Senior care, including home care, nursing home care, assisted living and memory care, can be a very costly expense to the senior and his or her family. However, it is important to be familiar with the many senior care options that are available in order to properly select the community that will provide the level of care you or your loved one requires and fit into your monthly budget.
The cost of senior care reflects the cost of living in a particular area. As the level of care increases, so does the cost of living at the community. Within the monthly price of senior living communities, certain services and amenities are also included. It is important to keep this in mind when looking at the numbers when trying to decipher how much care will cost you and your family.
More than half of today’s seniors require some form of senior care. The level of care required and the length of time the resident or patient receives care will greatly affect how much senior care will cost them and their family as well as what type of funding will pay for the care being received.
Who Pays For Long-Term Care
Medicare, Medicaid, long-term care insurance, private funds and certain assistance programs cover the costs of certain types of senior care. Below is the outline of what type of funds cover the costs at senior care facilities and how much the average monthly cost is for each.
What Does Long-Term Care Cost?
Paying for Nursing Home Care
The national average cost of nursing home care for a semi-private room in 2012 is $6,000 per month.
Nursing home care may be covered by Medicare if certain conditions are met. Some of these conditions include the facility being approved my Medicare, the patient must receive skilled nursing care while he or she is residing in the facility and the patient must have been discharged from the hospital within a certain amount of days prior to entering the nursing care community.
Medicaid may also cover a percentage of the costs accrued in a nursing care community if the resident qualifies financially for Medicaid and if the nursing facility is approved by Medicaid. Private pay is also accepted at nursing homes as well as skilled nursing facilities.
Paying for Assisted Living
The national average cost of assisted living in 2012 is $3,300 per month.
Medicare and Medicaid do not pay for assisted living care. Most commonly, residents that live at assisted living communities pay for their care with private funds and savings. Depending on the type of long-term-care insurance a person has, it may help cover some of the costs at an assisted living community. Other options for paying for assisted living include Veteran’s Benefits and other grants and programs designed to help seniors.
Paying for In-Home Care
The national average cost of 24 hour a day in-home care in 2012 is $13,680 a month. (The average licensed in-home care company costs $19 per hour.)
Depending on the level of medical care that is being received from an in-home health care company, Medicare and Medicaid may help cover some of the costs. Medicare will assisted with a portion of the costs if the patient is receiving skilled nursing care or other nursing services. Medicaid may assist with some of the cost if the patient qualifies financially for Medicaid and the services that are being provided are approves.
Typically, in-home care is paid for by private funds and savings. Long-term care insurance may also cover some of the costs accrued through in-home care services.
Paying for Continuing Care
The price for continuing care will vary depending on which level of care the resident is receiving. Continuing care communities provide assisted living, independent living, skilled nursing care and memory care all on one campus. The level of care the resident requires will determine the price and what types of funds can be used to pay for their stay at the continuing care community.
What Does Care Cost Where I Live?
The cost of senior care varies state to state and city to city. Senior care reflects the cost of living in a certain area and the type of care received will also greatly impact the cost of care. The national average cost of long-term care in 2012 is:
- $18 per hour for homemaker services
- $19 per hour for in-home health care services
- $61 per day for non-medical adult day care
- $3,300 per month for a one bedroom apartment at an assisted living community
- $6,000 per month for a semi-private room in a nursing care community