Breaking Down The Cost of Long-Term Care

It’s easy to assume that providing 24-hour care and assistance for a loved one at home would cost less than it would at a senior living community. However, 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 Long Term Care/Caregiving Online Survey.

Why do so many underestimate the cost of long-term care?

In many cases, it’s because they do not realize just what is involved in providing this level of care. For example, a person receiving long-term care needs 24-hour assistance with:

• Bathing
• Dressing
• Using the toilet
• Transferring (moving from one position to another, such as from a chair to a bed)
• Eating and drinking
• Incontinence

And these are just the most basic needs. Caring for someone at home also means keeping the home clean and maintained. Keeping the pantry stocked. Supervising medications. Making sure bills, repairs, and money matters are handled on time. Taking care of a pet. Communicating with family members. Driving the person to a physician or hospital when needed.

In short, 24-hour attention and assistance, every day, all day.

Related: Is It Time For Senior Living?

The cost of that care varies based on care setting, geographic location of care, and level of care required, as well as other factors. But here are some average figures for 2023 provided by Genworth relating to the cost of long-term care provided in the home.

• Homemaker services: $5,720 (Help with household tasks that cannot be managed alone)
• Home health aide services: $6,292 (“Hands-on” personal care, but not medical care)
• Adult day health care:A$1,690 (Social and support services in a community-based, protective setting)

When considering the cost of long-term care at home, also keep in mind that in addition to the financial concerns, the pressure to try and keep a person safe and healthy can be tremendous. Physical and emotional stress, difficulties juggling work schedules and a loved one’s needs, trying to reschedule assistance when an attendant does not show up, and more—these factors can take a huge emotional toll. It is estimated that 80% of home care comes from unpaid caregivers.

The average cost of long-term care in senior living

While the initial price tag can be shocking, to fully understand the value, take a look at the level of assistance provided in these components of senior living:

Assisted Living	Monthly Estimate
Assisted Living (private room)	$5,350

Assisted living provides housing, onsite care and support with activities of daily living while helping residents maintain their independence and enjoy a purposeful life. Personalized care includes assistance with bathing, dressing, eating and medication as well as onsite medical care. Features include 24-hour supervision, transportation, access to exceptional amenities, housekeeping and other services, and more. (Some assisted living settings also include designated neighborhoods offering memory care.)

Memory Care	Monthly Estimate
Semi-private room	$6,160

Memory care is specifically designed to nurture those with Alzheimer’s disease and dementia with 24-hour supervised care. Senior living communities that offer memory care do so with specially trained staff that provide individualized support in a safe environment with opportunities for an older adult to find purpose and joy.

The true value of moving to senior living.

While the cost of long-term care in senior living may seem high, you are receiving a priceless benefit: peace of mind knowing your loved one is in a wellness-focused environment specially designed for their health and safety.

Assistance is available 24/7 from professional staff. There are also the benefits of fitness programs, socializing opportunities, and opportunities to engage in activities selected to fit their interests and preferences. The quality of life that senior living can offer cannot be underestimated.

Find the care that fits your needs. If you’re interested in learning more about the costs of senior living and options for funding that you may not have considered, download our free Funding Senior Care & Housing: A Family’s Comprehensive Guide today!