On a few occasions, I’ve sought to help families try to manage the cost of senior care for elderly loved ones. It’s a big challenge because on the one hand senior care is very expensive. But on the other hand, families really want to do their best for their elderly parents or grandparents.
This is true for assisted living, in-home long-term care, and nursing homes.
The best solution is to buy a long-term care insurance or life insurance plan. But most seniors dismiss the idea of getting such coverage until they actually need it. What are the other options?
Caring.com has an informative article that explains a lot of what I would say about Assisted Living Costs and Ways to Pay.
The cost of assisted living can seem overwhelming at first glance. However, compared to the average cost of a nursing home ($5,000 to $10,000 per month) or in-home care (about $4,000 per month for 40 hours of care per week), it is often one of the more affordable and convenient options if your loved one doesn’t need close medical supervision.
Read on to learn more about the cost of assisted living and important steps you can take to make this type of care more affordable.