While there are many factors that contribute to the decision of a loved one remaining at home or going to an assisted living facility other than economically, let’s review the affordability of both options. From a financial standpoint, which option is more feasible?
The Formula to Calculate Quickly if Home Care is Cheaper than Assisted Living
Each individual with different levels of care required can vary the cost of each situation. However, as a general rule, for calculating if home care is more affordable than assisted living, is if the individual requires less than 40 hours per week of paid home care, then home care works out to be less expensive than assisted living.
Estimating assisted living costs is a little easier than projecting home care costs. Locate an assisted living facility that meets the needs of the individual and get the average cost of care for that geographic location.
On average, the nationwide cost of assisted living is approximately $3,500 per month. From state to state, the average can range from $2,150 to $5,750 per month. If you require Alzheimer’s assisted living or dementia care, calculate an additional $1,150 per month.
Calculating Home Care Costs
There are two ways to calculate the cost of care at home. The simple method is to estimate the number of hours that home care is required each month. Then multiply that number of hours by the average cost of home care in your state. On average, the hourly cost of home care ranges between $13 to $29 per hour depending upon where in the country you are located with the southeastern area being the least expensive and Alaska being one of the most expensive locations.
The second and more accurate way to calculate the cost of home care is to break it down into one of four types of care and the hours required regardless of who is providing the care. There are 168 hours in a week.
What are the four categories of care?
- Medical/Home Health Care – this could include the professional who gives shots, tube feedings, medical care, or if dressing need to be changed.
- Personal Care – this includes assistance with daily activities such as bathing, getting dressed, or going to the bathroom.
- Monitoring – The person on call in case of an emergency
- Independent – This includes the times when no assistance or monitoring is required.
Once you have broken down the care into categories, then chart out who the care providers are going to be for each type of care and how much each one costs. The cost of care varies from state to state but the national average is $21 per hour.
Sometimes you may think you are saving money by providing care at home versus an assisted living facility, but by charting out when care is needed and how much it will cost for each level of care, you may come to realize that you aren’t saving much at all. In some instances, depending upon the level of care required, an assisted living facility is going to be the best option.
When researching options for assisted living in Santa Fe, TX call us at (832) 315-3219. Assisted Living counselors at Serenity Gardens are available to talk with you about your caregiving needs while providing better, affordable care for you or a loved one.