Financing Senior Care

Senior care means assisting older people generally aged 65+ on a daily basis. However, it is a fact that long-term senior care can be quite expensive and that financing senior care is a challenge for many families. Considering the entire range of senior care communities available, the cost typically averages about $60,000 per year. This means the average cost is $5,000 per month.

The expenses for senior care will generally be based on the type of care, the community and location chosen.

A means for senior care can be staying home and hiring an in-home caregiver. In some cases, the homes will need to be slightly modified according your loved ones’ health needs and this can represent a relatively high cost. It is important to note, however, that home care  might only be a temporary situation; if your loved ones’ conditions change, moving to a senior care facility may be the only solution.

If you decide on a senior care facility, more on-site care and support will be placed on your loved ones. This, unfortunately, increases the cost of senior care significantly.

The Cost of In-Home Care and Senior Care Facilities

Financing for In-Home Senior Care

Those who choose in-home help provided by a professional Senior Home Care Agency are usually rated per hour. The national average totaled $19 per hour, with different state averages from $13 – $25 per hour, in 2009. Thus, the total is $19,760 per year, assuming 20 hours per week. If you are going to hire live-in care help, you will be charged more; the amount varies between states and agencies.

Although in-home senior care may give you a one-on-one care advantage, you will also have to pay for the food as well as the maintenance service of your home besides the costs mentioned above. This is important to remember when deciding on a type of senior care.

Financing for Nursing Homes and Other Senior Care Facilities

Nursing homes are considered to be the most expensive even though facilities of assisted living can also easily run from $3,000 to $4,000 a month. With regard to nursing homes, the cheaper ones cost about $132 a day, which is $48,180 a year. More expensive ones can cost up $584 per day ($213,160 for the entire year). In 2009, the national average amount paid for a private room was $219 per day or $79,935 for the total year.

Even though thinking about the cost of senior care might be overwhelming, there is no need to worry too much about it: There are several ways to make senior care affordable. Both Medicare and Medicaid, for example, are good tools for financing senior care. Other options to consider are Veterans Aid & Attendance Benefit, Reverse Mortgages, or Life Settlements.

*The statistics mentioned above are based on information from Payingforseniorcare.com.