When looking at all the various home care options for your aging loved one, undoubtedly, costs for care comes into the equation.
The national median rates for assisted living services are $4,500 monthly and $54,000 annually and are paid privately (i.e., personal finances, long-term care insurance). Services include light housekeeping, meals, socialization, and companionship, and some include recreational activities and transportation.
What are the care options for older adults living at home?
Adult Daycares are non-residential care facilities designed to provide care and companionship for older adults. Trained professionals work at facilities providing non-medical services; some provide health, therapeutic, and social services. Adult Daycares are the most affordable option. Depending upon location, costs can range from $35.45 to $276.55 daily.
In-Home Caregivers allows aging loved ones to stay home while having a caregiver help with their Activities of Daily Living (ADLs). Assuming you hire a professional caregiver, the average rate is $27.98 per hour. Again, based on location, rates can vary from $22 to $45 per hour.
55+ Residential Care Options
Community and Assisted Living Facilities provide independent living and assisted living. Residents have a studio or one-bedroom apartment. After an evaluation, residents qualify for independent or assistance for their Activities of Daily Living (ADLs). Starting costs vary on location, ranging from $3,650 to $8,000 monthly. For individuals that need assisted living services, the fees increase 20% to 30% depending upon the qualifying care level.
Straight rental model has no entrance fees but a monthly rent.
Both models have average monthly fees of $3,555 but can increase depending on location. Additional services may be an additional fee depending on the type of contract signed and services received.
Board and Care Homes provide a smaller setting where residents reside in a residential home. Trained professionals assist with personalized care. Whereas assisted living facilities provide full amenities, Board and Care provide less, therefore charge less. Costs range based on location and the level of care. Shared bedrooms pay less and range from $2,500 to $5,000 per month, averaging $3,000 per month. On the other hand, private rooms range from $4,000 to $7,000 monthly, but can go up to $10,000 per month.
Nursing homes (skilled nursing facilities) provide 24-hour supervision, including personal care and rehabilitation services. Individuals may stay on a short term or long term basis. Residents are given two options – semi-private rooms averaging $8,390 per month or private rooms averaging $9,584 per month.