Save money and improve life quality

Savings produced by an effective Homeshare program

There is several analysis about amount of saving that a Homeshare program can provide:

Three separate studies lead to similar conclusions, annual savings to home owners who share their homes exceed $20,000 (Source, Homeshare St. Croix) for professional services they avoid by simply opening their homes to qualified care giving individuals.

According to Homeshare St. Croix, in 1998, a Minnesota report published the homesharing statistics of 372 matches made in the state in 1997 and 1998. One of its conclusions was that:

“140 people avoided nursing home or assisted living placements, with a potential savings of $20,000 to $30,000 annually per individual”.

Another similar Homeshare projects show a very similar trend!  An average annual savings of $22,058 per match!

Bob Fritts (Homeshare St. Croix) did the same calculation on his own homeshare experience to find his annualized savings to be $26,800.

A TRUE WIN-WIN SITUATION FOR ALL INVOLVED!

HomeShare St. Croix’s Cost Benefit support data for matches lasting one year or more, 2007-2009 Jenny’s cost comparison calculations with Home Health care agency and Adult Day Services

The MetLife Market Survey of Adult Day Services & Home Care Costs ~ September 2008

National Home Health Aides Homemakers/ Adult Day

Findings (HHA) Companions Services

Rate Type Hourly Daily (2008 Average)

Rate $18-20/hour  $64/day

 

Homewatch Home Care (2009 Service Fees)

HHA sleeping overnight – 190.00/night

Live-in HHA - $275.00/day

 

MATCH-1: 1.33 years of Homesharing =  Annual savings: $69,286

($190 x 485nights = $92,150)

Match 1 lasted for 16 months. The homeowner already had in place a home health care agency coming twice a day for 3 hours. The homeowner could not afford the overnight fee ($190 each night, source Homewatch Home Care) so she joined HomeShare St. Croix to ease her own anxieties at night.

The homesharer was present each evening and provided the security and comfort in knowing that someone was with her. Base the cost estimate of the homesharer overnight presence each night for 16 months, the homeowner saved over $92,150 by using HomeShare St. Croix’s services.

 

MATCH-2: 2.31 years of Homesharing = Annual savings: $9,351

($18/hr x 10hr/week x120 weeks = $21,600)

Match 2 is still matched to this date. They started their match on 02/01/2007 with the homesharer providing help around the house due to visual impairments of the homeowner.

Base the cost estimate that the homesharer provided these non-medical services at 10 hours each week up to the current date (6-1-09), the homeowner has saved over $21,600 by using HomeShare St. Croix’s services.

 

MATCH-3: 2.25 years of Homesharing = Annual savings: $18,720

($18/hr x 20hr/week x 117 weeks = $42,120)

Match 3 is still matched to this date. They started their match on 02/24/2007 with the homesharer providing companionship, cleaning the house, hobby farm work with the animals and meal preparation each week. Base the cost estimate that the homesharer provided these non-medical services at 20 hours each week up to the current date (6-1-09), the homeowner has saved over $42,120 by using HomeShare St. Croix’s services.

 

MATCH-4: 1.77 years of Homesharing = Annual savings: $11,227

($18/hr x 12hr/week x 92 weeks = $19,872)

Match 4 is still matched to this date. They started their match on 08/01/07 with the homesharer providing lawn care, security to the home when the homeowner is traveling and to also take care of the family pets. Base the cost estimate that the homesharer provided these non-medical services at 20 hours each week up to the current date (6-1-09), the homeowner has saved over $19,872 by using HomeShare St. Croix’s services.

 

MATCH-5: 1 year of Homesharing = Annual savings: $14,040

($18/hr x 15hr/week x 52 weeks = $14,040)

Match 5 lasted for one year and was based on having companionship in the home and transportation in winter months. Base the cost estimate of having the homesharer provided these non-medical services at 15 hours each week with the rate being $18/hour, the homeowner saved over $14,040 by using HomeShare St. Croix’s services.

 

MATCH-6: 2.73 years of Homesharing =  Annual savings: $10,749

($64/adult day expense x 4days/week x 64 weeks = $16,384)

($18/hr x 40hr/month x 18 months = 12,960)

Match 6 is still matched to the date. They started their match on 03/07/2008 with the homesharer providing transportation and the daily routine of the homeowner 4x/week plus the companionship, meal preparation, security and activities when the homeowner wife is traveling (1 weekend/month – estimate 40/hours each month). Base the cost estimate that the homesharer provided these non-medical services at 10 hours each week for eight months, the homeowner has saved over $29,344 by using HomeShare St. Croix’s services.

 

Average annual savings, all six Matches: $22,229 !!!!

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