Myth: Medicare will cover 100% of your nursing home stay.

In reality, Medicare may pay for the first 20 days of your stay if you require skilled nursing or therapy services, but often it covers much less than the full 20 days. After that, any additional costs will need to be paid out-of-pocket. If your aging parent qualifies for Medicaid, some nursing homes do accept it as payment. Additionally, long-term care insurance may cover a portion of the expenses.

Average daily cost: $260 per day.
Care staff: One nurse and one aide may be responsible for many patients.

Myth: Medicare or Medicaid will cover the costs of assisted living.

This is not true. While long-term care insurance may partially cover some expenses, and the VA Aid and Attendance pension may provide some assistance if you qualify, the majority of costs are typically paid out of pocket.

On average, the daily cost of assisted living is approximately $135, plus additional expenses that depend on your specific care needs and amenities. If you require extra assistance, you will incur additional hourly rates for caregiver services to supplement your basic care.

Myth: It is cheaper and easier to hire your own caregiver.

Reality: While hiring your own caregiver may initially seem less expensive, it can expose you to various issues such as workers' compensation, tax liabilities, potential fraud, abuse, neglect, and inexperience. Moreover, managing the hiring and employment of a private caregiver requires a significant time commitment, and they may not be equipped to provide skilled medical services.

Cost Comparison: With a home care company, you pay a consistent hourly rate, whereas hiring independently could lead to unpredictable expenses.

By choosing a home care company, you receive personalized one-on-one care and pay only for the services you need. The alternative can be uncertain and risky.