Comparing the Costs of Aging in Place vs Assisted Living for Elderly Parents
aging
If you are a senior citizen or the children of older parents, there will come a time when the decision to either stay at home or move into an assisted living facility has to be made.
Understandably, this can be a difficult and scary time in a person’s life.
One of the major factors that contribute to that includes the cost of both options.
Thus the following includes a comparison of aging in place versus assisted living facilities.
The Cost of Aging in Place
One of the most common misconceptions regarding aging in place is that the cost is going to be much less.
Although this can seem to be true on paper, there are a variety of factors that need to be taken into consideration.
Let’s begin with the home additions that a senior citizen is going to need.
Add-on costs such as handrails, wheelchair ramps, and bathroom safety renovations can quickly run past the $10,000 mark.
In addition, if your elderly parent needs regular assistance, caregiver services can cost up to $4,000 per month.
However, with over 76% of senior citizens wanting to stay within their current residence, there must be some benefits to aging in place, right?
While the cost can be high, sometimes the benefits of being within a place that people feel safe and comfortable are worth it.
For many families, placing their loved ones in a facility far away can reduce visitation, and thus an emotional toll can fall on the family as well as the senior citizen.
Choosing Assisted Living Facilities
Perhaps the most common reason why someone would choose to go into an assisted living facility is due to the fact that some senior citizens are soon going to require 24/7 assistance.
Even if they do want to remain within their home, an assisted living facility is often the best option for both the individual and their family.
They also are the best place for seniors to live in order to have the best access to activities structured specifically for them and to be able to socialize with others in a similar life stage.
With that said, it is important to cover the cost of going this route as prices can be rather high in some cases.
Many facilities will tend to cost senior citizens around $85,776 to $97,452 per year.
That, of course, is a huge number and one that many people won’t be able to pay.
Fortunately, there are several ways to pay for this type of service.
Everything from government assistance programs to the utilization of your own health insurance can help to cover most of the costs associated with this option.
As you can see from the information above, both options tend to come with a high price tag.
That is why it is so important to ensure that there is communication between yourself and your elderly parents about the pros and cons of each option and the needs of the individual.
It is your particular situation that will ultimately help you reach a final decision.
Category: Family Finances
