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Understanding the Cost of Long-Term Care

Long-term care costs are increasing across the United States and aren’t expected to slow down. According to the 2021 Genworth Cost of Care Survey, the cost of senior living and in-home care services has increased an average of 1.5 to 3.8 percent each year between 2004 and 2020.

It’s important to know the costs when planning for your future needs. This blog looks at the costs of in-home and senior living care.

Expected Costs of In-Home and Senior Living Care

The increasing costs of care are primarily driven by supply and demand. With 10,000 Baby Boomers turning 65 every day until 2030, our population is aging quickly. Approximately seven out of 10 aging adults will require long-term care services, resulting in a growing need for in-home caregivers and senior living professionals.

Here are examples of national median costs associated with various senior care services in 2021:

  • Homemaker – hourly rate of $26
  • Home health aide – hourly rate of $27
  • Adult day services – daily rate of $78
  • Assisted living community – monthly rate of $4,500
  • Skilled nursing semi-private room – monthly rate of $7,800
  • Skilled nursing private room – monthly rate of $8,910

These long-term care costs may seem daunting for many people, so it’s important to put a plan in place to give you and your family peace of mind that your needs will be met as you age. To assess your finances, gather all your financial documents for an accurate look at available funds.

Related: Funding Sources for Senior Care and Housing >>

Next, talk to your loved ones about your goals, needs, and wishes so you can work together on a plan for making decisions, who will pay the bills, and what type of care you want to receive.

Financial advisors or estate planning attorneys can provide consulting services to help guide you on funding options, including insurance, tax deductions, and retirement benefits.

Related: Comparing the Cost of Senior Living with Staying at Home >>

Considering the Senior Living Options

When you’re considering senior living communities, make sure to talk to the staff about the costs. Find out the monthly fees and any additional charges you can incur. Most communities, like Golden Bell Senior Living, have an experienced staff that will provide you with guidance and resources when planning for the costs of your care.

Life at Golden Bell Senior Living

Senior living communities like Golden Bell provide the comforts of home with the added benefits of supportive care, engaging activities, and a maintenance-free lifestyle. With your daily needs met, your loved one will live more independently and have opportunities to meet friends, discover new interests, and live each day to the fullest.

Golden Bell Senior Living offers a full continuum of care, including independent living, assisted living, and respite care. Residents have personalized care plans, are treated like family, and are greeted by name in a warm, welcoming environment.

Amenities and activities include:

  • Beautiful accommodations
  • Landscaped grounds and gardens
  • Community outings
  • Recreation and social activities
  • Chef-prepared meals
  • Scheduled transportation
  • Beauty and barber shop
  • Housekeeping and maintenance services

Please contact us to learn more about our communities or set up a tour. We’d love to hear from you and are happy to help answer any questions you have about senior living.  For more information about choosing senior living, download our complimentary Funding Senior Care and Housing Guide.

At Golden Bell Senior Living, we understand that some questions require more personalized support. If you have any queries or need further assistance, please feel free to contact us. We’re here to assist you with any individual needs and ensure you feel supported every step of the way.

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