Rising Costs for Senior Adults Aging-In-Place at Home
According to a recent AARP survey, 3 out of 4 adults over age 50 wish to stay in their homes and communities as they age. This concept of aging in place is certainly not a new one and it makes great sense for many, however, cost considerations do weigh heavily for many older adults when it comes to health, safety, independence, and comfort.
With our generation expected to live longer than those before us, older adults will inevitably face more age-related challenges such as:
- Cognitive changes
- Balance and fall risks
- Visual acuity and hearing loss
- Increased risks for disease and illness
- Decreased muscle mass, strength, mobility and endurance
Frequently, it is the non-skilled care and supports that are required for meeting the needs of daily living (ADLs) which include general self-care such as bathing, dressing, toileting, eating and mobility as well as other quality of life basics for instance transportation, shopping, socializing and home maintenance.
"Considering that most people want to stay in their homes as they grow older and 65-year-olds today have a 70 percent chance of needing some type of long term care services in their remaining years, it's evident that planning for how to pay for long term care is now more urgent than ever," said Gordon Saunders, Senior Brand Marketing Manager at Genworth who manages their Cost of Care Survey.
Regularly assessed should be their preferred lifestyle, finances and care needs as individual preferences and needs are likely to change over time. One key factor not to overlook is the escalating cost for care and support. Whether you or your loved one is considering options for current or future care and support within or out of the home, the annual look at care costs recorded for this year is quite interesting.
Surprisingly, as revealed by the 2019 Genworth Cost of Care Survey, there have been significant changes over the last year when it comes to comparing costs for care and support. Evaluated were the categories of Homemaker Services, Home Health Aide, Adult Day Health Care, Assisted Living Facility, as well as both private and semi-private rooms in a Skilled Nursing Home.
These unexpected national findings are notable for those who may be considering a budget and planning for where to obtain their care and support. Detailed in the survey are current average costs and annual increases since 2018. Homemaker services which include light housekeeping, cooking, shopping and errands now show an annual cost of $51,480 which is a 7.18% increase over the last year and the Home Health Aide who assists with the basics of self-care such as bathing, dressing and grooming is now associated with an annual cost of $52,624 which is reflective of a 4.55% annual increase.
While the various in-home options showed a dramatic increase over the last year, the out-of-home options show a much lower rate of rising in costs. Less costly than the traditional in-home care model, the Adult Day Care Health Care comes in at $19,500 annually and showing an annual increase of 4.17%. The 2019 annual median Assisted Living Facility cost is now listed as $48,612, equaling a 1.28% rise. The Skilled Nursing Home now up to a median cost of $90,155 for a semi-private room equated to a .96 % increase along with the Skilled Nursing Home private room annual rate of $102,200 equaling a 1.82% increase.
Breaking it down to the state level, the Gentworth report reveals 2019 Annual Median Cost of Care for the Sunshine State of Florida:
- Homemaker Services: $48,048
- Home Health Aide: $50,336
- Adult Day Care Health Care: $17,680
- Assisted Living Facility: $42,000
- Skilled Nursing Home semi-private room: $102,565
- Skilled Nursing Home private room: $112,639
According to this recent research, the remarkable rise in the cost of in-home care is primarily due to such factors as the current shortage of healthcare professionals insufficient for the increasing demands of aging adults at home, the direct costs related to new mandates for certifications and regulations, and wage increases across the nation. Finally, with the changes in Medicare reimbursements, there is a higher demand due to post-acute care patients being discharged to home quicker and with higher care needs.
With supply and demand rapidly driving the costs up for in-home care, older adults and their families need to be educated about and prepared now more than ever for the increasing out of pocket costs of long-term care.
The Senior Care Advisors of CarePatrol are experts in eldercare and their mission is to educate seniors and their families on the various care options, average cost of care, ways to pay for care. CarePatrol is a National resource, trusted for 20 years and ready to serve by finding safe senior care options at NO COST. Don’t wait for a crisis, call a local expert today to get prepared for tomorrow.