There comes a time when seniors need regular outside assistance—whether it’s simply help with chores around the house, or support with daily tasks such as dressing and bathing. Should you move into an assisted living community? And if so, how much will it cost?
One myth families often believe is that assisted living communities are expensive—and therefore the senior is better off staying at home. After all, if the mortgage is paid for the senior is living rent-free. And family members can take turns coming by to help out where needed. Right?
Unfortunately, the truth is more complicated—both because the costs of staying at home are higher than they may seem, and because tax deductions, programs like Veterans Aid & Attendance, long-term care insurance and more can help defray the fees of assisted living. Below are several things to consider when making a decision about senior care.
Home Costs Beyond the Mortgage
After a long 30 years it feels great to have a fully paid off mortgage, but that doesn’t mean home costs totally go away. Property taxes and insurance, community association fees, utilities fees and seasonal maintenance ranging from lawn care to snow removal all add up to the monthly tab.
More importantly, after 30 years some of your home’s major repairs may come due. The cost of replacing a roof or siding, repairing a cracked driveway, upgrading to energy-efficient windows, HVAC replacement or major plumbing repairs can quickly replace the monthly cost of a mortgage.
The Hidden Costs of Care
When considering whether to keep a loved one in the home versus moving into an assisted living community, families often overlook the hidden costs associated with staying in the home.
Caring for an elderly relative can take an enormous amount of time, causing lost wages for missing work as well as severe stress from managing schedules, shuttling to and from the seniors’ house, dealing with medical appointments and more. This can create a tremendous emotional burden—with your spouse or children not receiving the attention they need, combined with a sense of guilt that you’re unable to manage it all.
Hiring in-home caregivers can be just as challenging, as there are many inexperienced caregivers available for hire. In many cases, poor care can be more detrimental than no care.
Calculate the Cost of Care
To fully understand the cost of care, we invite you to download our cost comparison FAQs and worksheet. Of course, the best way to understand the costs of care is to contact a community executive or marketing director today. If you would like more information or to ask questions about assisted living or memory care, we look forward to hearing from you.
Posted on Tue, February 6, 2018
by Margaux Sprinkel