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Aging in place at home is what many elders want, but is it really the best option? When more and more care is needed to maintain quality of life at home it can become a costly choice. To best compare the cost of care at home versus the cost of assisted living, here are some facts to consider. Most importantly, is the brick and mortar home helping you age healthier and happier over time.
The cost of in-home care
Family and friends are often the first to step up and help an elder who is struggling with activities of daily living, but it can become a burden. When it does, most believe they can hire a little help and they’ll be fine. What they don’t realize is how much that help will cost.
According to the “2021 Genworth Cost of Care Survey,” the national hourly median cost for a private duty home health aide is $27 per hour and for those who need daily help, the costs can quickly escalate. The Chicago market rates average $35 per hour. For example, for just 20 and 40 hours per week, the national median cost of a home health aide is $2,340 and $4,680, respectively. When round-the-clock care is required the national monthly median cost for a home health aide skyrockets to $19,656.
What is even more shocking is the rate at which the cost of in-home care is increasing. The “Genworth Cost of Care Survey Summary and Methodology” notes the increase in the national median hourly rate for a home health aide increased 12.50% from 2020 to 2021 with an anticipated five-year annual growth rate of 5.92%.
One more aspect of in-home care is the ongoing shortage of qualified in-home caregivers. According to the npr.org article “A shortage of health aides is forcing out those who wish to get care at home,” the demand is far outstripping the supply of in-home caregivers as more and more older adults choose to age in place at home, but fewer people enter the field.
The cost of assisted living care
Although many elders and their families believe the cost of assisted living is beyond their means, in reality, it may be more affordable than in-home care. As noted in the Genworth Cost of Care Survey, the national monthly median cost for assisted living is $4,500 which includes hands-on care designed to meet their unique needs 24/7/365.
Also important is the much lower rate of increase in the cost of assisted living reported in the Cost of Care Survey Summary and Methodology. From 2020 to 2021 the change was just 4.65%, less than half the amount of change in the cost of a home health aide. Looking to the future, the estimated five-year annual growth rate for the cost of assisted living is 4.40%, again well below that of in-home care.
The additional costs of aging at home
Another factor that deserves consideration is the cost of living at home — in addition to the cost of in-home care. Starting with the basics like mortgage, property taxes, homeowners insurance, and utilities, add the costs of outdoor maintenance like lawn care and snow removal, indoor housekeeping services, and the high cost of repair and/or replacement of appliances and equipment like furnaces and water heaters. When comparing the cost of living at home versus the cost of assisted living don’t forget to include entertainment, security systems, and renovations that may be required to make the home safe and accessible for aging in place. For an unbiased look at the true costs of aging in place at home, the money.usnews.com article, “Costs to Consider When Aging in Place,” spells them out.
The added value of assisted living
The cost of assisted living includes far more than just timely and compassionate hands-on help. Experienced assisted living communities like The Birches offer comfortable and private apartments, a variety of services like weekly housekeeping with the optional protection of UV-C Light Disinfection, and help with technology so our members can stay connected. To further bolster independence we also provide an on-site hair salon and barbershop, local transportation, on-site rehabilitation and therapy, visiting medical and spiritual professionals, and ongoing activities and events. Utilities are included.
One more very important value-added aspect of the cost of assisted living is the culinary experience. At The Birches our chef-prepared meals are on par with top restaurants and served three times a day in our elegant dining room. We also go the extra mile by encouraging our members to join the Culinary Dining Committee and help craft menus that offer old favorites as well as new options.
See for yourself the best in assisted living and memory care: contact us today to schedule a tour of our beautiful community.