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The cost of senior and elder care could be as low as $20 per-hour or could be as much as $574,000 over 7 years, depending on the type of stay and level of care needed.
Options to pay for senior care include paying out-of-pocket, nest-egg savings, private insurance, long-term-care (LTC) insurance, home equity conversion (reverse mortgage), or life insurance conversions / selling your life insurance policy (life settlement).
Medicare, Medicaid, and Social Security may officer limited assistance, but they are not designed to sustain senior resident housing or long term care.
Learn more: Medicare Part A Coverage - Nursing Home Care (medicare.gov)
The main types of services from least expensive to most expensive include Non-Medical Care, At Home Healthcare, Adult Day Care, Assisted Memory Care, and Nursing Home Care.
Non-medical at-home care is administered by trained caregivers, also called companion caregiver, custodial caregivers, or home care aides. Usually, non-medical caregivers are an affordable alternative to home-care facilities or a visiting medical caregiver or nurse.
Non-medical at-home caregivers provide personalized services:
Toiletries, bathing, hygiene and dressing
Social interaction and companionship
Physical fitness , exercise
Grocery shopping and meal prep
Laundry and housekeeping
Medication reminders
Mobility and transportation
At-home healthcare is administered by trained health aides, also commonly called Certified Nursing Assistant or Patient Care Assistant. Home health aides usually work under the direction of a nursed or doctor.
Home health aides share similar responsibilities as custodial care workers, but with guidance under a nursing professional.
Toiletries, bathing, hygiene and dressing
Social interaction and companionship
Physical fitness , exercise
Grocery shopping and meal prep
Laundry and housekeeping
Medication reminders
Mobility and transportation
Vital Signs
Administer Medications
Medical Equipment Handing
Adult day care centers are found in all 50 states. Adult day care staffers assist patients away from home. It usually bills a daily rate. instead of hourly visitation rates. The cost of Adult Day Care is about half of what you would expect to pay for 8 of At-Home services every day.
Services rendered are similar to that of At-Home Healthcare:
Toiletries, bathing, hygiene and dressing
Social interaction and companionship
Physical fitness , exercise
Grocery shopping and meal prep
Laundry and housekeeping
Medication reminders
Mobility and transportation
assist with medical care needs:
Vital Signs
Administer Medications
Medical Equipment Handing
Adult day care centers are found in all 50 states. Adult day medical personnel and staff assist patients in a senior care center. It usually bills a monthly residency. The cost of Adult Assisted Living is typically triple more than what you would expect to pay for Adult Day Care services.
Services rendered are custodial and medical:
Toiletries, bathing, hygiene and dressing
Social interaction and companionship
Physical fitness , exercise
Laundry and housekeeping
Medication reminders
Mobility
Vital Signs
Administer Medications
Medical Equipment Handing
Disease Treatment
Nursing homes, or Skilled Nursing Homes, care centers are found in all 50 states. Adult day medical personnel and staff assist patients in a senior care center. It usually bills a monthly residency. The cost of Adult Assisted Living is typically triple more than what you would expect to pay for Adult Day Care services.
Services rendered are custodial and medical:
Toiletries, bathing, hygiene and dressing
Social interaction and companionship
Physical fitness , exercise
Laundry and housekeeping
Medication reminders
Mobility
Vital Signs
Administer Medications
Medical Equipment Handing
Disease Treatment