Tag: At Home care

Nursing Homes Cost

The cost of living at nursing homes has soared to a new high of more than $80,000 per year. Over the past five years, the average yearly price of private nursing homes has jumped 24% from $67,527 to $83,950, according to Genworth’s 2013 Cost of Care Survey, based on data from nearly 15,000 long-term health care providers. From 2012 to 2013 alone, the price climbed 4%. A combination of factors is pushing expenses greater, said Bob Bua, V. P. of Genworth. Expenses like insurance, food, building maintenance and labor expenses are all going up and being passed along to customers as a result. “Nursing home employees hardly ever get pay decreases, food hardly ever costs less, rent hardly ever goes down, it’s an ever-increasing cycle,” Bua said.

It’s not much cheaper for a semi-private room at a nursing home, where space is shared with at least one other person. This brings up at an average $75,405 per year, up 23% from five years ago. A less expensive alternative to nursing homes are assisted living facilities because they don’t offer the same level of care, but these are also seeing significant price increases from year-to-year. The average yearly price of care in an assisted living service is $41,400, up nearly 5% from last year and 23% greater than five years ago, Genworth discovered.

The price of at-home care, such as home health aides or homemakers, is rising at a much slower pace. Hiring a homemaker, who typically assists elderly people with cleaning, cooking and transportation, currently costs an average $41,756 per year, up just 1% from last year and a mere 4% increase from five years ago. Home health aides, who provide more hands-on care like bathing and grooming, cost $44,479 per year, up 5% from five years ago. At-home care is also the most attractive option for many elderly people. A separate Genworth study discovered that 78% of respondents would prefer to receive care in their own houses rather than go to a nursing home or assisted living service.

Basics of Senior Care at Home

The expert in-home care industry has never played a bigger part in American community than it does today. As the nation’s ageing middle-agers arrive at retirement age, family members around the country are faced with making critical choices on how to provide proper care to their ageing family members. In addition, with elderly people living well beyond their retirement age, the concern regarding senior care expands to the boomer’s parents as well.

Among the growing population of senior-aged People in America, the desire to age at home and stay separate is growing. In 1996, the U.S. in-home senior care market was $86 billion; by 2030 it is approximated to reach $490 billion dollars. Despite this growth, many people in America stay unclear about the choices available through expert in-home care services. Unlike other business models serving in-home care clients, expert in-home medical service suppliers put an emphasis on offering trained, fully screened, insured and bonded care providers. Companies operating in this segment of the senior care industry range from organizations with a nationwide presence to locally-owned agencies. Professional in-home medical service providers can offer care providers for as little as a few hours a week, when a family caregiver simply needs respite, to 24 hours a day. Also known as “private duty home care agencies”, most expert in-home care businesses provide a variety of services that are broken down into distinct categories: companion care and personal care.

Companion and personal care services can be administered in a variety of configurations including a client’s house, medical center, medical care service, hospice center, assisted living centers and pension centers. In every case, the use of a care provider can be a welcome respite for close relatives who act as the primary care provider and face emotional and physical stress. For elders in assisted living centers who need extra attention, sitter service from an in-home care agency can fill the need for companion care of up to six hours a day or longer. At pension communities, assisted living facilities, or in house configurations with spouses under the same roof, shared senior care service is a money saving option for several residents. A single care provider can provide the appropriate care needed for several individuals.