According to the United States Department of Health & Services, the average price of a private room in a nursing home is $7,698 per month or $92,376 a year.
If your elderly loved one still has a number of years ahead of them, at those prices you could easily be looking at spending over a million dollars in senior living costs. And if you’re a family who has to watch your budget as it is, this may not be financially feasible.
We’ve put together a list of 5 elder care options for families that are on a budget. All you have to do is keep reading.
1. Virtual Retirement Communities
Many seniors are in an in-between stage where they don’t need to be in an elderly care facility but tasks that aren’t really covered by elder care insurance, like yard work or regular grocery shopping, are just a little bit more than they can physically handle.
For a single annual membership fee, a virtual retirement community will assist seniors with food delivery, lawn mowing, and more. As Fox Business explains, this is becoming more popular in part because it allows seniors to remain in their homes for longer.
2. Adult Foster Care
Much like the name implies, these are group homes that allow seniors to live together, with in-home care, while sharing certain common areas like dining and living rooms in a home-like environment.
The level of care can differ quite a bit from home to home, but what a lot of families tend to like about adult foster care is that their elderly loved one is able to get both their immediate needs and their socializing needs met in the same place.
Many family members find out over time while taking care of elderly parents that caregiving can become a little more difficult over time.
One cost-effective way of managing your loved one’s increasing care needs while still allowing them to stay at home for a little bit longer is to hire a part-time caregiver. This way you can ensure that your loved ones can maintain their independence while still having someone look out for them during the day or the evening.
4. Elderly Day Care
For most people, the term “day care” is often associated with childcare for working parents. But did you know that day care for adults is an option as well?
There comes a point during the aging process where elderly loved ones can’t necessarily be left to their own devices while you’re at work. Similarly, many seniors also have a very real need to socialize with other seniors.
Adult day care is an affordable way to manage the care of your loved one during business hours.
5. Budget-Friendly Seniors Apartments
During college or shortly after graduating, many people choose to rent or live in apartments in order to cut down on living expenses.
Seniors have similar options at their disposal if they so choose in the form of apartment complexes and buildings designed for lower-income seniors.
If you look around in your city, or you take a look at sites like findcontinuingcare.com, you might be surprised at how many of these you might find.
Here’s How You Can Find Budget-Friendly Elder Care Options
As a family member who is caring for an elderly relative, it’s important to be able to match the needs of your loved one against the elder care options that are available. Check out our site to learn more.