The cost of living at a nursing home ranges from $40,000 to $85,000 and more. Some of the cost variables include the number of services required, where the nursing home is located, and what the actual accommodations are such as a private or shared room or a two-room apartment.
The average annual cost of a home health aid ranges from $30,000 to $40,000.
Obviously, when your parents live in their own home, it’s less expensive. A recent four-year analysis found that not only are the total care costs for residents aging in place thousands of dollars less than traditional institutional care, the aging in place residents also had improved mental and physical health outcomes. These results were based on an aging-in-place model that included continuous care management, a combination of personalized health services, and nursing care coordination.
The traditional sequence of long-term care directs older adults to move from their homes, to senior housing, to assisted living, and eventually to nursing homes as their health and functional abilities decline. It appears that traditional long-term care often diminish senior’s independence and quality of life while aging in place enables older adults t remain in their same environment and receive supportive health services when needed.
Aging in place is all about keeping senior citizens right where they are and letting them continue to live their life in their life style. Some of the general and psychological benefits of achieving this include:
The elderly person feels mentally and physically secure living in their homes. They are familiar and comfortable with their surroundings.
Aging in place reduces the cost of living versus a nursing home. This helps the elderly person make better use of her limited resources. She can concentrate on using her money for medical needs rather than worrying to pay monthly bills in the nursing home.
Many retirement communities and senior centers provide physical support and transportation. Other local organizations may provide medical and home improvement services, health and wellness programs, and cultural activities for their residents. Your elderly parent has more opportunities to remain independent and to continue doing many of the things she has enjoyed doing.
Aging in place technologies help seniors maintain their independence. These include everything from a medical alert device if someone falls, to a medical alarm that it’s time for an insulin injection or medication, to a computer reading device for los vision residents.
In an effort to lower the financial strains on Medicare and Medicaid, and to control the growth of long-term care costs, many states have implemented measures to limit the number of skilled nursing beds in favor of less expensive independent living alternatives. Resident monitoring and telehealth technologies now play a critical role from a reliance on skilled nursing facilities to an approach the supports aging in place.