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The population of American seniors is expected to double in size within the next twenty-five years, according to a special study entitled 65+ in the United States: 2005, commissioned by the National Institute on Aging (NIA) and conducted by the U.S. Census Bureau,. As our aging population continues to grow, so does the demand for elder care, for both in-home care and residential facilities. At some point we may need to make decisions for ourselves or our loved ones when living at home alone is no longer possible and more care is needed. But can we afford the elder care costs? How much do the options really cost?

Three options for seniors and their families to consider are: in-home care agencies, nursing homes, and assisted living communities. It makes sense to most people that nursing homes, with their more intensive levels of care, cost more than assisted living communities. But many don't realize that the elder care costs associated with home care can quickly outpace the costs of assisted living as well. Because home care agencies typically charge by the hour, it will depend on how much care is needed, but the expenses can add up quickly for anyone who needs extensive help.

The elder care costs cited below are national averages, and figures do vary by location. In urban areas elder care costs typically exceed those in non-urban areas across America. The average cost for a one-bedroom unit in an urban area assisted living facility is 14.7% more than in non-urban areas and 13% more for an urban area private nursing home room, according to the 2007 Genworth "Cost of Care" Survey.

¹ Carole Autrey, owner of Senior Care Associates, LLC and former in-home care agency owner.
² 2007 Genworth "Cost of Care" Research. The survey included feedback from more than 25,000 providers in order to complete more than 9,000 surveys of nursing homes, assisted living facilities, and home care providers in all 50 states and the District of Columbia.
^* Rates exclude any one-time community or entrance fees.
^** Rates are calculated based on an 8-hour day.
^*** Rates are calculated based on 30 days/month

Carole Autrey, owner of Senior Care Advisors, assists seniors (and their families) with planning for their future. She has seen firsthand how financial resources or constraints play a significant role in determining what elder care option may work for you or your loved ones and stresses the importance of planning ahead.

Autrey points out that "seniors and their families sometimes opt for independent caregivers largely for the cost saving." She cautions that "it's important to understand and factor in the value an in-home care agency offers with trained professionals that are screened and bonded. Many states also require accreditation and licensing [for in-home care agencies], whereas there are no such standards for independent workers."