It’s a complex subject that is filled with emotion: long-term care. As America’s population ages, more and more adults will face the possibility of needing this level of care for a loved one, or for themselves. Having a clear grasp of what is involved, options for where to receive care, and who will provide it—as well as what is involved in the cost of long-term care—is essential.
What is long-term care?
Long-term care is defined as a range of services that helps a person live safely when they can no longer perform everyday activities on their own. Long-term care is often provided by unpaid family members and friends, but can be done in a senior living community or adult day care. There are several factors that determine the cost of long-term care.
We all see ourselves as aging gracefully and remaining active and healthy, and that’s the right attitude to have. But it’s equally important to understand what types of care needs you or a loved one might need as the years go by. For example, The National Center for Care Statistics estimates that, on average, in assisted living communities:
- 64% of assisted living residents need help bathing
- 57% need help walking
- 48% need help dressing
- 40% need help with going to the bathroom
- 29% need help with bed transfer
- 19% need help eating
What is the likelihood you will need long-term care?
- There is a 70% chance that someone turning 65 today will need long-term care.
- Every day until 2030, 10,000 “Baby Boomers” will reach the age of 65.
- The older a person is, the higher their chance of needing long-term care.
- Women need about 3.7 years of long-term care on average. Men need about 2.2 years of long-term care.
Can you afford the cost of long-term care?
The average cost of long-term care is over $100,000 per year, depending upon the type of care needed. This is often one of the biggest concerns when families begin considering senior living: it doesn’t come cheap, but the reality is, neither does aging in place at home. And while there’s much more that goes into this decision than price alone, it’s a big part of the equation.
In a 2021 Cost of Care Survey, Genworth stated that from 2004 to 2018, the cost for senior living and in-home care services rose on average 1.5% to 3.8% per year. At this rate, some care costs are outpacing the U.S. inflation rate by almost double.
Genworth lists the following as an example of what you can expect in terms of the cost of long-term care:
Average monthly costs:
The cost of long-term care at home
- Homemaker services
Help with household tasks that cannot be managed alone – $4,957
- Home health aide services
“Hands-on” personal care, but not medical care – $5,148
- Adult day health care
Social and support services in a community-based, protective setting – $1,690
The cost of long-term care in senior living:
- Assisted living — Private, one-bedroom – $4,500
- Skilled nursing — Semi-private room – $7,908; Private room: – $9,034
Unlike the types of care above, there is little published data on average monthly costs for independent living and memory care pricing as it varies greatly by geographic location, services and amenities.
Typical ranges are as follows:
- Independent living – $1,400 to $6,825 per month
- Memory care – $3,233 to $10,447 per month
Not all of the cost of long-term care is about dollars.
When considering providing long-term care at home, include both the monetary costs involved as well as the effects on those providing or supervising the care. Family Caregiver Alliance reports that caregiving can have serious mental and physical health consequences. Caregivers reporting fair or poor health increases from 14% within the first year to 20% after 5 years or more of providing care.
- There are 53 million unpaid family caregivers in the U.S.
- American caregivers have a 53% higher mortality rate than non-caregivers.
- The average age of a caregiver is 49 years.
- Spousal caregivers are usually around 62 years old. Females make up 75% of caregivers.
Other factors also have to be considered. Safety of the environment, adequate food and hydration, social opportunities and interaction, laundry and housekeeping, and much more.
The real cost of long-term care: why a senior living community might be your best value.
At St. Mark Village, you have peace of mind knowing your loved one is receiving exceptional, personalized care from a trained staff in an environment specially designed for safety and comfort. As a Continuing Care Retirement Community (CCRC), we offer a Continuum of Care that provides seamless access to future care options. So in addition to Independent Living, we offer Assisted Living, Memory Care, Skilled Nursing and Rehabilitation.
While you may enter our community at any level, if you come in through Independent Living, you also receive the promise of Life Care—guaranteed care for life, even if your financial situation should change. We are committed to enhancing the quality of life for each person.
The happy home and peace of mind our Residents and families deserve—you’ll find this and so much more at St. Mark Village. Contact us or call 727-464-1750 today to connect with our friendly and knowledgeable counselors and learn why so many are proud to call St. Mark Village home.