As the costs of long term care steadily rises, Medicare and Social Security benefits dwindle, and wallets continue to be strained, affordable quality healthcare becomes an even greater issue of concern in the senior community. In the past, the only senior care options were to either move in with a family member or be placed into a nursing home. Today, there are several options to consider such as assisted living facilities, retirement communities, and in-home care.
When compared to the average annual costs associated with a nursing home or assisted living facilities, in-home care is by far the most affordable option.
- Nursing Home Resident – $69, 715
- Assisted Living Facility – $36, 372
- In Home Care – $18,000
Based on a national average cost of $18.75 per hour for companionship services, 20 hours of companionship home care a week costs approximately $1500 a month or an average annual cost of $18,000. Rates do vary state to state and is dependent upon variables such as the type of care needed and amount of service hours, but for seniors who want to remain in their own homes, a few hours of in-home care a week may be the most cost effective.
Even though there are many options to consider, in-home care is a more comprehensive and a more personalized solution at a lower cost. It offers the most security and happiness for seniors and the greatest peace of mind for their families.