According to new figures released by the Florida Department of Elder Affairs, the state’s Home Care for the Elderly program saves $5 of institutional costs for every $1 spent in the program. More specifically, the average annual cost of caring for a senior in a Florida institution is over $50,000 a year while the average cost of providing in-home services is just under $10,000 a year.
With more than 23% of Florida’s 17,800,000 citizens over the age of 60, the state has demonstrated that it is able to effectively care for many elders through lower cost in-home services (only about 2.4% of elders are cared for institutions). The state’s progressive use of in-home services will only become more important given that the number of elders in the state is expected to double by 2020.
This article in the Ledger provides more details and it highlights the need for Florida to maintain and increase funding for in-home services.