When you find yourself considering senior care options for a loved one, it doesn’t take long before you’re feeling completely overwhelmed. You want the best but there are so many factors to consider.
Not only are your loved one’s needs important. It’s also a case of what your family can afford and whether altcs eligibility is a factor.
The following tips will help you make your decision and provide some insight into the financial side of senior care.
Different Types of Senior Care and the Cost
There are a lot of choices when it comes to care for a loved one. How much each cost depends on several factors. These include:
- Level of care
- Insurance
- Level of supervision
- Individual needs
- Geographic location
Determining the level of care your loved one needs depends on their ability to complete various activities such as eating, grooming, bathing, and maintaining finances.
In-Home Care
This type of care enables older people to stay in their own homes and receive any care and medical attention they need.
The care can include daily assistance with activities such as bathing and eating. It can also include care for diseases and illnesses.
Average cost: $16-28/hour or $200-$350 per day
Nursing Home
In a nursing home, your loved one will receive 24-hour supervision and varying levels of care, depending on their needs. The services offered might include housing and housekeeping, personal care, and medical services.
This level of care is for seniors who need round-the-clock supervision and continual physical, mental, or medical care.
Average cost: Between $152 and $963 per day
Senior Co-Op
This is a community that seniors can buy into and become a part of it. The community will take care of maintenance, chores, and home expenses. At the same time, different social activities will be organized.
This type of care is designed for the more independent senior who is looking for a convenient way to live and have a say in their community.
As a member of the senior co-op, your loved one will be in charge of the share costs. Costs range from 20% to 40% of the living unit’s value. These range in value from $100 000 to $250 000.
Retirement Community
These are age-restricted communities that offer housing for people who are healthy enough to care for themselves. Services offered include transportation, meals, socialization, and community activities.
Average cost: $1 000 to $5 000 per month
Assisted Living
Assisted living is for aging adults who need assistance with regular daily activities such as bathing, preparing meals, tidying up, and taking medication. There is not always a registered nurse on duty, but they may offer licensed practical nursing care and memory care units.
This level of care is for older people who can’t live safely on their own and who may be suffering from cognitive issues.
Average cost: $1 500 to $6 500 per month
Adult Day Care
This type of senior care is for a loved one who needs assistance and supervision throughout the day but doesn’t need a full-time care environment. It provides the opportunity for them to maintain their independence and social life.
Average cost: Between $25 and $100 per day
Hospice
Hospice is end-of-life care for a senior loved one with a terminal illness or when they are nearing their final days. It is a service that can be offered at almost any location. This type of care aims to make your loved one as comfortable as possible during their final days.
Average cost: Between $150 and $500 per day
Paying For Senior Care
As well as understanding the options, it’s also important that you appreciate your options when it comes to paying for senior care services. Here are some of the ways you can pay:
- Medicare: This is a federal health insurance program for seniors aged 65+ and people with certain disabilities.
- Medicaid: This is a state and federally-funded program that provides long-term health care coverage to people with a low income.
- Long-Term Care Insurance: This is designed to cover expenses associated with long-term care.
- Reverse Mortgage: With a reverse mortgage, you can turn your home’s equity into cash. It might be useful if you need money to pay for care or other expenses.
- Hybrid Annuities: You purchase an annuity from an insurance company. It combines long-term care with an annuity and you make a series of payments to the insurance company.
- Out of Pocket: With this option, you pay for all bills, medical needs, and long-term care straight from your personal funds.
- Buy-Ins: You pay an entry fee deposit and then buy in to a community. It allows you to live in a house for lower monthly fees and reduced monthly maintenance costs.
Now you know a little bit more about your options, it should make your decision much easier.
