Elder Care Costs

  • What are the costs of assisted living care?

    While the costs of elder care may vary depending on the state, the type of facility, and the elder’s specific needs, the median costs (as of 2016) are 1. Home Health Care: $3,813, 2. Home Health Aide: $3,861, 3. Adult Day Health Care: $1,471, 4. Assisted Living Facility: $3,628, 5. Nursing Home Care – Semi-Private Room: $3,628 or Private Room: $7,698

  • What are the options for assisted living care?

    There are three primary options for assisted living care. In-home care agencies provide health and custodial services in the elder’s own home. Assisted living homes are a long-term care option for elders requiring assistance with everyday activities from bathing and dressing to meals, medication management, and other needs.

    Nursing homes are living facilities for elders who have chronic health conditions or who have been recently hospitalized, as nursing homes can provide the kind of specialized medical care that they need.

  • How do preparations for changes in living differ?

    In-home care requires the least amount of change for elders, as they can remain in their own home and only have to adjust to a caregiver. Assisted living homes and nursing homes require more preparation, including packing and moving, patience with the elder as they adapt to their new living arrangements, and financial concerns.

47.8 million: The number of people age 65 and older in the United States on July 1, 2015. This group accounted for 14.9 percent of the total population. The age 65 and older population grew 1.6 million from 2014 according to the data provided by the Vintage 2015 Population Estimates.

Given the figure, a greater need for elder care is expected as time passes. In-Home Care, Assisted Living, and Nursing Homes may all face increased growth and demands in the coming years. Since elder care can be costly, it’s important to understand the prices on different types of services ahead of time for adequate planning.

Affording the Cost of Elder Care

According to data, figures below shows the national median for 2016 Cost depending on the type of Health Care:

Monthly Costs: National Median (2016)

Home Health Care: 2016 Cost  $3,813

Home Health Aide: 2016 Cost $3,861

Adult Day Health Care: 2016 Cost $1,471

Assisted Living Facility: 2016 Cost $3,628

Nursing Home Care

Semi-Private Room:  2016 Cost $3,628

Private Room: 2016 Cost $7,698

Figures provided by Genworth 2016 Cost of Care Survey, conducted by CareScout®, April 2016

In-Home Care Agencies

Professionals provide a variety of health and custodial services in the home. For each state, regulations differ in the way that in-home care agencies are licensed. Agencies recruit, screen, hire, train and supervise their workers. The caregivers who come to elders’ homes are employees of the agency and are bonded and insured.

Assisted Living

For elders who need assistance with everyday activities, including meals, bathing and dressing, medication management, and other needs that may arise, assisted living is a long term health care option. At the present time in the United States, there are more than 6,300 professionally managed assisted living communities, providing care for about 900,000 individuals.

Nursing Homes AKA Skilled Nursing Facilities

For elders with chronic health conditions or that have been hospitalized recently, nursing homes provide recuperating and/or rehabilitative care. Care provided can range from basic to skilled to sub-acute. A physician’s order is required for admission to a nursing home unlike assisted living.

Nursing homes generally provide a very structured and supervised environment that can be helpful for elders in need of comprehensive care. This option provides little independence, however, so it may not be the best or most cost effective option for seniors that are capable of managing most of their own needs.

Preparation for Changes in Elder Living

When it’s a viable option, seniors and their families often choose independent caregivers because of the cost savings and the ability to remain in the home. This requires the least amount of change. Seniors will just need to acclimate to a person stopping by to provide assistance and families will need to reassess finances to cover costs.

Moving an elder loved one to an assisted living facility or nursing home requires time to pack and move belongings, patience to help the elder accept and adapt to the change, and money to cover the costs of moving and settling into the new place. Since costs are often higher than standard housing costs, financial assessments and applications for assistance may also be required.

Taking a realistic look at what elder care will cost and require can help families to be better prepared for these transitions and financial obligations.