The Cost Of Senior Care Options Compared
Does your senior loved one need professional care? There are a few different options that you can pursue. One of the factors that could be crucial in helping you make a decision is the cost. This guide looks into the cost of three different senior care solutions: at-home care, assisted living and a care home.
At-home care
At-home care allows your senior loved one to receive care in their home. A carer or nurse comes around and provides the assistance that is necessary. This can help your loved one to maintain a sense of independence, as well as providing the comfort of familiar surroundings.
The average cost of home health aide services in the US is $27/hour. It depends a lot on the level of care you require – do you need someone to provide basic care like assistance getting dressed, or someone to administer medication? The latter will cost more. Rates can also vary from state to state.
If you just need a home health aide to come in once or twice per week, it could be an affordable option (expect to pay around $250/month). But if you need a home health aide to come in for a couple hours per day, the cost is likely to be a lot more (the average cost hovers around $5000/month). 24/7 at-home care is meanwhile unaffordable for most people (over $20,000/month in most cases).
Assisted living
Assisted living involves moving to a house or an apartment within a facility catered to seniors. The facility has carers and nurses on site that can provide 24/7 assistance when required. At the same time, you still have your own house or apartment to independently live in – you can furnish it how you like and carers can only enter with your permission. Such facilities also offer the chance to socialize with other residents and there may be meals, clubs and social events provided by the facility.
How much does assisted living cost? This depends very much on the location and level of luxury provided at the facility. The cheapest tend to be around $1,500/month, while the most expensive can be upwards of $10,000/month.
Care home
A care home may be necessary for senior loved ones who need around-the-clock care in a secure and equipped environment. They are often necessary for people with dementia or those who need palliative care. This senior care option is not suited to those who still have the faculties to maintain a certain level of independence.
Care home fees vary a lot depending on the location, the facilities provided and the reputation. The average cost across the US tends to hover around $9000/month. It’s worth noting that periods of respite care in a care home can be combined with at-home care – reducing costs and giving you a break if you are taken on most of the care.
What about financial assistance?
When it comes to all of these forms of senior care, there may be financial assistance that you can apply for so that you spend less out of your own pocket. If you need help funding senior care, consider looking into:
- Long-term care insurance
- Medicaid
- Crowdfunding
- State grants
- Local charity grants
Veterans may have access to exclusive financial assistance. Homeowners can meanwhile consider using assets to pay for senior care.
