Elder Care Expense - The Cost to take care of Elderly Parents
Elder care expense is not as clearly defined as many believe. Caring for your elderly parents may seem like a complete flip of the coin, but more children than ever are having to take on this incredibly challenging role. There is no way to know what the future holds. You may not know what type of medical treatment they will require. They may have very little money to help them to make ends meet for everyday living much less professional elder care. Though children are often left to deal with this situation on their own suddenly and without much notice, planning for such elder care expenses in advance may be very important.
There may come a time when your elderly parents need help around the home. They just can't cut the grass, prepare meals or readily care for their home, or even themselves.
This is when many families take seniors into their home to live seemingly as the most cost effective decision. While this is a great option since it keeps the family together and ensures that someone who loves them is caring for them, this too is expensive. Costs include medications, specialized beds and perhaps even some remodeling if the elderly parent is in a wheelchair. They may need and cannot provide for themselves for all the daily issues to think about. These issues include food, medicine, the cost of a part-time caregiver, the cost of driving to and from doctor’s appointments, and even lost wages from missing work. As an example, many families must hire a part time caregiver to come in and help with the elderly parents while they are away at work.
What does this all cost? It is very dependent on the actual type and scope of care required. Expect an increase in your food budget and if medications are needed, these can amount to hundreds of dollars, depending on the types. Part time assistance in the home may run between $50 and $100 or more an hour, depending on what services are needed. If looking for in home care, be sure to see In Home Care Options
In assisted living scenarios, your elderly parents can still be independent, but additional care is provided for transportation, housekeeping, preparing meals and assistance with any activity they cannot do themselves. There are different levels of care, with those needing the least amount of care at a level 1. Level 1 may cost between $300 and $500 a month. For those at Level 2, a stepped up care model, costs start at $800 and move up to $4000, depending on the location.
Nursing homes provide an even larger amount of services to the individual. Nursing homes are a better choice for those who may have more extensive medical needs, such as needed help moving out of bed.
Because of the additional care, and the usually readily available medical assistance in an emergency, nursing homes do cost far more.
The average cost of a nursing home per day is $192. There are also reports of increases as much as 6 percent each year.
Each of these medical care options should be carefully considered. While at home care is the least expensive, the stress for elderly parents and children caregivers living together can be a daunting issue.