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Senior Care Solutions Costs | Financial Planning Guide | CarePatrol - cost-1

Senior Care Costs

Did you know that 7 out of 10 people will require long-term care during their lifetime? When a loved one is in need of senior care services, or if this becomes a decision you need to consider for yourself, it’s a major choice to make. It can feel overwhelming to plan for this change—and of course, there’s the question of cost to consider.

Elder care costs have risen considerably in recent years, and they continue to climb. Fortunately, CarePatrol is here to make the adjustment easier for you and your family. If you need help paying for assisted living, CarePatrol helps you explore your options with local assisted living facilities that fit your needs and your price range.

Below we’ve covered some of the basics of the cost of senior care. For more guidance tailored specifically to you, please reach out to your local CarePatrol senior care advisor.

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Average Cost of Senior Care by State

A 2021 Cost of Care Survey conducted by Genworth determined that a private room in a nursing home costs $297 per day, or just over $9,000 per month. Semi-private rooms are slightly cheaper, with a median cost of $260 per day or $7,908 per month. The median national cost for a home health aide is $169 per day, or approximately $5,148 per month.

Here is a closer look at the median monthly costs of senior care around the country in 2021. Costs change from year to year.

State	Private Room in Nursing Home	Assisted Living Facility	Home Health Aide
Alabama	$7,026	$3,503	$3,851
Alaska	$31,512	$6,830	$5,720
Arizona	$8,030	$4,000	$5,434
Arkansas	$6,692	$3,760	$4,195
California	$12,167	$5,250	$6,101
Colorado	$9,726	$4,750	$6,387
Connecticut	$15,170	$5,129	$5,339
Delaware	$12,577	$5,995	$5,339
District of Columbia	$10,494	$6,978	$5,577
Florida	$9,627	$4,000	$4,767
Georgia	$7,604	$3,535	$4,385
Hawaii	$14,113	$5,375	$5,720
Idaho	$9,125	$3,838	$5,434
Illinois	$7,156	$4,488	$5,339
Indiana	$8,700	$4,283	$4,767
Iowa	$7,452	$4,367	$5,577
Kansas	$6,813	$4,580	$4,671
Kentucky	$7,969	$3,448	$4,767
Louisiana	$6,060	$3,748	$3,718
Maine	$11,254	$5,865	$5,720
Maryland	$12,167	$4,900	$5,148
Massachusetts	$13,535	$6,500	$5,911
Michigan	$9,855	$4,250	$5,529
Minnesota	$13,072	$4,508	$6,912
Mississippi	$7,314	$3,500	$3,813
Missouri	$5,931	$3,000	$4,767
Montana	$8,060	$4,450	$5,339
Nebraska	$8,289	$4,076	$5,339
Nevada	$10,007	$3,750	$5,148
New Hampshire	$12,015	$6,053	$6,197
New Jersey	$12,151	$6,495	$5,710
New Mexico	$8,365	$4,498	$4,652
New York	$13,233	$4,580	$5,529
North Carolina	$8,213	$4,010	$4,385
North Dakota	$12,587	$3,391	$5,689
Ohio	$8,213	$4,635	$5,053
Oklahoma	$6,083	$3,855	$4,862
Oregon	$11,113	$5,045	$6,101
Pennsylvania	$11,157	$4,100	$4,957
Rhode Island	$10,038	$6,826	$5,958
South Carolina	$7,984	$3,612	$4,481
South Dakota	$7,604	$3,350	$5,911
Tennessee	$7,665	$4,105	$4,576
Texas	$7,092	$3,998	$4,576
Utah	$9,125	$3,500	$5,720
Vermont	$11,102	$5,250	$5,720
Virginia	$9,155	$5,250	$4,954
Washington	$10,466	$6,000	$6,578
West Virginia	$12,212	$4,160	$3,575
Wisconsin	$9,733	$4,600	$5,720
Wyoming	$7,635	$4,169	$5,529

If these numbers are shocking, don’t worry. Below we’ll cover the differences between a variety of common senior care options and how to pay for them.

Comparing Senior Care Options

Depending on your needs, there are different kinds of senior care options available. These needs may change over time, and your care plan can be changed to better accommodate them. Below are quick summaries of the different senior care solutions available to you.

In-Home Care
Assisted Living
Nursing Homes
Memory Care

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Since the majority of people want to stay in their homes for as long as possible, in-home care is a popular option. If a senior only needs help for a few hours a week—with, say, strenuous housework or running errands—they can age in place in the comfort of their own home with scheduled visits from home health aides. Seniors can be matched with a home caregiver who fits their personality, interests, and life values.

Home health aide services employ individuals who are trained to provide specialized care. In-home care services can assist with daily activities such as:

Light housekeeping/household tasks
Medication reminders
Grocery shopping trips and meal preparation
Transportation to medical appointments
Companion care services

In most states, home care tends to be the least expensive senior care option. Obviously, living at home means normal expenses will still exist (e.g. taxes, electricity bills, water and sewage, home maintenance, food, etc.)

Pricing for in-home care companies is usually hourly (with a national average of $26 an hour), so the cost will depend on the level of support you require. The median national cost for a home health aide is $169 per day, or approximately $5,148 per month.

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If you or your loved one needs extra support to prevent injury or manage an illness or chronic condition, it may be time to tour an assisted living facility near you. Assisted living is a great choice for seniors who can no longer safely live alone but who still want to maintain an active social life. When compared to a nursing home, an assisted living facility is a more social and communal environment.

Most assisted living communities have apartment-style living spaces with mini-kitchens and private bathrooms. Skilled nursing staff is always on hand, and assistance is available for bathing, dressing, laundry, managing medications, transportation to appointments, and more. With a focus on balancing privacy and community, assisted living facilities usually have residents eat together in a dining room at certain times. Each month there will be activities, entertainment, and social outings scheduled.

According to a recent survey, the median national cost for an assisted living facility is $4,500 a month. Assisted living cost has continued to rise, though it remains much more affordable than nursing homes. In some cases, rates are all-inclusive, while others may charge more for certain services like physical therapy, speech therapy, and memory care.

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Nursing homes are a good fit for residents who are bedridden or who require close monitoring and medical assistance. Nursing homes provide the highest level of skilled nursing care for seniors around-the-clock, with 24-hour emergency medical care available. They may offer services such as:

Ongoing palliative and preventative long-term care
Prescription medication administration
Specialized rehabilitative services
Emergency and routine dental services
Inclusive meal options
Increased security and safety features

According to a recent survey, the median national cost for a private room in a nursing home facility is $9,034 a month.

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Specialized memory care environments are designed for older adults living with dementia or Alzheimer's disease. The supportive care services found here will include personal hygiene, medication assistance, and other ways to keep seniors content and engaged in a secure environment. There is a strong focus placed on routines featuring familiar social outings and structured activities, which have been proven to help with dementia and Alzheimer's. The safety features in these communities aim to reduce confusion and agitation in dementia patients and Alzheimer's patients, ensuring every individual maintains the ability to participate in the familiar activities that bring them joy and improve mental health.

Entire memory care neighborhoods exist, but Alzheimer's and dementia care may also be an option available in other nursing homes and assisted living facilities for additional fees.

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Are Senior Care Costs Tax Deductible?

Yes, in most cases, out-of-pocket senior care costs are tax deductible under itemized medical expenses. If you, a parent, a spouse, or another dependent is in a nursing home primarily for medical care, then all the related expenses (medical care, lodging, meals, etc.) are deductible.

However, seniors who live in nursing homes or independent living communities for personal reasons rather than medical reasons will only be allowed to deduct costs associated with the actual medical care they receive. This will not include lodging and meals.

Next up, let’s take a closer look at how to cover assisted living costs and other senior care expenses.

How to Pay for Senior Care

Precise senior care costs will vary based on factors like location and level of care needed, but for many families, senior care costs can be a significant blow to their current budget. Fortunately, when it comes to help paying for senior care solutions, there are multiple options. At CarePatrol, we can connect you with resources and programs that ease this financial burden.

Here are twelve ways you may be able to cover long-term care costs:

Private Pay/Family Funds

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Many individuals who need to move into assisted living will pay on their own. This is known as private pay. Family funds can be set up among siblings and other family members to cover the cost of home care for an aging parent or relative. Be sure to clearly spell out the terms of the agreement and consult an elder law attorney for guidance.

Long-Term Care Insurance

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It is important to stay aware of your insurance coverage options and life insurance benefits at every stage of life. You can purchase a supplemental policy through a life insurance company that covers long-term care. This type of insurance reimburses policyholders for a set amount per day for home care services. Contact your private health insurance or life insurance policy provider to see if this option is right for you. If you do not have long-term care insurance and do not have an immediate need for long-term care, it may be something you want to look into purchasing now. CarePatrol has information available about long-term care insurance in your area, and we can help you go through the fine print to figure out what each policy covers. Contact us now for a free insurance eligibility verification.

Life Insurance

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Whole life insurance policies (but not term life insurance policies) can be utilized for long-term care costs. You can either surrender the policy, sell the policy, or convert it to a “life assurance” policy. Beware that if you surrender or sell the policy, you may get only 50% to 75% of the face value. On the other hand, the life insurance conversion to life assurance includes a savings guarantee plus an investment portfolio.

Annuities

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During financial planning for long-term care, you can use your savings to buy an annuity. In this scenario, the underwriter receives a lump sum of cash and then dispenses regular monthly payments to the individual after they retire. The money can then be put toward payments for a nursing home or anything else you may need. This structure is helpful for people seeking financial discipline, since the annuity forces savings to be stretched out over time and regular payments are guaranteed. Additionally, money put into an annuity won’t count against you when you are applying for government aid. A disadvantage of annuities is that some value is lost due to commission and annual charges. In addition, you will be penalized if funds are withdrawn prematurely.

Veterans Pension

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Veterans benefits have a home care allowance for qualifying veterans and their surviving spouses. Visit http://www.benefits.va.gov/benefits to learn more about the assistance available from the Department of Veterans Affairs, including 24/7 nursing care, physical therapy, help with daily tasks, comfort care, and pain management.

Catastrophic Auto Insurance

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Special needs may arise or worsen as a result of an accident injury. This type of coverage acts as a personal-injury protection or “no fault” insurance, which can cover home care expenses.

Workers’ Compensation

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Workers’ comp may cover home care costs associated with an illness or accident suffered on the job.

Reverse Mortgages

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Reverse mortgages are available to people age 62+ who own their home. Funds can be dispersed in monthly installments or as a lump sum. Check with your or your loved one’s bank for eligibility requirements, terms, and conditions. Alternatively, you could consider renting out some or all of your home.

Medicaid

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Medicaid is a joint federal and state program for people with limited income and resources. Medicaid may cover home care services and nursing services through a waiver program, although this varies by state. The waiver programs are often coordinated through Area Agencies on Aging. On the other hand, Medicare is for anyone age 65 and older (and some people under 65 with certain disabilities or conditions.) Note that Medicare does not pay for long-term home care services; it only covers short-term home health care prescribed by a physician in a Medicare-certified facility. One example is when a senior has been hospitalized and then released, but still requires temporary aftercare and physical therapy.

401k Withdrawals

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You’re penalized for withdrawing from your 401k too early, but once you reach the appropriate age, the funds are yours to use as you see fit. This can be a great way to cover the costs of senior care. The IRS allows penalty-free withdrawals from retirement accounts after age 59½ and requires withdrawals after age 72.

Social Security Benefits

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You can use Social Security to pay for assisted living, but be aware this is usually not enough to cover the full cost. The median cost of assisted living in 2021 was $4,500 per month, while the maximum Social Security benefit in 2022 was between $2,364 and $4,194, depending on retirement age.

Area Agencies on Aging

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These agencies provide a variety of services (including in-home care) for adults age 60 and up. Services provided through local agencies are determined by performing a community needs assessment and will vary by location. To connect with your local AAA, go to www.eldercare.gov and search by your ZIP code or call 800-677-1116 to speak with a specialist.

Have more questions? CarePatrol has answers and is here to be your trusted guide as you navigate safe and appropriate senior care solutions. Our senior care advisors can determine if you or your loved ones qualify for these programs and can help you access your benefits as quickly as possible in order to make nursing homes more affordable. Contact us now to speak with your local senior care advisor at no cost to you.

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Get Help with Assisted Living Costs Now

When it's time to make the transition from independent living to assisted living services, CarePatrol is here to help you find the right senior care location for your budget. Our compassionate and solution-focused team members partner with you throughout the long-term care process to best support the overall health and well-being of aging adults across the country.

Based on our thorough site evaluations and personal care discovery sessions, we present you with communities that match your specific needs. Next, we take you on a personal tour of each one so you can see the accommodations and speak directly with the care team. Plus, when we evaluate senior living options with you, we don't just think of medical care needs. We also consider a resident's activity level, social life, and other personal preferences to find an assisted living community that's the perfect fit for the next chapter of life.

To explore senior housing solutions for your elderly loved one, reach out to a local CarePatrol Senior advisor today and get a free consultation.

866-643-4244