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 and eating. The cost of in-home care usually ranges between $18-$24 dollars an hour. Most people who are getting home care services do not need 24hr round the clock assistance and often receive around 25 – 50 hours of care per week.
Nursing homes offer the most extensive care a person can get outside a hospital. The cost of a semi-private nursing home averages $210/day, and a private nursing home averages just over $240/day.
For those who don’t require as much care, an assisted living community can be a more affordable solution. According to Genworth.com, the average cost for a one-bedroom assisted living apartment in the U.S. in 2014 was $3,500 per month, or just over $100/day. In general, assisted living communities provide basic supervision and medical monitoring along with activities of daily living (ADLs) which include dressing, eating, mobility, hygiene, bathing, using the restroom and shopping. The figures above are national averages, and vary by location.