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Comparing the costs of different types of elder care

As people grow older, the odds they will need elder care continue to increase. In many cases, living alone becomes impossible and even dangerous.

The key to being able to afford this elder care lies in planning ahead. But how much is it going to cost? While the numbers do change over time, it is good to compare the costs to see how different types of long term care stack up. Following are a few examples:

  • A nursing home that comes with a semi-private room costs about $78,110 every year, or $214 per day.
  • A nursing home with a completely private room is even more expensive, at $87,235 per year or $239 per day.
  • Hiring a home health aide to provide care in the home itself costs $21 per hour, which runs up a tab of $21,840 per year.
  • An assisted living center, a step down from a nursing home, costs $41,724 per year. That's an average monthly cost of $3,477.
  • The most affordable option is to get adult day services, but even that costs $18,200 per year, or $70 every day.
  • A slightly more expensive option is to hire a "homemaker," which costs $19,760 every year, or $19 per hour.

When looking at these numbers, remember that care made be needed for years on end. The costs can quickly soar past what many people are prepared to pay.

This is why it is so important to look into all of your options in advance. The more you can learn about long term care planning, the better off you will be when you finally do need it.

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