According to the NIA (National Institute on Aging) and the United States Census Bureau, the population of seniors in America is predicted to double in size in the following 25 years. For the following 20 years, around 10,000 baby boomers are going to turn 65 every day. As our elderly population continuously grows, so will the demand for residential care facilities and in-home care centers alike. It means that retirement planning and elder care are critical to assist in supporting the aging population.
How to afford the Expense of Elder Care
During some point we might have to make decisions for our loved one or ourselves while residing at home alone is no longer a possibility and more care is required. However, are we able to afford the elder care expenses? How much will the choices actually cost?
Three choices for seniors and their loved ones to think about include: nursing homes, assisted living communities, and in-home care agencies. It’ll make sense to many individuals that nursing homes, along with their more intensive degrees of care, will cost more than assisted-living communities. However, most do not recognize that the elder care expenses related to home care quickly can outpace the expenses of assisted living, too. Typically, because home care agencies charge by the hour, it’ll depend upon how much care is required; however, the costs may quickly add up for anybody who requires extensive assistance.
Comparing types of Long-Term Care
The long-term care expenses cited here include national averages, and numbers differ by location. Within urban regions elder care expenses usually exceed the ones in non-urban regions around America. According to A Place for Mom’s Senior Living Price Index of 2015, the average expense for a 1-bedroom unit within an urban locality assisted living center is 15.2 percent more than within non-urban localities and 14 percent more for an urban region private nursing-home room.
In-home care
$14-$24/hour; $112-192/day; $3,360-5,760/month
Nursing Homes (semi-private)
$181/day; $5,430/month
Nursing Homes (private)
$205/day; $6,150/month
Assisted Living (private)
$90/day; $3,823/mo.
Planning Ahead and Conducting Your Research
Seniors and their loved ones oftentimes choose independent caregivers due to their cost saving. However, it is critical to factor in the value that an in-home care firm and comprehend what they offer as bonded and screened, trained Registered Nursing Care in Monterey, CA experts.
