How much does senior care really cost? Is there an easy way to compare the cost of a senior living community to the cost of staying in your home? Older adults can expect to spend money in four main areas as they age, whether they live at home or in a community. These areas include living expenses, physical care, transportation and leisure activities.
Living Expenses
You will have living expenses as you age no matter where you live. If you remain in your home, your living expenses will likely include your mortgage, property taxes, electricity, water, home repairs, lawn maintenance, cleaning services, cable, internet and more. If you choose to move into a senior living community, all of these things are typically included in your monthly payment. This provides you with more financial flexibility than you would have if you were living at home. To compare these two costs in depth, take a look at our cost comparison tool.
Physical Care
Most older adults will likely need some type of assistance as they age. If you choose to stay in your home, the option for this type of assistance is in-home care. In California, the average cost of a home health aide is $5,863 per month for 44 hours of care each week. Keep in mind that the cost of in-home care is in addition to the other costs you are paying to maintain your home. If you choose to move into a senior living community, the amount you pay for care each month will depend on the level of support you need. The more assistance you require, the more you can expect to pay. You can see the levels of care available in assisted living here. The good news is that the costs of your physical care are calculated into your overall costs at the community, so there are no surprises. The average cost of assisted living in California is $5,395, which includes all care services, living expenses, as well as all of the other features of the community.
Transportation
An often overlooked cost of senior care is transportation. When you can no longer drive yourself to doctors’ appointments and important events, you will need transportation assistance. If living at home, you must rely on loved ones, public transportation or paid services to meet your transportation needs. If you choose a senior living community, the cost of transportation is usually included in your monthly payment. You cannot calculate the real cost of senior care if you leave out the cost of transportation.
Leisure Activities
Living expenses, physical care and transportation are all very practical factors to consider when calculating the cost of senior care. You likely also want to live a full life, pursuing activities and opportunities you finally have time for. This means that the cost of leisure activities, fitness programs and classes need to be considered in evaluating the cost of senior living. If you live at home, take a good look at what you currently spend on these kinds of activities to understand the continuing cost of maintaining your current lifestyle. If you move into a senior living community, you'll find a calendar full of daily programs and events you can participate in with no additional cost. Programming varies at every community, but will likely include a selection of health and wellness opportunities, art and music classes, entertainment and outings to local venues and establishments.
It is important to consider each major factor related to the cost of senior care so you can develop a clear picture of your options. These four factors cover the majority of the costs you may encounter when you start looking for senior care. You can find more information on this topic and several related topics by visiting the Eskaton blog.
