expenditures while maximizing hours of care.
  • Reduce Medication Costs - Prescription assistance programs are cropping up all over the place - from your local drug store to pharmaceutical company discounts. Research programs and nonprofit organizations such as the Partnership for Prescription Assistance to see if your parent may qualify for reduced cost or free medications.
  • Share Cost Cutting Ideas. We've shared a few of our ideas - what are you doing to reduce spending? By posting comments sharing tips and tricks for reducing costs we all can save!

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--Kim Thies


1 Response

  1. Excellent article. Caring for aging parents can be expensive. Another vote for student nurses as excellent alternative caregivers... some of them are like diamonds in the rough. They are caring, skilled, motivated, developing great skills and earning money to pay for school.