The Cost of Care: Home vs. Independent Living vs. Assisted Living
Seniors have more choices for care than ever, but that doesn’t necessarily make the decision on what’s right for you or your loved one any easier. Your heart will likely tell you to stay home. In fact, more than 90 percent of seniors want to do just that according to AARP. But, a comparison of the cost may have your head thinking otherwise. Of course there are plenty of other factors to consider as well. Let’s take a look at all the pros and cons of home versus independent living versus assisted living in Roanoke, Virginia.
Understanding Your Options
Before we look at costs, you need to know what you’re comparing. Senior living is actually a catch-all term for a continuum of care that includes independent living and assisted living. Here’s how they differ:
This option is all about lifestyle and is ideal for seniors who require little daily assistance. You’ll find a range of accommodations from condominiums to apartments, even free-standing cottages in some cases, along with numerous social, wellness and enrichment opportunities and the convenience of housekeeping, restaurant-style dining and laundry service.
Consider this the next step in the continuum with onsite care, 24-hour supervision and support with daily activities provided. Accommodations are typically a private or semi-private apartment. You’ll still enjoy a range of amenities such as a fitness center and onsite beauty salon, as well as social opportunities that encourage independence and an active, engaging lifestyle.
The types of care typically offered at home include:
This is provided on an hourly, as needed or 24/7 live-in basis. These services can help you live more independently at home and typically include personal care, household chores, cooking, transportation, occupational, physical and/or speech therapy.
This option offers a safe environment with care during normal business hours, five days a week that may include services such as meals and snacks, health monitoring, medication assistance and fitness, as well as enrichment programs and social activities.
Keep in mind that there are a variety of factors that affect the cost, from geography to amenities to level of care. However, the Genworth 2018 Cost of Care Survey gives you an idea of what to expect with these average monthly costs:
* There is little published data on average monthly costs for independent living because it varies so greatly. Range given is typical.
Comparing the Value
When you start thinking about pros and cons, home may initially seem like the clear winner. Because its home. But don’t forget that at-home care can cost more than money; it can also rack up an emotional toll. Let’s take a closer look.
To truly compare the financial cost of living at home versus independent living or assisted living you must look beyond your mortgage or rent to include the cost of food, utilities, home maintenance and entertainment as well. These things are typically included in the monthly cost for any type of senior living. Then factor in the cost of property taxes and insurance in addition to any at-home care needed and you may find senior living is actually less expensive!
But the real value of senior living lies in its positive impact on quality of life for you, and your family. We mentioned above the benefits of a full calendar of social, wellness and enrichment opportunities along with a worry-free lifestyle without unexpected expenses, chores or maintenance.
What’s more, a community like Richfield in Roanoke, Virginia, offers a full continuum of care right on one campus. That means you’re able to stay in the same place, with friends and familiar surroundings as your health needs evolve, from independent living to assisted living to memory care or nursing care if needed. The peace of mind that you’ll always have support for your care needs is hard to achieve at home. But perhaps one of the best pros is that loved ones won’t have to take on caregiving burdens and can enjoy life right alongside you.