With 70% of adults aged 65 and older eventually needing senior care and 20% requiring senior care for longer than five years, it’s essential to be prepared for senior care expenses.
Preparing for senior care costs in advance is advisable. However, this is not always the case, and many families are unprepared for the costs associated with senior care.
Understanding senior care costs are second only to choosing the best community for a loved one. Senior care is expensive and can be a huge surprise and financial burden for many families.
In-depth research and knowledge are the keys to preparing for the financial responsibilities of senior care.
Here’s what you need to know to understand the cost of senior care:
How Are Senior Care Costs Determined?
Before you choose a senior care solution, you first need to know how prices are determined.
Several factors will determine what you’ll pay for senior care, including:
- Geographical location: Where you live, and the cost of living will significantly impact how much you’ll pay for senior care. Genworth’s Cost of Care calculator is a helpful resource for determining senior care costs in your location.
- Amount of care needed: Senior care residents who need extensive medical care or help with activities of daily living (ADLs), like bathing, dressing, toileting, or feeding, will incur more expenses than seniors who don’t need additional assistance.
- Type of senior care: In-home care, assisted living communities, and skilled nursing communities are the most popular types of senior care. The kind of community needed will significantly affect costs.
Taking the time to weigh your senior care options will help you make an informed financial decision.
The Cost of In-Home Care
Many older adults choose to remain in the comfort of their homes when they need senior care. Home health care allows seniors to enjoy the familiarity of their own home close to friends and family.
In-home care expenses will depend on the amount of help needed. According to Genworth’s 2021 Cost of Care Survey, the national average monthly cost for homemaker services (cooking, cleaning, and running errands) is $4,057.
Seniors who need more extensive care (help with bathing, dressing, or toileting) will pay an average cost of $5,148 per month.
The Cost of Assisted Living
The care needed, services, and amenities will significantly increase or decrease assisted living costs. Assisted living residents will pay as much as $4,500 per month, which can be a significant value when compared to the cost of care at home. Assisted living amenities and services can include everything from basic amenities to luxe amenities like swim pools, spas, and fitness centers. So, make sure you evaluate your must-haves before signing a contract.
The Cost of Skilled Nursing
Seniors in skilled nursing (or nursing home) communities require 24-hour medical care due to severe injury, illness, or surgery.
Senior care costs of skilled nursing are the most expensive types of long-care. These communities cost an average of $7,908 per month for a semi-private room and $9,034 for a private room.
About Notre Dame Health Care
Notre Dame Health Care (NDHC) offers a range of post-acute programs and services to the community, including an Assisted Living Residence; Adult & Pediatric Hospice and Palliative Care; Post-Acute Recuperation; Short-Term Rehabilitation; Skilled Nursing and traditional Long Term Care; Specialized Memory Care; and an educational resource center which serves our employees and community. We embrace the individuality, spirituality, and wholeness of each member of our community, including our residents, patients, families, volunteers, and staff.
Notre Dame Health Care is proudly non-profit and honored to carry on the mission of the Sisters of Notre Dame de Namur to care for the sick and vulnerable and to educate for life through our NDHC Educational Bridge Center.
Notre Dame Health Care
555-559 Plantation Street
Worcester, MA 01605