According to the AARP, 76 percent of Americans aged 50 and up want to stay in their current residence as long as possible. Finding a method of avoiding a nursing home stay is frequently a wise decision for everyone involved, provided the person's safety isn't at risk. Alternative options are almost always less expensive than living in a nursing home, given the high cost of doing so. The average monthly price of a full-time home health aide in the United States is $4,576, according to Genworth. The costs will be lower if you do not require full-time care, and Medicare may cover some of them. Full-time homemaker services cost $4,481 on average across the United States. Adult daycare is another option for people who want to stay at home. This option is similar to assisted living, except you live at home or with a family member and spend all or part of the day at a care facility. The average monthly cost varies by state, but $1,603 is the national average. Although adult daycare is not covered by Medicare, Medicaid may be an option. You can look up median costs by state and city on the Genworth Cost of Care website. Other programs assist those who prefer to stay at home. Meals on Wheels, senior centers, shopping and transportation assistance, and free legal services may be available in your area. Despite the fact that many people prefer to live at home, it is not possible for everyone. Here are some options for those who can no longer live at home, including nursing homes, as well as their average costs.
Important Points to Remember
- A mother-in-law suite (also known as an accessory dwelling unit) is a part of a house that functions as an apartment, though adding one can be costly.
- Assisted living facilities are for individuals who are mostly self-sufficient but may require assistance with personal care or housekeeping. Monthly rates range from $3,000 to $5,000.
- People who are mostly self-sufficient but need help with personal care or housekeeping should consider assisted living facilities. Rates range from $3,000 to $5,000 per month.
Accessory Dwelling Units
An accessory dwelling unit, also called as a "mother-in-law suite," is a portion of a house that functions as a separate apartment. It usually comes with its own kitchen, living room, and bedroom. The person who lives there can maintain their independence while still having loved ones nearby in the event that assistance is required. Remodeling or expanding a home may be prohibitively expensive. Even so, if the home has usable space, the cost of remodeling may be lower over time than other options. Accessory dwelling units, like all other options, have advantages and disadvantages. They can be upsetting to the family, particularly if the senior has dementia or another illness. They may, however, receive home health or housekeeping assistance as needed.Assisted Living Facilities
People who are mostly self-sufficient but need help with personal care and housekeeping should consider assisted living facilities. Residents are usually mobile, but they live in a secure facility with private or semi-private rooms. There isn't a single definition for assisted living. Each location may provide services that are slightly different. The cost difference between assisted living and a nursing home is significant. Depending on the area, prices range from $3,000 to $5,000 per month. The annual cost is $51,600, based on a national median of $4,300 per month. Medicare does not cover assisted living services. Consider applying for Medicaid if you or a loved one does not have enough money to pay for assisted living services. Depending on the language of your policy, long-term care insurance should cover at least a portion of the costs. Medicaid is a federally and state-funded medical healthcare program. Depending on the state where the patient lives, the amount and type of coverage can vary dramatically.Home for Nursing
A nursing home may be the best choice if you've exhausted all other options or if your loved one requires special care due to dementia or other conditions. A nursing home offers medical care 24 hours a day, seven days a week, as well as rehabilitation, socialization, and housekeeping. Because of the specialized nature of the care, it is significantly more expensive than other options. Nursing home care costs an average of $7,756 per month for a semi-private room and $8,821 per month for a private room, totaling $93,072 and $105,852 per year, respectively. Many facilities offer an all-inclusive package, but others offer a la carte options. Medicare is unlikely to cover the costs, as it is with assisted living and other residential facilities. If the person living there is in a nursing home for medical reasons, they may be able to deduct the entire cost of their care from their taxes. They can deduct the healthcare costs but not the cost of meals and lodging if they are not in a nursing home for medical reasons. Some health insurance, long-term care insurance, and life insurance policies can be used to cover costs for people who don't have enough money to pay for nursing home care. Medicaid will usually cover medical expenses if the patient has a low income and few assets, but they will have to spend down their assets to meet those requirements. Important: If the patient needs Medicaid to pay for a nursing home stay in the future, make sure the facility accepts Medicaid payments before they move in. Medicaid is accepted in the majority of nursing homes. Even so, not every single one of them does. If you're a veteran, the Department of Veterans Affairs (VA) may be able to provide you with full or partial coverage at certain VA-approved or run locations.