The cost of caregiving for an aging senior is increasing each year – and with an aging population that’s now living longer, many are unprepared for the cost.
Of seniors aged 65 and older, 70% will eventually need long-term care in some form. The question then becomes, “how will this care be paid for?” To add to the stress, there’s generally a good deal of confusion around how much long-term care will cost and how these services work.
Many families are unable to pay these costs out of pocket and while private insurance, Medicaid or Medicare may help, they generally do not cover everything. Long-term insurance can help address the gap, as can estate planning. Most importantly though, it’s essential to plan for long-term care needs, especially as family members begin to age.
On average, the cost to care for a loved one at home is comparable to the cost of an independent living facility. The national average cost for independent living is $3,750 per month. On the other hand, homemaker services, including those that help an individual live at home by providing help with household tasks, such as cleaning, cooking or running errands, cost an average of $3,994 per month. A home health aide, someone who offers more extensive personal care, cost an average of $4,099. These averages consider the average care at 44 hours per week.
Another aspect to keep in mind is whether an independent living facility is all-inclusive or if some services are ala carte. When considering assisted living facilities, this is key to consider. For example, adding the cost of transportation to physical therapy, if it’s not offered on-site, may bump costs up above the cost for in-home care.
The Attractive Economics Of In-Home Care
For seniors who may require less assistance, costs could be even less, making in-home care a more economical option. However, even in the case of seniors who need more 24-hour care, the benefits of keeping a loved one in their own home can far outweigh the minimal cost savings of moving to an assisted living facility – not just from a financial perspective but from the standpoint of comfort and familiarity too.
A nursing home, alternatively, costs on average $7,148 for a semi-private room or $8,121 for a private room each month. This option may seem like the best option for someone needing round the clock care or more intensive medical attention. However, in-home care can provide greater assistance as well and provide greater flexibility to more precisely meet the needs of your family.
1776 Senior Care is your partner in caregiving and can help you determine the best level of care for your loved one. Our customized approach considers the physical, mental, social and spiritual elements of what a senior needs most in life, bringing a more well-rounded level of care to your loved one. It’s about joy for them, peace of mind for you.
Call 1776 Senior Care about scheduling an In-Home Assessment at 630.469.4515.
Source: Genworth Financial, Inc., Cost Of Care Survey 2017