In our final post on long-term care costs (here are our earlier posts on the 2015 costs of independent living, assisted living and Alzheimer's and dementia care), we tackle the long-term care option that allows seniors in need of supportive services to safely live at home.
Home care is a catch-all term for the non-medical services, such as help with activities of daily living, provided to individuals outside of a care facility. For seniors, these services are intended to allow them to continue residing in the comfort of their own home rather than moving to a senior living community.
Of the long-term care options available, home care can be one of the more inexpensive options, provided that few hours of care are necessary, as it can be customized to fit each person's situation. For example, if your loved one only needs assistance with meal preparation or housekeeping, you only have to pay for these services. Home care is also charged by the hourly, daily or overnight so you can schedule for how long the caregivers work. How long loved ones will require home care can vary: some may only need short-term end-of-life care, while for others, it is a temporary measure before they must transition into a assisted living or memory care community once home care becomes cost-prohibitive.
For the past 10 years Genworth has surveyed the costs of long-term care services, including home health aides, adult day care and nursing homes, and issues an annual Cost of Care Survey providing a state-by-state breakdown of what consumers can expect to pay for each type of care. As you would expect, the daily and per-hour rate varies between each state: North Dakota is the most expensive at $27 per hour while West Virginia and Louisiana are the least expensive at $16.
If you are considering home care for a loved one, we have a helpful state-by-state breakdown of the home health aide daily and per hour rate. And if seeing these costs makes you realize it’s time to create the long-term financial plan, be sure to visit our Senior Finance Center.