According to Shortlister, living in an assisted living community, on average, costs $48,612.
Unfortunately, this figure can be misleading, as the cost can vary significantly. Several factors affect elderly care expenses. You may need to understand these things if you're planning to move your senior parent to an assisted living community.
The idea is to know beforehand how much it'll cost to budget for various expenses. Keep reading as we break down the seven factors affecting senior care costs.
Senior care costs range from basic companionship and housekeeping to meal services. Companion and housekeeping care involve non-medical assistance like cleaning and socialization. It is generally less costly and ideal for most seniors.
Personal care involves helping with daily activities like:
It's usually a bit expensive as it requires specialized skills. Seniors need the help of skilled caregivers.
The cost of senior care tends to increase with the more care a senior needs. Carefully assess your older parent's condition to determine the level of care they require. Consult your loved one's doctor to help you better understand their health and welfare needs.
Most urban areas charge higher retirement home pricing than rural areas. Urban areas have a high demand for services and a high cost of living. Assisted living communities in urban towns often have to pay higher salaries and wages to their caregivers and nurses.
Rural areas, on the other hand, tend to have more affordable senior care options. The cost of living in these regions is relatively low. Senior communities can operate at a low cost and charge their clients lower rates.
However, there are fewer senior care communities in rural areas than in urban centers. You need to weigh these things to decide which community to choose for a loved one.
While you can cut costs by choosing a community in a rural center, driving there can be costly. You might have to spend several hours on the road each time you visit your loved one.
Top senior care options include in-home care, assisted living communities, nursing homes, and specialized care units. Their cost tends to vary significantly, and you may need to compare them.
You can drastically cut senior living costs by choosing in-home care. Seniors stay in their homes, where a caregiver visits to offer assistance with daily activities. You can opt for this option if your senior parent can still do most things for themselves.
Assisted living communities offer a balanced approach at an affordable price. Seniors receive assistance while maintaining their independence.
Nursing homes are often the most expensive option. They provide medical care and support, including health monitoring, which can increase costs.
Some seniors only require short-term care after an illness or surgery. Due to the temporary nature of services, they're likely to incur a higher daily rate. However, the costs won't accumulate as they'll leave after a few days or weeks.
Conversely, some seniors require long-term care due to aging-related decline or chronic conditions. Long-term care costs can add up fast, especially if a senior receives 24/7 assistance.
Estimate how long your older parents will need senior care to predict the costs. Avoid underestimating, as this can lead to financial strain when the senior care duration exceeds the planned period.
You can estimate this period by checking signs your elder parent needs senior care. The idea is to make the tough but necessary choice to take them to an elderly care community.
Older adults with mental conditions like dementia and Alzheimer's disease require intensive care, which can increase the cost. They may need comprehensive monitoring and medication management. They require specialized memory care to enhance their well-being.
The care community fees for these seniors, while high, are often necessary. Caring for them at home can be overwhelming. Some may refuse to take their medications, and you might have to persuade them.
Seeing a loved one struggling with memory problems at home can be painful. They might forget who you are and the shared fond memories. You can show you care about them by making the hard decision to take them to a specialized senior care community.
A lower ratio usually means more personalized care and better attention to residents' needs, but it comes at a higher cost. The caregivers tend to respond quickly to emergencies as they deal with a few residents. They will likely have in-depth knowledge of each senior's conditions and needs.
If your senior parent wants personalized care and you can afford it, consider this community. They'll feel right at home with caregivers who know their needs and preferences.
Communities with a higher ratio tend to be more affordable but may offer lower individualized care. Caregivers often have to attend to several residents at a time, which can slow them down. These communities are ideal for seniors who love to socialize as they'll meet with a large number of people.
Senior care communities offering amenities like fitness centers and spa services tend to be a bit expensive. These amenities can improve the quality of life of your loved one. They will likely feel like they're having a wonderful time on vacation.
The good news is that some communities charge separately for some of the amenities they offer. You can only choose to pay for the amenities and additional services your loved one needs.
The cost of caring for your senior parent can vary depending on a wide range of issues. Consider the above factors affecting senior care costs when reviewing various options.
At Addington Place of Shoal Creek, we offer senior assisted living services at affordable prices. We are dedicated to creating a safe and conducive community for seniors. We aim to keep your loved ones comfortable and happy as they recover.
Contact us today to find out more about our care services and the rates for each service.