US healthcare costs have escalated at a tremendous pace. In 1960, the US healthcare industry was valued at below $25. With costs exploding, the value of this industry surged past $3.5 trillion in 2017. This translates to around $10,800 per person. Healthcare spending in the US accounted for approximately 18% of the country’s GDP in 2017, according to figures published by the US Centers for Medicare & Medicaid Services.
How Does US Health Spending Compare with Other Nations?
The US spends much more on healthcare than other developed countries across the globe. As can be seen in the chart constructed from the 2017 data collated by the OECD (Organization for Economic Cooperation and Development), the per person spend on healthcare is significantly higher in America.
Why Choose Home Health Care?
Given the spike in healthcare costs, many Americans are choosing home care since can be less expensive than being admitted in hospital. There are several other reasons for which home health care has become popular choice in the US.
Among these are:
- Most patients dislike extended hospital stays, as it makes them feel alone, depressed, and restrained
- Reduced time in a long-term care facility or nursing home
- Avoid multiple hospital visits or readmissions
- People are happier at home, as they feel more independent
- Most people are more comfortable at their home
- The ready support of family, friends and neighbors can make a huge difference to the psychological well-being of patients
- Family members can be more involved with caretaking and treatment
- People being treated at home feel more involved with the daily routines of their family members, while in hospital the focus is only on the illness
Several studies have shown that patients being treated at home exhibit higher morale, which hastens their speed of recovery.
How to Pay for Home Health Care?
There are a variety of options that one can use to pay for home health care. It’s best to consult the company providing the services, as they are experts and can help you plan the financials and identify the most suitable way for you to meet the expenses.
What Are the Mains Ways to Pay for Home Health Care?
Here are some of the main payment options that can be considered if you or a loved one requires home health care:
Medicare: More than 58 million people in the US were enrolled in the Medicare program in 2017, according to figures released by the Medicare Trustees Report. Of these, almost 50 million were seniors, of 65 years or older. This makes Medicare among the largest payors of home healthcare. The Medicare program for home healthcare focuses on those needing care to recover from an injury or manage a chronic condition. It covers expenses related to home nursing, physical therapy and speech therapy.
Veterans Administration (VA) Benefits: Those who had served in the military or in active duty as a member of the Reserves or National Guard may be eligible for VA benefits. This would depend on certain factors, like income, disability, insurance cover and the need for ongoing home health care.
Medicaid: You could check the cover and eligibility of government programs being offered by the state you live in. The Affordable Care Act (ACA) initially expanded Medicaid coverage, but states now have the option to reject this.
Are There Any Other Ways to Pay for Home Health Care?
There are a few other payment options, including:
- Long-term care insurance
- Private health Insurance
- Out-of-pocket payment
For more information on home health care, visit VNA Health Group today.