By Amber Merten
Most people plan for retirement, Bahamas cruises, and other major purchases—but not enough think about how they’ll pay for care as they grow older. Long term care may feel like something to worry about later, but planning ahead gives you and your family more choices and fewer financial surprises.
When Should You Start Planning?
Planning ahead is crucial if remaining safe and independent at home is the goal. Your 40s and 50s are a great time to begin exploring your options and setting money aside. If you’re already in your 60s or beyond, it’s not too late! Having a plan at any age is better than waiting until a health crisis forces your family to make quick decisions.
How Much Could Home Care Cost?
The cost of home care varies depending on where you live and how much assistance you need. Some older adults may only need a caregiver for a few hours several days a week, while others eventually require daily or around-the-clock support. In Florida, according to CareScout’s 2025 Cost of Care Survey, $32 an hour was the median cost of a non medical caregiver. At that rate, 10 hours of care per week would be about $17,000 a year. Setting a goal to save enough to cover a year of part time care is a great place to start.
When the time does come to bring in support many families don’t rely on just one option! They combine retirement, private pay, long term care insurance, and other financial resources.
Ways to Prepare Financially for Home Care
- Start a dedicated savings fund. Even small, consistent contributions can add up over time. Consider creating a separate account specifically for future care expenses.
- Learn what Medicare does—and doesn’t—cover. Many families are surprised to learn that Medicare generally does not pay for ongoing non-medical home care, such as help with bathing, dressing, meal preparation, and companionship.
- Look into long-term care insurance early. Long-term care insurance may help cover qualifying home care expenses. Policies, premiums, and eligibility vary, so researching your options before you need care can be beneficial.
- Review existing benefits. Veterans and their surviving spouses may qualify for certain VA benefits that can help with care expenses. Some life insurance policies and other financial products may also offer options that can be used toward long-term care.
- Talk with a financial professional. A financial advisor can help you estimate future expenses and determine how home care fits into your overall retirement plan.
Make Your Wishes Part of the Plan
Financial preparation is only one piece of the conversation. Talk with your family about where and how you want to age.
Would you prefer to remain in your own home? Who would you want involved in your care? What type of help would make staying home possible? Having these conversations while everyone is healthy allows your family to understand your wishes before difficult decisions have to be made.
No one knows exactly what aging will look like, but preparing for the possibility of needing help can make a huge difference. Saving early, understanding your options, and talking openly with your family can help you maintain greater control over how and where you receive care.
At Synergy HomeCare, we believe everyone deserves the opportunity to age with comfort and independence. Whether you’re planning for the future or your family needs support today, our team can help you understand your home care options and find a level of support that fits your needs.
____________
Call us to find the home care solution that’s right for you.
