Reports are being released that the cost of elderly care in institutions, like independent living and assisted living facilities are on the rise, and in some cases significantly so. That’s providing seniors and those who require assistance more interested in at home care options.
The average increases are 2.7 percent year over year and when one considers a 10-year period, that equates to more than one-quarter more expensive by 2026 when 1.6 billion people are expected to be 65 or over. That means for those on limited incomes or retirement funds may find those options less likely and far less appealing.
Even now there are many who consider other senior care options too costly as it is, and it’s one reason more and more seniors are turning to in home care for proper support. The cost of these senior care communities also cause seniors to delay getting support and assistance.
In the Chicago Tribune article, Costs for senior care continue to rise, by Anya Kamenetz, it’s noted:
“When it comes to the cost of transitioning into senior living, timing is everything. There is a trend of seniors waiting longer to make the move. The percentage who were aged 84 or older when they did it increased by 3 percent between 2013 and 2015. Delaying the transition increases the chances that you will have an acute need for care. So there will be less time to shop around, and initial sticker shock will be much higher if you’re going directly into memory care, for example.”
The average cost of full-time in home care is estimated to be less than $45,000, on a national average, but the majority of seniors don’t require full-time or around the clock care. Some may only require a few hours of support and assistance per week. Others might need something in between.
Currently, assisted living and other similar options are simply cost-prohibitive to many, leaving nursing home as their only other viable option, but growing numbers of seniors prefer to remain at home, ‘aging in place,’ if possible.
The in-home care industry is expected to be the number one job creator through 2020 and perhaps beyond as the Baby Boomers are now reaching retirement age. As the cost of other types of senior care increases, and as there are few options aside from selling real estate or tapping into retirement portfolios for those seniors to pay for it, in home care will continue to increase as a reasonable option for growing numbers of seniors across the U.S.