Numerous households must ask themselves this question.
When doing the math, this is where some folks make a mistake. When figuring just how much it would cost to stay at home, they zero down solely on caregiving expenses.
One such response is, “Okay, the expense of having in-home care support for Mom is $3,000 a month. Independent senior living costs more than that per month. To sum up: staying at home saves money.”
Where does that line of thinking fall short? It does not account for the expense of living.
More Accurate Cost Comparison
Calculating the costs can be more accurate when you factor in in-home care costs + other costs of living before comparing the eventual costs to independent senior living costs. In addition, the proceeds from the sale of their home, if they are homeowners, can be put toward the cost of independent living or any number of other expenses they may incur. Truth be told. Your focus is solely on the bottom line. When everything is said and done, how much will it cost?
Running the Numbers
To rapidly estimate how much it will cost for your elderly parent to stay in their current home, use user-friendly online calculators easily accessible to the public. There would be no need to estimate costs if they were already receiving home health care.
However, what if they have not yet established care with a home health aide? You can shop around and compare prices from various service providers. That would require figuring out what your parent requires, at the very least.
Fast Estimation of In-Home Care
If you are just looking for a ballpark figure without the hassle of contacting individual providers, the Genworth 2020 Cost of Care Survey can show you what others in your state paid for home health care in the previous year.
The tool kicks off by presenting the national median prices for two categories of home health care services.
- Cost of a Homemaker in the United States: $4,481
- Cost of a Caregiver in the Home: $4,576
Definition of these services:
- By assisting with chores that the client is unable to handle on their own, “homemaker services” allow individuals to remain in or return to their own homes. Housekeepers, cooks, and errand runners are all part of homemaker services.
- When compared to institutionalized care, the benefits of having a home health aide in one’s own residence are clear. When loved ones are unable to provide the level of assistance required, a home health aide may be able to fill in the gap.
Fast Estimation of Senior Independent Living
Online calculators also include a monthly average for senior independent living expenses. You can use that as a benchmark, but if you want an accurate estimate of how much independent living would cost for your parent, it is best to get in touch with different communities one by one.
This is due to the fact that communities’ costs may vary depending on the range of features they provide. A monthly fee at some communities may include a minimum level of medical attention. A higher price may be required for additional care services.