As your family member tries to stay at home while living with a condition or aging in place, they may worry about the costs of medical services and senior care should they need to visit the hospital. A medical bill can be a rude awakening after an extended hospital stay, damaging your loved one’s sense of independence and capability.
Home care services allow older adults and others to live outside an assisted living facility or hospital while still receiving the support they need to stay healthy and carry out their activities of daily living safely. But which option is best for your loved one? Keep reading to learn about the average cost of in-home care versus a stay at the hospital.
Why You Should Know the Average Cost of Overnight Hospital Stays vs. In-Home Care
Aging in place is becoming more prevalent among older adults. According to a 2019 AARP survey, 3 in 4 adults aged 50 and older want to be in their homes and communities as they grow older. Many older adults value their independence and don’t want to sacrifice their relationships and connections to their communities to relocate to a nursing home or assisted living facility.
However, many seniors with chronic health conditions or injuries may struggle to live at home without skilled nursing care. The choice between partnering with a home care agency or fronting the bill for potentially expensive and frequent hospital visits is challenging. Home care services make aging in place and living with a condition more manageable, but integrating a home care aide with your loved one’s daily routine is an adjustment.
Understanding your options and finding the resources to make an informed decision is vital for your loved one’s long-term well-being and independence. Here are a few things to consider when considering home care:
How Much Is the Cost of a Hospital Stay per Day?
Hospital costs per day average $2,607 throughout the United States. However, if you require an overnight stay, the average cost is $11,700. Uninsured patients have a lower average cost at $9,300 per day, with Medicare hovering around $13,600. This discrepancy exists because many insurance companies set an out-of-pocket maximum for coverage. Insured patients may have a higher bill but only need to pay the amount they’ve selected as the max.
Uninsured patients face higher out-of-pocket expenses than those with coverage. U.S. hospitals charge an average of $417 for every $100 of total costs. Depending on the treatment, a single procedure or overnight stay can lead to a staggering bill that harms your loved one’s finances and ability to stay at home long term.
How Much Can a Procedure Cost?
Hospital costs can vary dramatically depending on the care your loved one requires. For example, the national average cost of a hip replacement is $40,364. However, add-on surgery costs can drive the price higher. The areas associated with surgical expenses include:
- Surgeon’s fees
- Hospitalization costs
- Pre-surgery treatment
- Surgeon visits
- Anesthesia
- Operating room costs
60–65% of all bankruptcies are related to medical expenses, and without proper planning and research, falling into debt happens quicker than you might expect. The best defense against overwhelming costs is making sure that the doctor assisting you is in your insurance network when you arrive at the hospital. Out-of-network costs are a driving force in excessive hospital bills, and an in-network doctor leading your operation can save you from unexpected charges.
Using the No Surprises Act To Manage Hospital Costs
The government introduced a bill called the No Surprises Act to prevent price gouging in hospital services. Passed in 2020 and renewed for 2022, this bill makes it illegal for hospitals to charge more than the in-network cost for medical services.
This reduces some of the impacts of hospital bills, but the cost of a hospital stay per day can still be prohibitive. Navigating the health system successfully requires extensive knowledge of medical services and research into various funding sources.
How Does Home Care Compare to Traditional Hospital Services?
The Journal of General Internal Medicine conducted a study that found healthcare costs to be 52% lower for at-home patients than those who stayed overnight in a hospital. While home care aides can’t provide hospital-level services, they can make it possible for your loved one to receive care at home rather than travel to a medical facility.
With in-home care, your family member can move freely around their home and complete their daily living activities while receiving the level of care they need to stay independent. Neither your loved one nor their caregiver has to deal with the stress of driving to the hospital and coordinating with clinical staff. Your home aide can continue to implement their care plan effectively.
The national average cost of in-home care in the United States is $4,957 monthly. There are many avenues and financial assistance strategies to consider when finding in-home care services. Many home care agencies are more than willing to work with you and your loved one to recommend a plan that matches your budget and required level of care. Learning how it works begins with a quick email or phone call.
Outline Your Care Plan With MDC Healthcare’s Home Aide Professionals
Quality home care services can be hard to find. We simplify your journey by providing the support and resources to build a care plan tailored to your particular needs. Our caregivers are trained to support your loved one as they age in place or live with a chronic medical condition. From companion care and personal care to respite care and therapeutic services, we have the experience to accommodate your family member and empower them to live how they wish.
Ready to build a custom care plan? Reach out today.
