One of the best gifts you can give your aging loved ones is the gift of knowledge and preparedness. This is surely true when it comes to understanding the various senior care options and their associated costs. By doing research in advance, you rest easier, knowing you’re prepared financially and emotionally when the time comes for mom or dad to access senior care.
There are three fundamental steps you should take. The first is to understand the various senior care options. Second, research the cost of each option, and third, review your loved ones’ finances and if necessary, investigate what types of financial assistance may be available for mom or dad.
Types of Senior Care
Senior care can be divided into two broad groups, home care or community care. Let’s break down these senior care options further:
Home Care Options
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Non-medical home care: Such aides provide home-based, non-medical help with activities such as personal hygiene, laundry, cooking, and transportation. Usually, the aide will visit your loved one several times per week for a two to eight hour visit. The cost for this service ranges from $14 to $25/hour, based on where you live, with the national average being $19/hour.
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Home health care: Your loved one receives the attention of a trained and certified health aide, who can check pulses, temperature and respiration and assist with your loved one’s medical equipment, such as ventilators. The health aide visits are typically based on medical needs. The median hourly service rate for home health care in 2014 is $20/hour.
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Adult day care services: In this type of arrangement, mom or dad spends the day at a supervised adult day care center where health and therapeutic services are typically provided, along with social activities. Many working families find this to be a good option during the day when they cannot be available to help. The median daily care rate for this service is $65.00. It’s important to understand that adult day care is, as its name implies, only available during daytime hours. If your loved one needs nighttime assistance, that will be an extra cost and a different type of service.
Community Care Options
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Assisted living communities: These communities are very popular, as they provide help with the activities of daily living for those who need it. A vibrant assisted living community offers basic health services, a wide variety of recreational and social activity options, community outings, physical and mental stimulation, meals and transportation. The national monthly average for an assisted living community in 2014 is $3500/month, though this varies depending on the geographic location of the community.
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Nursing home care: If your loved one needs intensive health care, a skilled nursing residence can provide 24/7 care, and includes all medical, social and housekeeping requirements. Your loved one has the option of a shared or private room. In 2014, a shared room cost on average $212/day, and a private room runs about 10 to 20 percent more. This is a more expensive community care option than assisted living.
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Continuing care retirement communities (CCRCs): For seniors with the financial means, a CCRC offers a full continuum of care, ranging from independent living to skilled nursing, all in one community. CCRCs offer a full range of services, depending on need, but are the most expensive senior care option, with high monthly rates and a one-time entry fee that may exceed $100,000.
What questions can we answer regarding senior care options?
