As the baby boomer generation ages, senior care is becoming more important and more expensive. In-home care is by far the most cost efficient way for a senior to find care according to the 2013 Cost of Long Term Care Survey by Genworth, financial security company based in Richmond, Virginia. The three most common types of senior care are home health care, assisted living and nursing home care. These levels of care reflect the amount of care that the senior needs and that reflects the price.
Home Health Care:
Home health care is the most cost efficient option for care and has remained the most constant in terms of price increase. According to Genworth, the median cost of home health care has only increased from $18.50 to $19 since 2008. Through Carefamily.com, families can hire background-checked caregivers for an average of $14 an hour, with the caregiver making $12 an hour.
Home health care is divided into two categories, home maker services or companion care help around the house, cooking, cleaning, and running errands and any other “hands off” care. The median rate for these services is $18 per hour. Home health aide services help around the house as well as non-medical “hands on” care such as bathing, grooming and dressing. The median rate for these services is $19 per hour.
According to Genworth, the constant cost is attributed to the competition of home health agencies, availability of unskilled labor and because agencies do not require facility upkeep. Nursing homes, on the other hand, have increased drastically in price over the past five years. In 2008 the average yearly cost for nursing home care was $67,525, and in 2013 is increased to $83,950.