When caring for our loved ones, we naturally want the best. But in the case of senior care, the best often comes with a hefty price tag, and that’s not always possible. So what can different care options provide, and at what price point? Let’s take a look.
According to the Genworth Cost of Long-Term Care Survey, the following are the average costs for senior living cost these services in 2023:
At Home Care
Living at home for retirement is a popular and attractive option. After all, you’re already comfortable in your house, you know the community, and it holds many memories. But taking care of a home as you age can be difficult, not to mention medical assistance. Is at-home care a viable option?
Monthly Cost (Homemaker Services): $5,259
Homemaker services help seniors, and disabled adults maintain their homes and lifestyles. From cleaning to landscaping to companionship, homemaker services allow seniors living at home to maintain as much independence as possible without needing to move. However, most homemaker services cannot offer assistance with medical needs, or their ability is limited.
Monthly Cost (Home Health Aide): $5,462
Home health aides offer a range of services to seniors who require care at home. Like homemaker services, home health aides can help with activities of daily living (ADLs) like cleaning, grocery shopping, and meal prep. Still, they are also trained in care services such as bathing, dressing, and essential medical assistance. Some aides may charge more based on tasks performed, so be sure you understand the pricing model while looking for a home health aide.
Learn more about what is Assisted Living with our in-depth resource.
Assisted Living
Assisted living communities offer living and holistic care options for seniors looking to reduce the burden of ADLs during retirement. Depending on the community, seniors can experience catered independent living, assisted living, to memory care. Living arrangements can be comparable to apartments, with private and shared space options.
Monthly Cost (Private, One Bedroom): $4,774
A community member’s experience with assisted living depends heavily upon the community they’re living in. Different communities have different opportunities for living spaces, entertainment, and even care services. Some standard services are:
- Cleaning and maintenance
- Personal care and hygiene
- Meal preparation and eating
- Community-wide activities and entertainment
- Assistance with medication
Though moving can be intimidating, assisted living seeks to provide its community with all the comforts of home, with the convenience of care.
Nursing Home
Many nursing homes get a bad rap from the media and popular culture. They’re often seen as the worst-case scenario for an aging adult or as a punishment. But they’re not all doom and gloom and could be the right choice, depending on your loved one’s needs.
Monthly Cost (Private Room): $9,584
Nursing homes are the priciest of senior care options, at more than double the following highest cost (home health aide.) There’s a reason for that, which is also the most significant advantage of a nursing home: around-the-clock skilled nursing care. While the medical atmosphere of some nursing homes can make them unappealing to some seniors and their loved ones, for seniors who require professional care due to conditions or disabilities, the capabilities of nursing homes can save lives.
It’s worth mentioning, however, that you can still receive 24-hour care with the other options; however, they have their limitations. Not all assisted living communities, for instance, offer skilled nursing care around the clock, and hiring a home health aide to live with the senior they’re caring for can be extremely expensive.
At Home vs. Assisted Living vs. Nursing Homes: An Overall Comparison
If you are still deciding, here is a summary of the different types of senior care options mentioned in the article:
- At-home care: This type of care allows seniors to remain in their homes while receiving assistance with activities of daily living (ADLs) such as bathing, dressing, and cooking. A home health aide, a homemaker, or a family member can provide at-home care.
- Assisted living: This care provides seniors with a more structured living environment than at-home care. Assisted living communities typically offer various services, such as 24-hour supervision, meals, transportation, and activities.
- Nursing homes: This type of care is the most intensive senior care available. Nursing homes provide 24-hour skilled nursing care and various other services, such as rehabilitation, medication management, and social activities.
You can see the full Genworth Cost of Care Survey here, with reports on different states and specific areas within those states.
Cost is a significant deciding factor in the care that people seek for their loved ones, but it’s also important to weigh their wants and needs with the cost. If you think a loved one may need to start thinking about assistance or care options, take our short lifestyle assessment to help guide you and your family:
