At some point in our parent's life, we may have to make a choice regarding their declining mental health or physical condition. Nowadays, the variety of choices is great. Part of deciding which type of care you can give your loved one is weighing the costs of the various alternatives.
The national average cost per annum for assisted living is $35,166. Of course this price varies, with the most expensive place being New Jersey, which costs $52,560 per annum.
Nursing homes cost on average $206 per day, or $75,190 per year. The cost is greatest in Massachusetts, at $200,000 annually; the cost is lowest in Louisiana, at $42,000.
Home care costs are harder to calculate. In the case where the home care takes place in your own house, then there are few additional costs in terms of the property or utilities. However, you're now buying food and medicine for the family member at home. If you aren't doing all the caring by yourself then you also need to take into the cost of a health aide or another form of help. If you or your spouse is taking care of the minute-by-minute needs of the elderly relative, you have to also factor in the time spent, as well as one spouse quitting their job or cutting their hours to take care of the relative.
If the loved one does stay in your house, then one might need to consider building an extra room onto the house to accommodate the extra space needs of the parent. Extending your house though is likely to be far cheaper than the cost of a nursing home.
Of course, financial concerns are not the only consideration. You need to look at all the factors, not forgetting that in some cases your parent really might need full time professional care. Sometimes, their physical and mental situation is such that proper care can only be given in a rest home or another establishment.
You have to make your decision based only on your situation though. As you are the one who knows your parent best, in your heart you can find the right decision. All elements - including financial and emotional - must be considered when determining the best place for your parent to spend their later years.
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