Senior care is vague label – often times it includes in-home care, nursing home care, assisted living, memory care, and physical therapy. If you’ve looked online you know that options can be extremely costly and insurance only complicates things. However, it is important to be familiar with all the senior care options available to you or a loved one.
In general the cost of senior care depends on the level of care someone needs – if they require 24/7 assistance it costs a lot more than daily check-ins at home from a caretaker.
Senior communities can be a bit different though. All will require a monthly fee (or rent), and the high-end options will also require a large entrance fee to pay for the luxury amenities (i.e. in-ground pool, professional chef, golf membership).
Paying for Nursing Home Care
According to the U.S. ACL the national average cost of nursing home care for a semi-private room in 2016 was $6,844/mo (or $225/day).
Average cost of nursing home for a private room was $7,698/mo (or $253/day).
Nursing home care may be covered by Medicare if certain conditions are met. Some of these conditions include the facility being approved my Medicare, the patient must receive skilled nursing care while he or she is residing in the facility and the patient must have been discharged from the hospital within a certain amount of days prior to entering the nursing care community.
Medicaid may also cover a percentage of the costs accrued in a nursing care community if the resident qualifies financially for Medicaid and if the nursing facility is approved by Medicaid. Private pay is usually accepted at nursing homes and assisted living facilities.
The national average cost of assisted living in 2016 was $3,628/mo (or $119/day).
Medicaid & Medicare will not pay for assisted living care. Most commonly, residents that live at assisted living communities pay for their care with private funds and savings. Depending on the type of long-term-care insurance a loved one has, it may help cover most of the costs for assisted living community.
Other options for paying for assisted living include Veteran’s Benefits (VA Benefits) or senior grants/programs designed to help seniors.
Below are the national average costs in 2016 for senior in-home care.
Personal Health-aide: $20.50 per hour (about $4,000/mo)
Personal homemaker: $20 per hour (about $4,000/mo)
Senior check-in services: $68/day (about $1,500/mo)
Depending on the level of medical care Medicare & Medicaid will pay most of the costs.
Medicare will assisted with a portion of the costs if the patient is receiving skilled nursing care or other nursing services. Medicaid may assist with some of the costs if the patient qualifies financially for Medicaid and the services provided are approved.
In-home care is usually paid for by private funds and savings. Long-term care insurance may also cover some of the costs accrued through in-home care services.
The price for continuing care will vary depending on which level of care the resident is receiving. Continuing care communities provide assisted living, independent living, skilled nursing care and memory care all on one campus. The level of care the resident requires will determine the price and what types of funds can be used to pay for their stay at the continuing care community.