How to Save Money on Senior Care

(ARA) – With America’s population aging, billions of dollars are spent each year on senior care expenses. But with economic worries affecting many families, cutting costs has become more important than ever. With a little creativity, seniors and their families can save a substantial amount of money.

Compare Prices
Family members and caregivers can help seniors out by comparison shopping for goods and services online. Changing homeowner’s insurance policies alone can save hundreds of dollars each year. Review all bills and find out if it is less expensive to bundle services like phone and cable.

Take Advantage of Existing Services
The fall prevention alarms advertised on television can be a great tool to help seniors prevent serious injuries from falls and other medical emergencies, but most of them come with a costly monthly monitoring fee. Look for a personal alarm system that can connect directly to 911 and charges no monitoring fees and has no service contracts.

Consider Home Care
According to a 2007 MetLife survey, the average annual rate nationally for a private room in a nursing home is $77,745 and is steadily increasing each year. The annual base rate for an individual residing in an assisted living community is $35,628. The average annual cost of home care can be half the cost of nursing home care.

An organization like Visiting Angels provides a cost-effective alternative to assisted living facilities and nursing homes. Caregivers provide up to 24-hour elderly assistance in the comfort of home at affordable rates. Home care makes it possible for seniors to remain in their homes and maintain their independence.

Reverse Mortgage
Many senior citizens have owned their homes for decades and can take advantage of a reverse mortgage -- a loan that allows a homeowner to convert a portion of their equity into cash. Unlike a traditional mortgage, repayment of a reverse mortgage is not required until the borrower no longer uses the home as their principal residence.

Buy in Bulk
Seniors often use the same products, such as personal care items or incontinence supplies, month after month. Purchasing such nonperishable items in bulk online or from a warehouse store can save a great deal of money. Also consider signing up for automatic monthly delivery for health and personal care products. Auto delivery ensures products will no longer run out and shipping is often free.

For more money-saving ideas and to find out if home care is right for you, visit www.VisitingAngels.com.

Courtesy of ARAcontent