For older adults needing extra help in their daily lives, long-term care is a solution to their needs. Two of the most common options are assisted living communities and care at home.
Comparing the cost and value of assisted living with care at home can be complicated. Each option has distinct advantages, disadvantages, and financial implications that must be considered.
In this article, we’ll compare the cost and value associated with assisted living with care at home to help you make the best decision for yourself or your loved one.
The cost of assisted living
According to Genworth’s Cost of Care Survey, the average monthly cost of an assisted living community is $4,500. To check the average cost of assisted living communities in your area, check Genworth’s cost-of-care tool.
Assisted living costs can vary widely depending on your location, level of care needed, care fees structure, services, and amenities. Making it imperative for seniors and their families to research and visit multiple communities.
Most assisted living communities charge a monthly fee that covers room and board, utilities, and varying degrees of personal care. However, additional costs can include community fees and one-time deposits.
The value of assisted living
Assisted living communities are designed for older adults who value their independence but need help with activities of daily living (ADLs), such as bathing, dressing, eating, and grooming. These communities provide a safe and secure environment for socially active seniors.
Although assisted living costs can be hefty, residents enjoy various upscale services and amenities in a residential-like environment. In addition, residents can participate in planned events, outside entertainment, continuing education classes, and group-oriented activities.
Check out the convenient services and resort-like amenities offered in Allegro’s assisted living communities:
Assistance with personal care
Housekeeping & laundry services
On-site rehab facility
Pool & hot tub
Steam room & sauna
Planned events and social gatherings
Continuing education classes and creative workshops
According to Genworth’s Cost of Care Survey, homemaker services, including cleaning, cooking, and running errands, will cost an average of $4,957 per month. A home health aide who helps seniors with more extensive personal care costs an average of $5,148 per month.
Although many people assume in-home care is less expensive than assisted living, there are additional costs to consider, including:
Home modifications and updates
Home repairs and maintenance
Social & recreational activities
The value of care at home
In-home care services allow seniors to age in place while receiving personalized care. Care at-home services can be tailored to specific needs, from occasional help with light housekeeping and running errands to comprehensive medical care.
Aging in place gives seniors a sense of comfort and stability from being in familiar and comfortable surroundings. Additionally, care at home allows personalized attention and privacy, creating a one-on-one relationship between seniors and caregivers.
Comparing the cost and value of assisted living with care at home
Making the best choice between assisted living and care at home involves a delicate balance between financial considerations, healthcare needs, level of independence, and social needs.
Assessing the long-term implications of both options is crucial. Consider your current finances and anticipate potential health and personal needs that may necessitate additional care.
While assisted living offers a variety of services, amenities, and built-in support, care at home provides personalized attention and the familiarity of home.
By thoroughly assessing the costs and value of each option, seniors and their families can make informed decisions that align with their unique circumstances, preferences, and priorities.
Ultimately, the goal is to receive the best care while maintaining a comfortable and healthy lifestyle.
For help determining if assisted living is right for yourself or a loved one, contact one of the friendly advisors at Allegro Assisted Living Communities. Download our Guide to Funding Senior Care and Housing to learn more about the potential sources of funds to help you pay for senior living expenses.