Elder Care Costs

When making the decision of which living style will best suit you in your later years, many factors need to be discussed. Among these factors is need for assistance, level of desire for independence, and finally, cost. Because most factors are determined on an individual basis, the answers and final decisions that are come to are all unique. The one factor that is universal is that of elder care costs.

Finances are never easy to discuss, especially when it comes to providing medical assistance and/or aid. Though finances are a sensitive subject, they are a fact in figuring which form of care will best suit the senior in your life.

The three most popular forms of senior care are in home care, assisted living communities, and nursing homes. Each of these represent the different levels of living arrangements that are provided, depending on need for assistance, along with level of desire for independence.

In Home Care

With in home care, patients are provided with personal, at home visits by medical and non-medical staff. With non-medical staff they are provided with assistance with daily activities such as basic grooming, meal preparation, and traveling. With medical staff, they are aided in activities such as distribution of medication, mobility exercises, and medical check ups on any health related issue. Because the assistance provided spans from non-medical to medical, and because it’s provided on an individual basis, the person handling the costs of living can expect to pay about $15-$25/hour, $110-$190/day, or $3,360-$5,760/month.

Assisted Living Communities

Assisted living communities are available to individuals who require medical assistance but choose to live independently. When they make this decision, they are provided with a living arrangement that allows them to reside in a community with individuals who share their same state in life, along with their same desire for independence. With assisted living, there is immediate medical assistance available, while allowing the senior to keep their independence and desire to live without the constraints of a nursing home. With assisted living, individuals can expect to pay about $90/day, or $2,715/month. Because assisted living communities are designed in the same way as any personal living arrangement, the costs are similar, but can and do reach higher because of the medical assistance that is provided. Along with provided medical assistance, meal plans and transportation are offered, which results in the elimination of those finances.

Nursing Homes

Nursing homes are in place to provide assistance that may be out of the hands of the loved ones of elders. Nursing homes are capable of providing on-site medication, 24/7 assistance for any need or want that may arise, and also living quarters for each individual. When looking at the financial costs of nursing homes, it’s important to remember all they offer to each individual. With nursing homes, individuals can expect to pay about $180-$205/day, or $5,430-$6,150/month. While these numbers are considerably higher than in-home care and assisted living communities, it is again important to remember what level of assistance and supervision each senior requires when making the decision of living arrangements.

Because every senior has their individual level of needs and wants, it’s important to sit down with them, discuss all the options that are available to them, and come to a decision on elder care costs, making sure to involve them in every step of the process. They will be, after all, the one benefiting from the final decision.

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