When beginning the long term care process with your elderly parents, you may be wondering what care option fits into your parents’ budget.
Depending on the type of care your parents require, there are several options available. But depending on your parents’ budget, all options may not be realistic. All figures are based on the Genworth cost of care survey for 2015.
The cost of nursing homes has shown the highest five-year annual growth of all long term care options, at 4% increase. This increase remains consistent for both semi-private and private nursing home rooms in the United States. The median annual rate of semi-private nursing home rooms holds a price of $80,300. The median annual rate of a private nursing home room brags a price tag of $91,250.
Assisted Living Facility
The cost of assisted living facilities has shown only a slight five-year annual growth of a 2% increase. The median annual rate of a single occupancy assisted living facility is $43,200. However, assisted living facilities hold the widest range of rates among any care option. Because of this, the price of assisted living facilities in your area may vary greatly from the national median.
Adult Day Health Care
The cost of adult day health care has shown a five-year annual growth of 3%. The median annual rate of adult day health care is $17,904. This is the lowest rate for all care options, but don’t forget to take into consideration that adult day health care only includes care during business hours on weekdays. Adult day health care facilities can also help to supplement other care options, including homemaker, home care agency, or self-directed care.
Home Care Agency
The cost of home care agencies has had the lowest five-year annual growth at only 1%. The median annual rate of home care agency care is $45,760. While you may have thought assisted living facilities were not an option due to their high rates, in actuality the median rate of home care agencies is higher than those of assisted living facilities.
The cost of homemaker services has shown only a slight five-year annual growth, at a 2% increase. The median annual rate of homemaker services is $44,616. You may question the difference between homemaker services and home care agency services. Unlike home care agencies, homemaker services only include care for the home, such as cleaning, cooking, and yard work.
The median annual rate of self-directed care is $27,973. When considering care options, you may not recognize the difference between home care agencies and self-directed care. However, just from a look at the price tag of these options, the difference becomes clearer. Unlike home care agencies, you are able to choose to receive only the supports and services you need without paying for ones you don’t.
When considering which care options are available to your aging parents, it is important to take the prices of the options into consideration. The rates listed represent the national median rates, and you should be sure to research the rates for several options in your own area.