Often, a senior parent will have set aside funds to finance their retirement. At some point, however, their adult children also need to think about the financial costs of caring for elderly loved ones. When elders require assistance with daily tasks or a safer home, it might be time to consider senior living. Here’s a general overview of what you or your senior parent may expect to pay for such commodities in 2021.
Variables Affecting Cost
The unfortunate truth is that no senior care will be the same in price, so it’s hard to set a general ballpark range. This is because the price is dependent on what level of care and assistance your senior parent requires, among many other variables. It is also dependent upon your parent’s own financial circumstances and health coverage. A senior living advisor can help you determine which variables your loved one would benefit most from.
First, check on the funds that your senior parent has available from retirement savings. An employer-sponsored retirement plan such as a 401k or an IRA may be more than enough to cover the cost of senior care. Calculate whether these funds can support the needs of your loved one in the years ahead.
You should also check on any other savings your senior parent has gathered that don’t come from a tax-deferred avenue. Any real estate, investments, or simple savings accounts can go towards the senior care your loved one needs. If necessary, you may also need to consider if your own personal savings can help.
Another aspect to consider is your parent’s current healthcare and insurance plan. Some plans include coverage for assisted living and care if legitimate health needs are submitted from a healthcare provider. If you’re not sure, you can contact senior advisory services for more help.
Type of Facility or Community
What facility or community you are looking for will also play a significant role in the ending cost. While some places are simpler and more affordable, others will have various services and even luxury living options for seniors. With input from a senior living advisor, you can better understand what is best for your parent’s circumstances and schedule tours of facilities or communities based on that.
Level of Care
The most important factor in the overall cost is what level of care your senior parent needs. This is where a senior care advisor can be really beneficial. They will meet with you and your loved one to hear your concerns, wishes, and current circumstances before matching that with the best options. Generally, the more care needed, the more of an expense it will be.
The Average Cost
Though there is a lot of variety for reasons already explained, the average cost of senior care can be pinned down better in categories. For in-home senior care, $17 an hour is the usual rate per hour. For adult day care, daily care is $72, and assisted living communities are $132 per day. As for nursing homes, you can expect something around $245 per day for a shared room and $275 per day for a private room.
How to Get The Most with Your Budget
Once you’ve determined what senior care for your loved one will cost, it’s time for budgeting. To get the most out of what you can afford, make sure to assess every option available. You should consider, for instance, that in-home senior care may work just as well as some assisted living options. In the end, it’s up to you and your aged parent’s concerns and wishes. If you’re still worried, agencies like A Life For Seniors have senior resource advisors that are dedicated to giving advice and guidance to families as they make this difficult choice. They also have insider knowledge on how to make the most of the budget you do have while matching seniors to a community in their area.
The important decisions ahead can be made easier when you are informed and prepared. If you are beginning to look at senior care options for your loved one, make sure to check all your options and see what accommodations are available for your situation. You want your aged parent to have the best experience possible in these later years, so get all your bases covered!