Most people assume that the cost of assisted living would be more than the cost of care at home. In fact, that’s often one of the most common reasons why a person wouldn’t consider looking into assisted living in Somerset County further. But the truth is that there are times when the cost of assisted living can be cheaper than care at home. It depends on you or your loved one’s individual circumstances, so it’s always best to consider the cost of each fully. Here’s how to compare the cost of assisted living as well as the value with home care.
Comparing the Cost of Assisted Living with Home Care
When comparing the costs, it’s important to understand that there are different types of home care so you’ll have to determine which fits your needs best. In some cases, it may be a combination of types of care at home that works for your situation. On the other hand, with assisted living, you typically have an all-in-one monthly cost. Here are the levels of care as well as their average monthly cost according to the most recent Genworth Cost of Care Survey.
- Homemaker Services – Help with household tasks such as cooking, cleaning, and errands that cannot be managed independently. The average monthly cost is $4,957, assuming 44 hours per week.
- Home Health Aide Services – Help with personal care, but not medical care. The average monthly cost is $5,148, assuming 44 hours per week.
- Adult Day Care – Typically includes meals and snacks, health monitoring, medication assistance, and fitness, plus enrichment programs and social activities during normal business hours, five days a week. The average monthly cost is $1,690.
- Assisted Living – Offers residents support with daily activities such as bathing, dressing, and medication assistance as needed in addition to a range of services and amenities that not only make life easier and more convenient, but also ensure they are active, social, and engaged each day. The average monthly cost for a private, one-bedroom is $4,500.
Download our Just the Facts Guide to Assisted Living for more information.
The Value of Assisted Living in Somerset County
We think a side-by-side comparison is the best way to show the value that comes with the cost of assisted living versus home care. To do so accurately, you must make sure you’re comparing more than just your mortgage or rent to the average monthly cost of assisted living in Somerset County. You need to compare the total cost of living at home including food, utilities, home maintenance, property taxes, insurance, entertainment, and healthcare because those costs are already included in the monthly cost of assisted living. This worksheet can help.
|Monthly Expenses||Costs at Home||Cost of Assisted Living|
|Mortgage or rent|
|Property tax and insurance||included|
|Home maintenance and repairs||included|
|Lawn care and yard maintenance||included|
(electricity, gas, water, trash removal, etc.)
(insurance, gas, registration, repairs)
|Social and Entertainment||included|
|Exercise and wellness||included|
|24-hour emergency alert system||included|
|Total Actual Costs|
Regardless of whether your comparison results in the cost of assisted living being cheaper or not, its added value is hard to replicate at home, especially when living alone. Assisted living in Somerset County can enhance the quality of life for you or your loved one by removing the burden of managing chores, maintaining the house, and the worry over unexpected expenses from your shoulders. It also makes it much easier to stay connected and engaged with a full calendar of activities, outings, events, clubs, and classes – all planned by us and right outside your door. Lastly, you’ll have invaluable peace of mind that support is always there for you should you need it.
Options to Help with the Cost of Assisted Living
Whether you ultimately decide on home care or assisted living in Somerset County, it’s important to know that there are options to offset the cost, helping your budget to go further, including:
- Veterans Aid & Attendance Benefit – Wartime veterans or a surviving spouse may be eligible to receive a non-service-connected pension (above the basic pension) to assist in paying for assisted living, home health care, adult day care, or skilled nursing if certain conditions are met.
- Long-Term Care (LTC) Insurance – LTC insurance can help pay for the cost of home care, adult day care, assisted living, memory care, skilled nursing, and hospice by covering services typically not covered by health insurance, Medicare, or Medicaid.
- Life Insurance Conversion – You or your loved one’s in-force life insurance policy may be able to convert into a pre-funded financial account that disburses a monthly benefit to help pay for needs such as home care, assisted living, skilled nursing, and hospice.
- Reverse Mortgage – This type of home equity loan is for homeowners 62 or older who want to access their equity to supplement retirement income. In this case, the lender makes payments to you based on a percentage of your accumulated equity.