Wisdom Wednesday: Aging Wisdom's Podcast
Wisdom Wednesday: Aging Wisdom's Podcast
The Cost of Senior and Long-Term Care Housing: What Will It Cost?
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Costs vary greatly from region to region and as you might expect, prices in larger cities are much higher than outside urban areas. Costs also vary considerably by type of care needed – home health, assisted living, memory care, adult family home or nursing home.
The Genworth/CareScout Cost of Care Survey shows average costs and serve as a helpful starting point. Other factors that influence cost include gender, location, and health status, among other factors.
Costs can come as a bit of a shock initially, but as Lisa cautions, “Do not to panic, keep listening, there can be a plan for everyone, no matter how much or how little money your parents might have.”
We talked about the various housing and long-term care (LTC) options in the previous episode – The Cost of Senior & Long-Term Care Housing: Will It Break the Bank? -- reviewing the options of retirement and LTC communities. Independent living in our area (greater Seattle) is in the range of $5,000 to $7,000 a month. If you start to need assistance, such as assisted living, the care costs in our area can average $8,000 to $10,000 a month. For memory care, it’s more like $10,000 to $12,000. (And we’ll talk about Touring Tips in upcoming episodes).
Knowledge is power. Being prepared matters, especially since seven in ten people will need some form of long-term services and supports during their lifetime. It’s also important to plan for our own future needs.
A common scenario we see with our clients’ families and friends, as well as our own friends, is how hard they work to bend over backwards to honor their parents' wishes to keep them in their home, and the costs continue to mount, as does the stress, because the adult children are the ones that are responsible for managing all that. It can become tremendously chaotic and more difficult and challenging.
A long-term care community, by contrast, can help bring peace of mind by providing a safe, supportive residential environment, along with delicious meals, enriching social engagement activities and events, medication management, caregiver support as needed.
As a family care partner, you are important too. It’s essential for you to find balance, stay healthy, and engage a guide as you are navigating the many facets of caring for your parents. As Lisa encourages “I think most importantly, you want to continue to be your parent's kid, and you want that relationship.”
Our expertise in this area provides you with in-depth knowledge to avoid pitfalls when choosing a senior housing community and tailor guidance to your family’s unique situation. As Aging Life Care Managers, we follow a code of ethics that ensures we are recommending housing options that are most suited for you, and without accepting commission or referral fees.
Our Aging Life Care Professionals (aka geriatric Care Managers) have the experience and knowledge to guide you on planning for today as well as the future.
Not quite sure what steps to take next? You can schedule a get-acquainted call with us to determine together whether our services are a good fit for your needs.
Additional Resources
- Financial worksheet (from Aging Wisdom)
- Cost of Long-Term Care Survey for cost comparison
- Cost of Long-Term Care (Aging Wisdom podcast episode)
- Self-Care is Not Selfish: It’s Selfish for Family Caregiver Well-Being (Aging Wisdom blog article)
- How Do You Pay for Long-Term Care? (Aging Wisdom podcast episode)
- When is It Time to Move? (Aging Wisdom blog article)