The Cost of Long-Term Care

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Taking care of a sick parent can be a financially damaging experience for adult offspring who are responsible for making the health-care decisions. Whether the decision is to put a parent in a nursing home, take care of them alone at home, or hire in-home professionals to handle the circumstances, there are many financial and emotional elements that need to be considered. Trying to choose the best care options for a sick or aging parent can be challenging and stressful for families, especially when these are circumstances that they have never dealt with before.

Experts claim that before a family decides on the type of care that is needed, the health and mental quality of the parent needs to be assessed by a professional. The children need to take the time to review their parents financial circumstances as well. This will help them to figure out what kind of care they will be able to afford. It is also important to take time to review any insurance policies that are available. Long term care is typically expensive regardless of how it is handled, so it’s important to balance the care with the budget of the family and those who are the most responsible for the care of the parent. However, finances shouldn’t be the only element that plays a role in the decision making process for care.

Nursing homes are considered to be the most expensive long term care option for families. Nursing home prices have increased nearly 25 percent over the last five years. The median annual cost of a private nursing home is $83,950. If opting for a semi-private nursing home, the cost is $75,405 a year. Although the cost is fairly expensive, the nursing home will be able to cover meals, medical care, room and board, and entertainment for sick or aging parents. According to information from Golden Living Centers, which is a senior health care company, the people who are the best suited for a nursing home are those that need help with daily activities such as getting out of bed, bathing, eating, and using the bathroom.

Options like assisted living facilities don’t provide care for parents throughout the day and night, so they are not as expensive as a nursing home. The average assisted living facility will cost over $41,000 a year. Assisted living facilities may be a good option for people that need help with things like getting to the bathroom in the middle of the night or cooking meals, but don’t require 24/7 care and supervision on a daily basis. Although many aging parents would prefer to stay at home, professional care on this level can be expensive, so this is something to keep in mind. The price for professional in-home care is around $44,000 a year. In contrast, the cost of a family member providing this kind of care varies greatly; however, it poses a large amount of emotional strain as the circumstances continue to progress.