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As older adults begin to need more assistance in their daily lives, the need for long-term care becomes a reality for them and their families. At some point, the decision between long-term care at home or in a senior living community must be made.
If you’re navigating the complexities of long-term care options and costs for yourself or a loved one, you’re not alone.
According to LongTermCare.gov, someone turning 65 today has almost a 70% chance of needing some long-term care services and support in their remaining years.
In addition to the emotional and logistical aspects, cost is a crucial factor influencing the decisions of many seniors.
The cost of long-term care at home
Many seniors prefer to receive long-term care at home because of the familiarity, comfort, cherished memories, and perceived cost savings. It’s easy to assume care at home is less expensive than senior living, especially if your mortgage is paid. While this option offers emotional benefits, examining the associated financial implications is imperative to make the right choice.
At-home care
Hiring professional caregivers to assist with activities of daily living such as bathing, dressing, grooming, or housekeeping can be expensive. If you need specialized medical care, costs can quickly escalate.
According to Genworth’s Cost of Care Survey, the monthly median cost for in-home care is $5,148 depending on the amount needed for personal care, household tasks, or medical care.
Home modifications
Ensuring an older adult’s safety and security while aging in place is critical. Home modifications such as wheelchair ramps, grab bars, handrails, walk-in showers, home security systems, and smart home technology can range from a few hundred to several thousand dollars.
Transportation costs
Even well-meaning family members may not always be able to get loved ones to all of their routine doctors' appointments, shopping trips, social engagements, or basic errands. Transportation costs can accumulate and should be factored into the overall cost of at-home care.
Download our free Guide to Funding Senior Care & Housing.
Long-term care in a senior living community
Assisted living and memory care communities are long-term care options for seniors. These long-term care communities provide a range of services depending on the needs and preferences of the individual. They vary depending on location, care offered, services, and amenities.
The cost of senior living
Understanding the costs of each senior living community you’re considering is essential. Ask questions to clarify their cost structure, what’s included in your monthly fee, and if there are additional costs for services and amenities.
Assisted living costs
Assisted living communities are designed for seniors who need help with activities of daily living but don’t need constant medical care. According to Genworth’s Cost of Care Survey, the average monthly cost of an assisted living community is $4,500.
Independent living costs
Independent living communities like Allegro Boynton Beach provide a socially active lifestyle with convenient services and luxury amenities. Seniors in these communities are fully independent and don’t require help or assistance with personal care. As their care needs progress, they can transfer to assisted living within the same community. Independent living costs typically range from an average of $3,000 per month but can vary depending on the location, services, and amenities.
Memory care communities
Memory care communities are designed around recent memory care research to care for individuals living with Alzheimer’s disease and other forms of dementia. Memory costs can be more expensive than other senior living types due to the specialized care.
Memory care can be located within assisted living communities where the monthly fee may cover room, meals, and social activities. Memory care costs in an assisted living community can run over $5,000 per month.
Wrap-up
Understanding the cost and deciding between long-term care at home vs. senior living involves examining financial considerations, personal preferences, and the current and future needs of the individual requiring care. Seeking professional advice from a financial advisor, insurance professional, or senior living staff can help families assess their finances and make an informed decision.
If you have questions about the cost of any of Allegro’s senior living communities, contact us to speak with an advisor. Explore the funding options for paying for senior living, download our free Guide to Funding Senior Care & Housing.
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