The cost of care can sometimes be very difficult to predict. Take what is happening in New Jersey right now as an example of this. Non-medical home care, what is often just referred to as in-home care, is a protected service under the New Jersey state law. It is something that can utilize Medicaid dollars and other insurance funds, and this has shown to help reduce the cost of care across the state by reducing the dependence on nursing homes–one of the most expensive types of senior care there is.
In-home care has been a protected part of New Jersey’s state regulations since 2004. In 2014, in an effort to help better regulate care, audits by CPAs were added into the requirements that must be fulfilled. This added some expenses, but it helped crack down on financial abuse and protect the seniors that were being covered by this law. However, a proposed new addition to the law may make following state regulations even more expensive, increasing the cost of care for both families and insurance companies. The way in which CPAs audit will be changed, making the process much more difficult for in-home care companies to stay in compliance with the rule. It is expected that if this change goes through, the price of care will need to be increased for companies to stay afloat.
Nursing homes are important–that is not what I am saying here. They serve a very important purpose and many people benefit from the admirable services that they provide. But many people that reside in nursing homes right now do not need that intensive level of care. They would be better off physically and mentally by receiving a less intensive type of care. Also, nursing home care is extremely expensive. But because insurance will cover this type of care, but not others, many find themselves in a nursing home needlessly. This is why the policy that New Jersey has had in place is so important. It saves money, and it protects the wellbeing of many seniors.
The cost of care can be unpredictable across longer periods of time. We’ve seen the price of care go up by a large number over the last several years, and factors like inflation keep pushing the price upward. Regulations and changes can also increase the price. This is one of the big reasons why it is so important to plan ahead for your parents’ and your own care. There are very few things that are predictable in life, and the cost of care is not one of them. The more prepared you are to handle these expenses, the better off you and your loved ones will be.
For more information on paying for senior care, feel free to get in touch with us today. We can schedule a free consultation and go over the services that we provide and how to pay for them with you. We take senior care seriously so that you and your loved ones can have the best experience possible. The more prepared you are ahead of time for this need, the more affordable and helpful it will be.
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