Strategies to reduce the costs of aging in place

Finance & Accounting

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The number of Americans ages 65 and over is projected to nearly double by 2060. And most would prefer to age in place and hiresenior caregivers if needed.

Quality homecare is expensive, but clients can reduce costs by hiring caregivers directly rather than using an agency. However, hiring household employees directly brings with it a host of issues, such as employment tax filings and labor law compliance. Clients need help making informed decisions about the different homecare options so they can age in place on their own terms.

In this podcast, Tom Breedlove, Senior Director at HomePay, discusses:

  • The pros and cons of using a home care agency or directly hiring senior care employees
  • The tax obligations of being a first-party employer
  • Cost-saving tips including non-taxable compensation, medical tax deductions, and sleep time exemptions
  • Resources available to help clients age in place

Hear more about addressing the HR, legal, and financial issues surrounding in-home care.

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