A recent MetLife survey shows that adult day services, assisted living and home care costs are up. What can we expect in the future? Will costs keep going up as baby boomers continue to age and make senior citizens one of the largest American demographics? What resources do we have to pay for senior care?
It’s hard to predict the future. But it’s not a huge surprise to learn that long-term care costs are rising. This has been an ongoing trend, however, as the recession in tandem with aging baby boomers has not helped with retirement and health care costs.
While old age and retirement are typically associated with stability and relaxation — a time to connect with grandkids, golf and mingle with friends —today our elders have been hit with the recession and delayed retirements. Long-term care costs have definitely impacted not only caregivers and seniors, but also the nation as a whole.
The good news? Medicare is offering more. Different types of senior housing and care mean different costs. We have discovered that many families are not actually aware of the varied senior living options as most search specifically for “nursing homes.” This disconnect between public perception and individual senior needs shows us how important care cost education is to the American public. After all, smart planning for anticipated long-term care costs is half the battle.
According to an A Place for Mom Cost of Senior Care survey, the average rent for a one bedroom apartment at an assisted living community is approximately $3,100 per month, and the average rent for a one bedroom apartment in independent living or retirement community is approximately $2,700 per month. Of course, different factors, such as geographical location of the community, types of services needed and size of the apartment all factor into the individual costs. Here is more information on elder care costs, depending on care type.
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But how exactly have costs gone up? Here’s the 411 on how long-term care costs have changed in the past year, according to MetLife:
While these increases may be slight, they’ve only been over a year. This is why smart retirement and financial planning are so important for American families. You can visit our Senior Care Calculator to help you compare the costs of living at home to the costs associated with assisted living to help your family plan.
There are many ways for your family to pay for senior care. It’s all about assessing your resources and finding the mix that works with your loved one’s benefits. Here are some of the options available:
Deciphering your individual family retirement resources can be challenging. Learn more about how to finance senior care and get tips to help you plan and finance your aging parents’ elder care costs. There are also some financial planning mistakes to avoid as your family starts to go through the process.
A Place for Mom’s Senior Living Advisors are also here to answer your family’s questions about how to pay for senior care. Contact an Advisor today!
What challenges have you encountered going through the senior care funding process? We’d like to hear your thoughts in the comments below.