Understanding the Cost of Long-Term Care
Living longer is a goal that everyone strives for, yet few want to think about the possibility they might eventually need some assistance. However, the effects of growing older are often felt by everyone in the family, so having a clear understanding of the cost of long-term care is essential.
First, know the definition of long-term care
According to Genworth, “Long-term care is the care you may need if you are unable to perform daily activities on your own. That means things like eating, bathing, dressing, transferring and using the bathroom. The goal of long-term care is to help you maintain your lifestyle as you age. Medicare, Medicare supplement insurance, and the health insurance you may have at work, usually won’t pay for long-term care.”
Some people will never need long-term care. But statistics show that 7 out of 10 adults over the age of 65 will need some type of long-term care support. This could be from an accident, illness, advanced aging, stroke, Alzheimer’s disease or other form of dementia, or another chronic condition.
The cost of long-term care: why so expensive?
When you look at the cost of long-term care, you might wonder what makes it so pricey. Many factors can have an effect on the price tag: geographic location, level of care, the setting for the care, and more. Sticker shock can make you conclude that it would be less costly to receive long-term care at home, but that might not be case.
Here’s a look at the average monthly costs of long-term care services, according to the Genworth 2021 Cost of Care Survey:
Homemaker services: $4,957
- Help with household tasks that cannot be managed alone
Home health aide services: $5,148
- “Hands-on” personal care, but not medical care
Adult day health care: $1,690
- Social and support services in a community-based, protective setting
Assisted living – Private, one-bedroom: $4,500
- A residential arrangement providing personal care and health services
Nursing home or “skilled” care – Semi-private room: $7,908, Private room: $9,034
- Often a higher level of supervision and care than assisted living with 24/7 onsite nursing
When long-term care is provided at home by health aides, the following factors can be to blame for rising prices:
- Low unemployment
- Sicker patients
- Wage pressures
- Employee retention challenges
- Regulatory changes
- Labor shortages
Don’t forget the “hidden costs” of long-term care at home
Caring for someone at home also means keeping the home clean and maintained. Taking care of the yard and garden. Paying bills. Making repairs. Handling finances. Caring for a pet. Preparing meals. Driving a person to physician’s appointments or responding in an emergency. Being on call 24/7 for attention and assistance.
While there’s no way to assign a price to these responsibilities, it’s easy to see the toll they could take on a caregiver, both emotionally and financially.
Long-term care in a senior living community: consider the added value
Whether it’s assisted living, memory care, skilled nursing, or even supportive services offered in an independent living residence, long-term care in a senior living community offers many important advantages.
These include a secure environment specially designed for resident safety. Professional staff and caregivers on hand to provide personalized attention. 24/7 monitoring of health and wellness. Nutritious and appetizing meals provided in a pleasant setting with staff available to assist. Stimulating activities for connecting and engaging with others. A dynamic atmosphere of wellness devoted to healthy aging and longevity. Plus, precious peace of mind for family and friends who know their loved one is receiving exceptional care.
Avalon Park is committed to your good health
As you make your decision about senior living, you’ll want to choose a community that is centered on your wellbeing. As a resident of Avalon Park, you have access to a wide variety of amenities designed to foster wellness – mind, body and spirit.
Should your health needs ever change, a local health and home care provider has an office right on our campus. They will be happy to arrange appropriate care and support to be delivered right in the comfort of your apartment. We also offer access to convenient telehealth services, so care will always be as close as your phone.