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Understanding the Cost of Senior Care
Understanding the cost of senior care can go a long way towards helping you making the right decisions for yourself or for a loved one. Most people underestimate these numbers, simply because they aren’t taking into account all the aspects of what senior care involves. Once you take a closer look at the information, you can feel more confident with a plan that best suits your family’s needs.
The Cost of Senior Care: What’s Involved
Right off the bat, many people assume that caring for an older adult at home would be less expensive than moving them to assisted living or memory care. And for those individuals who only need a small amount of assistance, that might be true, at least until their needs change. But for those who require 24-hour assistance with bathing, dressing, using the toilet, transferring from a chair to a bed, incontinence, and eating and drinking, home care can prove to be more expensive than a senior living community.
Take a look at these costs, according to a 2021 Genworth survey.
| TYPE OF AT-HOME CARE | HOURLY RATE | MONTHLY ESTIMATE |
|---|---|---|
| Homemaker services | $21 | $15,120 |
| Home health aide services | $22 | $15,840 |
| CNA (medical) services | $17 | $12,240 |
| LPN (medical) services | $27 | $19,400 |
There Are More Expenses to Consider at Home
If you’re contemplating a budget if your loved one stayed at home, don’t forget all the other expenses a well. Such as housekeeping, home repairs and maintenance, food and supplies, medications, modifying the home for safety, transportation to physicians and therapists, and more.
The cost of senior care isn’t just medical or health-related, it’s committing to 24-hour attention and assistance—whether that’s you, a family member, or caregivers you bring in to help. The physical and emotional stress can be overwhelming. And like so many things, the costs of senior care are rising, due to factors such as lack of labor, sicker patients, and wage pressures. It is estimated that 80% of home care comes from unpaid caregivers.
The Cost of Senior Care: Assisted Living and Memory Care
Senior living communities offer more care and housing options today than ever before. It truly can be a new beginning for a senior, offering not only the right amount of support and assistance, but a greater sense of independence, opportunities for safe socializing, freedom from home upkeep or other everyday worries, and so much more.
In other words, when you do your comparisons, you might decide that the right senior living is worth every penny.
- Assisted living provides housing, onsite care and support with activities of daily living while helping residents maintain their independence and enjoy a purposeful life. Personalized care includes assistance with bathing, dressing, eating and medication as well as onsite medical care. Features include 24-hour supervision, transportation, access to exceptional amenities, housekeeping and other services, and more. (Some assisted living settings also include designated neighborhoods offering memory care.)
- Average monthly cost—private, one-bedroom : $4,500
- Skilled nursing offers 24-hour supervised care, a licensed physician or nurse on site, as well as physical, speech and occupational therapists. Features include health monitoring and medication management, exercise programs, social opportunities and activities, housekeeping, laundry service, three daily meals, and more. This level of care is best suited for those with chronic health conditions or incontinence, who require dispensing and monitoring intravenous medications and/or who are recovering after a surgery or hospitalization.
- Average monthly cost—semi-private room: $7,908; private room: $9,034
- Memory care is specifically designed to nurture those with Alzheimer’s disease and dementia with 24-hour supervised care. Senior living communities that offer memory care do so with specially trained staff that provides individualized support in a safe environment with opportunities for an older adult to find purpose and joy.
- Average monthly cost—$3,233 to $10,447
What Determines the Costs in A Senior Living Community?
Some senior living communities are located in parts of the country where costs are higher. Some are large, “big box” senior communities with large campuses and resort-style amenities. While it’s difficult to give an average cost of senior care, it is important to remember that you do have choices.
For example, Assured Senior Living stands apart by offering an intimate, residential-style setting for assisted living and memory care that genuinely feels like home—folding into a friendly neighborhood that residents can feel part of—and at a fraction of the cost of standard home care. With an outstanding staffing ratio of 1 to 4, residents are able to engage and thrive in the least restrictive environment. We would love to tell you more.
Our personalized care, home environment, and Montessori Activities program help our residents to keep their golden years golden.
