The economy is still struggling to right itself, and yet costs for necessities continue to increase. This unfortunately includes some forms of senior care.
The most significant jump in rate is the monthly cost of assisted living communities. The average rate is just under $3,500 per month, which is a drastic 4.5% increase from last year. Nursing home costs are also growing quickly. The average rate for a private room in a nursing home is $230 per day, a 3.6% increase from 2012. This kind of care is already expensive, and it seems that it will only become more so in the near future.
Compare that to home care for the senior. Not only are the costs more reasonable with an average of less than $80 a day, but rates have remained relatively static in the past few years. Since 2012, there has been a less than 2% increase in average home care costs of seniors. Home care agencies are able to keep rates low because they do not incur the costs of having a stand-alone facility. So home care can remain affordable for the money-conscious senior.
Choosing a senior care option in this economy can be difficult. But the wise choice seems to be growing more apparent every year.
Source: Reverse Mortgage Daily