In-home Care Information for Real Estate Professionals
As you farm your territory and engage in conversations, you will discover that many seniors are actively considering a stay in home with the aid of a Home Healthcare service versus selling their home and moving into an assisted living facility decision due to declining health – for either one senior (live alone) or when one spouse, and sometimes both spouses, are projected to need caregiving.
Agents that add value to both sides of this decision as a subject matter resource will build credibility with clients and differentiate themselves from agents that are only interested in talking the senior in to selling their home.
If you act in the best interest of the client by providing “both side” information during the process – even if that means the senior decides to stay in the home – you will at the very least create a valuable “anchor client” and be positioned for the listing if your client changes their mind or when the eventual trust/probate sale opportunity arises.
Below is information designed to help you become a subject matter resource when your discussions involve the decision of hiring an In-home care company or move to an assisted living facility
Staying at home or moving to an assisted living facility is an extremely emotional decision
While a large majority of seniors would rather stay in their homes and hire someone to come in on a regular basis to help them with their day-to-day living activities. Many seniors see the move as “the last step before the grave” and want to do everything possible to avoid facility based assisted living, some seniors have researched this option and have found places that can meet their future needs – especially when both husband and wife are dealing with failing health issues. In most cases, children are heavily involved in this decision. A good question is: Do you have children? What do they think about you moving or staying in your home with help?
With your awareness of In-home care as a subject matter resource, you may initially be talking to kids trying to figure out what to do on behalf of their parents.
Following is information from an In-home Care website that provides good “subject matter” information you want to be able to talk about:
Top Signs Your Aging Parent Needs Help
- The Missed Medication: Missed doses and medication mistakes (overdosing and running out of pills before the next prescription can be refilled) can lead to very serious medical complications. Older people often take multiple prescriptions for various health conditions, which can be overwhelming without assistance and reminders.
- The Mysterious Dent: Look for evidence of parking or speeding tickets, fender-benders, dents and scratches on the senior's car as signs that driving skills may be deteriorating. Decreased ability to see, poor sense of direction, inability to merge into traffic, driving way under the speed limit and slow reaction time is a recipe for disaster with senior driving.
- The Missed Doctor’s Appointment: While this can be a symptom of increased forgetfulness, it is often simply a result of not having transportation and not knowing how to access transportation options on their own.
- The Piling Mail: Seniors can feel overwhelmed by the simple task of reaching the mail box, opening and responding to daily mail, as well as balancing a checkbook, particularly if eye sight is deteriorating or if this was once the responsibility of a now-deceased spouse. This can result in overdue bills, bounced checks, utilities being turned off due to lack of payment and other creditor issues.
- The Lost Walker: Items and valuables dear to your aging parent become lost. Anyone who has memory problems and is able to walk is at risk for wandering. Be on the lookout for the warning signs of dementia such as returns from regular walks later than usual, difficulty locating familiar places (such as the bathroom or bedroom), or pacing or restless movement.
- The Piles of Laundry: Changes in housekeeping may occur simply because it is too difficult or tiring. This is especially troubling if a parent used to keep the house neat and orderly or if a now-deceased spouse was responsible for these duties. From dirty laundry to dirty dishes, these everyday tasks become too much to handle on their own.
- The Empty Refrigerator: Seniors who suddenly find themselves alone, who have become lonely over time or are easily overwhelmed by cooking, tend not to eat properly. Their refrigerator may be nearly empty, or packed with spoiled food. An aging person may eat enough calories to get by, but may suffer nutritionally, including increasing cholesterol and lowering vitamin intake. Studies have found that poor diet can increase the risk of dementia in seniors and weaken the immune system.
- The Torn Shower Curtain: Damage to bathroom fixtures such as shower curtains, loose towel bars or window sills could indicate your parent is using these items as support, a potential danger if they lose their balance.
- The Unshaven Face: Changes in appearance are the most obvious sign that some assistance is needed. These signs can range from unkempt hair and body odor, to unshaven faces and wearing clothing that is unclean, unchanged for days or inappropriate for the weather. These changes may occur because doing the laundry or getting in and out of the tub has become too physically challenging. Many who live alone also fear slipping and falling in a shower or bathtub with no one to help him or her get up.
- The Unfinished Garden: Your loved one acts as if they are performing a hobby or chore (such as moving clay pots and soil in the garden), but nothing is accomplished. Asking to go home while already home, trying to fulfill obligations (like going to work), or getting lost in a changed environment could be a warning sign for dementia.
We Offer Home Care Services That Can Help
In-home care focuses on helping seniors with the daily activities of living. These are tasks we all perform each day to stay healthy and engaged with life. For example:
Companionship and Home Helper
- Meal preparation
- Medication Reminders
- Accompany to doctor visits
- Grocery shopping
- Laundry and linens
- Light housekeeping
- Socializing
Personal Services
- Bathing
- Dressing
- Incontinence Care
- Mobility Assistance
Alzheimer’s or Other Dementias Care
- Managing behavioral symptoms
- Encouraging engagement
- Assist with activities of daily living
- Keeping seniors safe
Transitional Care Services
- Transportation
- Prescription pick-up
- Hospital discharge assistance
Hospice Support
- Supplemental support
- Respite for family caregiver
ESTIMATED COST OF IN-HOME CARE
While prices can vary, a going rate for homecare to use in discussions until you hear otherwise, is $22 per hour. The number of hours required for the level of support varies depending on the needs of the senior. For illustrative purposes, if a senior needs 5 hours of care/7 days a week at $22 per hour, the monthly costs would be $3,336 per month. This equates to over $40,000 per year.
In comparison, a 2014 survey found the national average cost of assisted living facilities to be $3,500 per month ($42,000 per year). Following is a good discussion of assisted living costs and options found on a web search on the topic:
COST OF ASSISTED LIVING
If you haven't planned for senior living care, you aren't alone. Few people do - either because they don't think they'll need it or because they want to save their assets for their children and believe that government subsidies will cover any care they need. This doesn't mean they can't afford suitable care; it just means the choices may be more limited. Fortunately, just like the variety in settings, styles, and amenities, senior living residences are available at a variety of price points.
Costs vary with the residence, apartment size, and types of services needed. The basic rate may cover all services or there may be additional charges for special services. Most assisted living residences charge on a month-to-month lease arrangement, but a few require long-term arrangements.
Base rates may fluctuate depending on unit size: for example, studio, one, or two-bedroom apartment. Note also that base rates typically only cover room and board and two to three meals. Additional charges may include entrance fees up to one month's rent, deposits, and fees for other services such as housekeeping and laundry, though many providers include those services as well.
The average cost for a private one-bedroom apartment in an assisted living residence is over $3,000 per month, according to research compiled by several nonprofit senior living organizations, including the Assisted Living Federation of America. Assisted living is of often less expensive than home health or nursing home care in the same geographic area.
More than half of assisted living communities use a tiered pricing model with bundled services, according to research. For instance, a resident needing very little assistance would be at the lowest tier. Other pricing models include all-inclusive, a la carte, or fee-for-service basis. Providers regularly review service and care plans to ensure residents' needs are being met. Billing is typically done monthly.
In-home Care vs. Assisted Living Cost Summary
A simple way to summarize the cost aspects of in In-home Care vs. Assisted Living costs based on the loose estimates above, is that the breakeven point is slightly over five hours of required care per day. That is, from a purely financial aspect, if the senior needs more than five hours of in-home care per day the assisted living option starts making better sense.
The Actual Decision
An agent sharing the above information may enlighten some clients to the point of them making or leaning towards an assisted living decision on a cost basis (and create a listing opportunity), but in all likelihood the desire to stay in the home – even when it costs significantly more – will be an emotional and oftentimes stubborn lifestyle decision.
Paying for In-home Care
If the senior has decided to stay in the home but needs In-home care, inquire if they know how much it costs and how they plan to pay for it. There are also professionals experienced in this decision that can help your senior clients determine the best route to take. A Reverse Mortgage can be a great way to pay for In-home Care. Either the monthly payment option or the Line-of-credit (LOC) can be utilized to augment currently available financial resources to fund home care that enables seniors to remain in the home vs. moving to an assisted living facility.