Caring for elderly parents isn’t easy. You would do anything for them, but it can be stressful and it just may not be possible for you to do it all.
Many people caring for their parents belong to what’s called “the sandwich generation,” people whose parents are older adults beginning to need care while their own children are reaching university age or their early 20s and could still use some support.
It can be tough both in terms of time commitments and financially. You’re busy working trying to cover so many expenses, and you’re going to need help. The question is, what’s really more affordable: home care or a retirement residence? You might be surprised. If you need more information about seniors housing options, read on to see the costs compared.
The Full Costs of Care at Home
The true costs of care at home really depend on how much care is needed. There are also several factors to keep in mind.
First, the cost of a home care nurse can be anywhere from $20 to $40 an hour. Depending on the level of care required, the annual costs can look like this:
- Intermittent Care (16 hours/week): $18,500
- Daily Care (40 hours/week): $46,000
- Continuous Care (24 hours/day): $192,000
In addition to the costs of care, there are still the costs of household expenses. You or your loved one will still have to pay for the expenses that come with owning the property, including property taxes, maintenance, landscaping, and cleaning. You know that there can be major costs that come with owning a home. There are also ongoing daily costs like groceries that are taken care of in seniors housing.
You also have to account for the costs of making your loved one’s home livable for them. There are significant modifications that need to be made if staying at home is going to be a viable option, including grab bars, remodelling the bathroom, lifts and ramps, and even replacing the door knobs with handles, a crucial adjustment for seniors with arthritis.
The Benefits of Senior Communities
When you take into account the full costs of home care, you quickly see that the costs of moving into a retirement residence are more reasonable than you might have thought. It could even be more affordable than home care.
Independent assisted living offers senior apartments where residents can access the level of care they need while shedding the costs of homeownership and maintenance. Downsizing can be an important part of financing care requirements, including the sale of a house.
Moving into a seniors community is a big change, and there will be lots of questions to answer before helping your loved ones make the move. You and your family are always welcome to visit any All Seniors Care Living Centre across Canada, ask questions, and tour the facility.
As you consider the move, find some tips for making it easy to settle in and ask about the full costs of retirement living. You’ll find that seniors housing is more affordable than you might have thought.