As the population ages, the cost of care for senior living becomes an increasingly important topic of discussion. The cost of senior living can vary widely depending on the type of senior living option, the geographic location and level of care needed. Here is an overview of the average costs associated with different types of senior living options.
Cost of Independent Living.
Independent living communities are most suitable for senior who are able to live on their own without assistance from the community. However, some residents in independent living communities require care and prefer to hire outside home care providers. This may be because they want to customize their services or because they are not yet ready to move into an assisted living community. It is important to note that many independent living communities do offer the option to move to assisted living housing when the need arises.
The cost of independent living varies depending on supply and demand, geographic location, floor plan, and services and amenities available to resident. The average cost of independent living can range from $1,500 to $4,500 per month with the national median cost of $2,552 in 2018. The average cost of independent living in Georgia is $2,463 per month with a minimum monthly cost of $1,100 and maximum cost of $3,995.
Cost of Assisted Living
Many senior choose assisted living options because it allows them to love independently in their own apartments while having access to support around the clock. The cost of assisted living can vary, but in 2016, the monthly rent for a one-bedroom apartment with a single occupant was $3,628. In 2022, the national median cost of assisted living was $4,635 and the median cost of assisted living in Georgia was $3,641.
Cost of Memory Care
Memory care is crucial for individuals with dementia. In 2022, the Alzheimer’s Association reported that approximately 6.5 million people were living with Alzheimer’s, which is the main cause of dementia. The national average cost of memory care is $6,935 a month, but cost may vary depending on the level of care required. The average cost of memory care in Georgia is $4,036 a month.
Cost of Skilled Nursing Home
Nursing homes, also referred to as skilled nursing or convalescent care homes, offer round the clock nursing care for seniors, with access to medical care 24 hours a day. Although senior often move to nursing homes permanently, some homes provide short-term stays for those who require rehabilitation after an injury, illness, or surgery that necessitates the expertise of nurses and/or therapists.
Nursing homes are more expensive than any other senior living alternative because they provide the highest level of care. In 2022, the national median cost of care in a nursing home was $8,145 for a semi-private room, and $9,305 for a private room. In Georgia the cost of a semi-private room was $7,221 and $7,832 for a private room.
Cost of Continuing Care Retirement Communities (CCRCs):
CCRCs allow residents to access higher levels of care when required without moving to a different location because they offer independent living, assisted living, and skilled nursing units, as well as memory care for Alzheimer's or dementia residents at an additional cost.
Because CCRCs provide a wide range of care levels, they are generally more costly than communities that only offer independent living or assisted living services. Residents wishing to move into these communities typically pay an entrance fee which ranges from $100,000 for a non-purchase agreement to $1,000,000 depending on the size of the living unit and the location of the community. The monthly costs range from $1,500 to $5,000.
There are some differences between CCRCs and assisted living communities. CCRCs require residents to sign a long-term contract and pay a significant buy-in fee, whereas assisted living communities typically rent on a month to month basis and charge a small initial resident fee. CCRCS may also rely on continued care service contracts with off campus providers, while assisted living communities have an in-house staff of consistent care. Additionally, activities at CCRCs are usually organized by residents, whereas assisted living communities hire professionals to create monthly calendars of events, including fitness classes or guest lectures.
Cost of In-Home Care:
In-Home Care includes two services: homemaker services and home health aide.
Homemaker services is offers services to those individuals who are not able to manage household tasks on their own. Homemaker service aides may clean houses, cook meals, or run errands.
Home Health aides offer care to people who need more extensive personal care than family or friends are able to or have the time or resources to provide. The cost of home care services can vary depending on the level of care needed and the geographic location. On average, home care costs $25 to $35 per hour, with live-in costing more.
In 2022, the national median cost of home health aide was $27.81 per hour or $5,302 per month. The median hourly cost of home care in the state of Georgia is estimated at $23.69 per hour or $4,517 per month. The national median cost for homemaker services was $26.78 per hour or $5,106 per month and in Georgia it was $23.18 per hour or $4,419 per month.
Cost of Adult Day Care:
There are two types of adult day care; social care and healthcare. They both provide meals, social activities, and basic health services. Adult day health care offers more medical services such as medication dispensing or therapy for health conditions like dementia.
The national median daily rate for adult day care facilities is $78 though many families prefer to pay hourly because older adults don’t spend all day at the facility. Most people will spend between four and 12 hours a day, up to five days a week. The estimated national median cost for adult day care services was $1,741 in 2022 and in Georgia, the median cost was $1,339 for 160 hours per month.
Conclusion
It is important to note that these are just rough estimates, and the actual cost of senior living can vary widely based on individual factors. It is recommended that you research and compare different options and costs before making a final decision.
If you or someone you know wants to learn more about Southern Comfort Senior Living, feel free to contact us.
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