Home Care Cost May Surprise You

A recent article from the Wall Street Journal found the cost of in-home care has risen extensively over the last several years. They explain in addition to the costs of in-home care; medical advances that extend lives but require ongoing care and the growing number of people over 65, have resulted in new pressures on families. Progressive diseases like Alzheimer’s and other chronic conditions can require extensive assistance. The Center for Retirement Research at Boston College found approximately one-fourth of those 65 years and older will eventually require significant support and services for more than three years.

For many who are trying to keep a loved one at home rather than place them in a care facility, experience challenges like sleep deprivation and constant worry. In an AAPR survey of caregivers, four out of ten said they rarely or never feel relaxed. Other problems created by caring for a loved one at home include having to drain savings and/or taking out equity loans to cover the costs of modifying the home to accommodate needs as well as paying for help. In cases like Alzheimer’s this can include around-the-clock care.

The Journal article cites statistics from Genworth, a long-term-care insurance company, that states the national median cost of a home health aide, hired through an agency, is now $33 dollars an hour. In 2015 the same care cost $20 an hour. More surprising to many is the fact that when a person requires 24/7 care, the median cost is around $290,000 per year. Genworth says this is more than double the annual median costs of a private room in a nursing home and four times the annual median cost of a private room in assisted living.

At MorningStar of Beaverton, we are honored to offer area seniors the finest independent living, assisted living and memory care. The list of our retirement communities services and amenities is long and are intended to enhance quality of life and provide carefree retirement years. Our distinct Reflections Neighborhood provides 38 one-bedroom or shared suites for trusted memory care for those with Alzheimer’s or other dementia-related diseases. Contact us to learn more about availability and ask about our late summer savings.