Many of our loved ones, including parents and grandparents, have worked their whole lives to ensure their families are happy, healthy, and well-provided-for. As they age, the roles often reverse, and the conversation begins to shift to ensuring these people, who have done so much for us, are cared for.
Caring for an aging loved one on your own, may not always be feasible. It can be difficult to handle your own responsibilities while ensuring your loved one receives the hands-on care and assistance they need to maintain their quality of life. Oftentimes, the solution is to find some level of caregiving to ensure all needs are met and everyone is happy.
In the right caregiving environment, quality of life is improved, and day-to-day life is easier. More importantly, your loved ones get the emotional and physical support they need, and in turn, you’ll get the peace of mind of knowing they are safe and being taken care of.
There are different types of caregiving options available. Let's explore some of the most common options, compare levels of care, and the costs associated with them.
In-Home Care
Many people start out with some type of in-home care for their elderly loved ones. In-home caregivers assist with daily activities within the residence. The level of care can vary, but may include preparing meals, small housekeeping tasks, rides to appointments, and even medication monitoring.
Pros of in-home care
- Older adults often feel most comfortable within their own home
- Allows your aging loved one to "age in place"
Cons of in-home care
- Limited accommodations compared to a dedicated care facility
- Less structured than other types of care
- Around-the-clock care can be costly
- May not be covered by insurance
Associated cost: According to Genworth Financials' Cost of Care Survey, the average cost of in-home care in the United States is $4,957 a month.
Adult Daycare Centers
Adult daycare centers are similar in structure to child daycare services. During the day, the center is there to supervise, provide care, and provide companionship for older adults. This can be a good option for a loved one who is not comfortable spending time at home alone or who needs more supervision. However, the level of medical attention or even personal care can vary drastically depending on the center.
Pros of adult daycare centers
- Can offer the prevention or delay of assisted living
- Provides an opportunity to socialize with others
- Allows respite for usual caregivers
Cons of adult daycare centers
- Care centers may have limited programs for specific care needs
- May have only limited hours to provide care
- May not be covered by insurance
Associated cost: According to Genworth Financials' Cost of Care Survey, the average cost of Adult Day Health Care in 2021 was $1,690 per month.
Assisted Living
Assisted living is dedicated housing designed for people who need basic help with medical and/or personal care. In assisted living, residents may have a private room, but they have help with things like medication management, dressing, and chores. Meals may or may not be provided on-site in a community cafeteria.
Pros of assisted living
- Seniors maintain a feeling of independence while getting help with daily activities
- Opportunities to socialize with other residents
- Offers more freedom than a nursing home
Cons of assisted living
- Privacy can be limited compared to home care
- Costs are higher than some levels of home care
- May not be covered by insurance
Associated cost: According to Genworth Financials' Cost of Care Survey, the average cost of assisted living in 2021 was $4,500 per month.
Nursing Homes
A nursing home is a facility that provides residents—especially the elderly—with housing, meals, healthcare, and social activities. Transitioning into a nursing home is typically the last resort for most individuals due to the level of care offered. Nursing home services focus more on healthcare and have trained staff on hand to tend to the medical needs of each resident. This is a key difference between nursing homes and assisted living. Assisted living offers only basic "assistance" with everyday life tasks, whereas a nursing home offers medical attention.
Pros of nursing home care
- Full-time medical attention and care
- Access to activities and socializing
- Structured schedules with meals, activities, and care
Cons of nursing home care
- Less freedom than other forms of care
- More costly
- Individual moves out of their home environment
Associated cost: According to Genworth Financials' Cost of Care Survey, a private room in a nursing home cost $9,034 per month in 2021.
When you determine that you need to find a caregiver to help with your loved one, the process is never a one-size-fits-all approach. Consider their specific needs and the level of care you can reasonably provide without feeling burned out or overwhelmed.
Explore your options, and don't be afraid to have an open discussion with your loved one about types of care. Likewise, if you're feeling overwhelmed, don't be afraid to disclose that you need a bit of help. Finding caregiving is simply another chapter of life. A little prior planning, candid conversation, and informed decisions can lead to the right path. Speak with one of our financial advisors about the different options available to you and your loved ones and read more helpful articles.