As you’re weighing senior care options for your loved one, cost is likely a top factor. The good news? Depending on what care your loved one needs, assisted living can be much more affordable than nursing home care or long-term in-home care. Assisted living rents vary, but you can generally expect to pay $2,000 to $5,000 per month (compared to $5,000 to $10,000 and up for nursing homes). If your loved one doesn’t need close medical supervision, assisted living might be your best bet, financially speaking. But how will you pay for assisted living? Explore eight creative ways to afford assisted living that you haven’t thought of yet. Important note: Medicare won’t pay for assisted l living beyond short-term rehabilitation.
AHI Group Blog
According to the National Institute on Aging (NIA) and the U.S. Census Bureau, America’s senior population will double in size within the next 25 years. As our aging population grows, so does the demand for both in-home care and residential care facilities. There are three main options for senior care: In-home care services, nursing home facilities, and assisted living communities. Below is a brief overview of what each option includes, and the associated costs. In-home care: Just as the name implies, in-home care involves health care professionals coming into a home to provide services. There are two distinct types of in-home care: companion care and personal care. These are also sometimes referred to as custodial care and skilled care. Companion, or custodial care, includes transportation services, meal preparation, household chores and medication reminders. Personal, or skilled care, can be more involved and may include bathing and hygiene needs as well as assistance with mobility…
When mom or dad can no longer live independently, it’s time to make arrangements for long-term care. Unfortunately, many families aren’t prepared for the enormous costs associated with getting their loved ones the care they need. According to the Genworth Cost of Care Survey you can expect to pay nearly $20 an hour to bring a home health care worker into their home. If your loved one needs to be moved to a nursing home, you may pay more than $80,000 a year for their room and board. For those lacking long-term care insurance or the personal savings to pay these costs, the government can help. Here’s where to look to find government money to pay for your parent’s long term care.