The baby boomers are starting to retire, and America’s senior population is expected to double in size at a rate of 10,000 seniors turning 65 each day for the next 20 years according to the National Institute of Aging (NIA).
With the average age of the Ohio Valley’s population continuing to rise ahead of the national averages, senior care and the costs associated with caring for our loved ones is set to be an important topic for the foreseeable future. The good news is that there are a wide range of options available.
The real question often comes down to, “How much is senior care going to cost?” Of course we want the best possible care for ourselves or our loved one, but at the end of the day, we must be able to pay the bill.
While there are a lot of variables that come into play when considering the cost of elder care, there is hard data that can be helpful as you begin to map out your options. Below, we have included a chart that shows some of the indexed prices and national averages according to A Place for Mom’s 2015 Senior Living Price Index.
|Nursing Homes (private)||Assisted Living
Each of these options presents its own list of pros and cons.
|Nursing Home (semi-private)||
|Nursing Home (private)||
|Assisted Living (private)||
|In Home Care||
As is the case with most things, there is no one-size-fits-all option with senior care. Each case is unique to its own situation and needs of the client, their families, prior financial planning, and budgets.
However, those variables only begin setting the rules. A good in-home care agency, assisted living facility, or nursing home will not try to sell you just their services but will begin to walk you through your options and help to guide you toward a path that is best for the client, their family, and the value of each of their dollars.
If you would like to talk to one of our team members at IC Care and have a conversation about your own unique conversation, please click below, fill out a short form, and someone from IC Care will reach out to you.