As overall inflation rises, so do nursing home and assisted living costs. The rates of most of these assisted living homes continue to rise beyond the level of inflation, except for one: the cost of in-home care. In fact, the cost of in-home care has only risen at a mere annual rate of one percent or less during the past five years, according to Genworth Financial’s 10th Annual Cost of Care Survey. This is exceptional news for in-home care candidates and participants due to the fact that it is often the preferred method of treatment, anyway.
The cost of national private nursing homes has risen from $65,200 to $83,950 over the last ten years; that’s greater than four percent per year. On the opposite end of the spectrum, the cost for in-home care and home health aides has stayed almost the same, which is the common preference and remains manageable.
The information comes from Genworth’s annual survey and contains data information from nearly 15,000 long-term care providers. It also includes different forms of care for the nation’s 437 metro areas as well as online results that consumers can access to compare costs and predict future costs.
The cost of traditional care versus in-home care is dramatic, which can be seen through Genworth’s results. What’s even more, since the introduction of the study, there has been a steady transition from traditional nursing home care to in-home care and assisted living facilities, which are both less expensive alternatives.
In 2013, in-home expenses rose only 1.4 percent, which is a major difference from the private nursing home rates, which increased by an earth-shattering 3.6 percent. The costs have increased at a low, annual rate of 0.84 percent over the last five years whereas traditional nursing home costs rose at an annualized rate of 4.5 percent during the last five years.
In-home senior care is not only monetarily beneficial but is relieving to the individual receiving the treatment. You or your loved one will reap the benefits of a companion and an extra set of hands around the house while still maintaining independence in the comfort of your own home. What could be better?
(Source: US News)