Elderly Home Health Care versus
Assisted Living Costs
Elderly home health care and assisted living costs need to be considered when making the best decision for aging seniors. There is an increasing demand for care for the elderly home care and in assisted living centers. Baby boomers are expected to reach 65 years old by 2011. They are expected to comprise approximately 20% of the population by 2030. Many will be require some assistance with their care as they age. The services they will utilize as they age will vary from elder home care, assisted living or nursing home placement.
There are many factors to take into consideration when exploring options for future care needs. Baby boomers have expressed that they want to age in their home. The financial component is only one factor to consider when considering placement, but it is an important factor. Other factors that need to be considered are: the emotional, social and recreational needs of the aging senior, as well as the availability of support services. The goal of most family and health care providers is to have the aging senior live in the least restrictive environment so that they may maintain the maximum level of independence for as long as possible. This may mean elderly home health care as opposed to the assisted living environment outside of the home.
Long term care insurance companies perform yearly assessments of the variety of health care and elderly home care services and the costs of those services. The information that is acquired from these studies is important in assisting in making future needs plans for the last third of our lives.
The result of the long term care industry has revealed some unsettling results. Prudential Insurance Company in their 2008 study of long term care costs revealed that nursing home costs have increased 7 percent over the past 2 years. According to the national average are the cost of being in a nursing home has increased, 30 percent over the past 5 years!
The greatest increase in the long term care providers over the last 5 years is the assisted living industry. Assisted living costs have had a dramatic increase by 41 percent.
According to the 2008 Prudential report, the national average for assisted living is $39,000 a year. This breaks down to approximately a little over $100 a day. This may be a little more or a little less, depending on the part of the country you live in.
Assisted living centers that provide specialized care for the dementia or Alzheimer’s resident have experienced a 15 percent increase in rates above and beyond the costs of the resident that does not require that level of service.
Assisted living centers can range from $800 a month to as much as $5,000 a month.
It is important that when considering assisted living centers that you explore the costs that may not be included in the level of service you purchase when admitted to the center.
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Assisted living costs that you may incur as a resident are:
 - An increase in monthly fee as there is an increase in the level of services such as help with bathing, dressing or being transported to the dining room to eat.
- Charges for having food delivered to the room when the aging senior is not able to leave the room to eat
- Charge for giving medications
- Charge for housekeeping service
- Charge for personal laundry service
- Charge for linen services
- Charge for transportation to doctor appointments, shopping etc
- Charges for utilizing the in house nurse on duty for blood pressure checks, dressing changes or visits when you feel ill. Check with the facility as to how they bill for these services. It is usually billed in 15 minute increments. Please be aware that some of these services can be provided by a home care provider, if there was a recent hospitalization.
- Charges for recreational and social activities
- Cable TV, internet and phone services in your room are also costs usually are not covered by the monthly fee
Elderly home health care has had the smallest increase rate of all the long term care service providers. The rate of care of the elderly in home care has had an increase of 5 percent over the past 2 years. The home health care industry has experienced an increase of only 17 percent over the past 7 years.In a 2008 Genworth Financial study of cost of care of the elderly in home addressed the non skilled in home care. This is the fastest growing segment of the elderly home health care services, as aging individuals are determined to remain independent in their homes as long as they possibly can.
Comparing assisted living costs to staying at home can be overwhelming and stressful.
Take time to investigate and explore all the options including exploring the community resources available.
It is important to be proactive and become aware of the costs of elderly home health care as well as other forms of elder care. This knowledge can assist you in preparing for your future care needs. Take time to educate yourself in the different options available. Proactive planning can keep you in control of your future and allow you to make an educated and informed decision.
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