Once you realize that either you, or a loved one, could use an occasional helping hand with everyday activities, you have a choice to make: do you make arrangements for supportive care to be provided at home, or do you choose an assisted living setting? While at first glance the cost of home care might seem less than the cost of assisted living, be sure you are including all the expenses involved.
In addition, you’ll want to consider the benefits of both choices as well. Here’s some information that might be useful for you and your family.
The cost of assisted living
If you haven’t had the subject of senior living on your mind lately, you might have a lot of catching up to do. Today’s assisted living has come a very long away in terms of comfort, convenience, lifestyle, and more. The emphasis is on healthy aging and offering ways for each person to live as full a life as possible.
At The Herrick House, our assisted living offers all the privacy and independence of living in your own home, while receiving the care and camaraderie you need to maintain a healthy quality of life. In addition, residents have access to a wide range of amenities and services, as well as activities, events, dining, and more.
As for the cost of assisted living:
- According to Genworth Financial’s 2021 Cost of Care Survey, the national median cost of assisted living facilities in 2021 was $4,500 per month or $54,000 annually in the United States.
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The cost of care at home
Four out of five adults underestimate the costs of home healthcare with the average American underestimating the cost by almost 50 percent according to the Genworth 2021 Cost of Care Survey. Here are 2021 monthly figures:
- 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)
Care provided by home health aides continues to be costlier than ever, due to low unemployment, wage pressures, regulatory changes, labor shortages, sicker patients and the challenges of employee retention.
Seeing the whole picture
Staying at home and receiving supportive care does allow a person to continue to live in a familiar setting. Unfortunately, that also means familiar expenses, such as everything from a leaky roof to a broken window to updating appliances to replacing a furnace to hiring a yard crew and on and on. Then there’s paying for utilities, homeowner’s insurance, food, security, and transportation.
You can see where a lot of cash can fly out the door without you even realizing it.
Here’s a simple worksheet to help you as you decide between receiving care at home, or assisted living.
|MONTHLY EXPENSES||COST OF HOME||COST OF ASSISTED LIVING|
|Mortgage or rent|
|Property tax and insurance||N/A|
|Home maintenance and repairs||Included|
|Lawn care and yard maintenance||Included|
|Utilities (electricity, gas, water, trash removal, etc.)||Included|
|Transportation (Insurance, gas, registration, repairs)||Included|
|Activities and Entertainment||Included|
|Exercise and wellness||Included|
|24-hour emergency alert system||Included|
|TOTAL MONTHLY EXPENSES|
Determining the real value
Choosing the lifestyle that works best for you or a loved one is about more than your wallet. Assisted living in an exceptional, not-for-profit community such as The Herrick House in Beverly, Massachusetts, offers you important benefits that can enhance your quality of life in several ways:
- Numerous opportunities for healthy socializing and companionship
- Delicious, nutritious meals for pleasant dining experiences
- Lifelong learning, stimulating activities, group outings and more
- Secure environment with important safety features for your protection
- 24/7 monitoring of each resident’s health and wellness
- Carefree, maintenance-free lifestyle for more freedom
And don’t forget peace of mind—a priceless benefit that could make all the difference for you.