In-home care can be more cost effective than the alternatives!

17. We’re looking for an affordable care option for my senior parents. What is the best deal out there? Where do most seniors want to live?   

As it turns out, keeping your parents in their own home could be the best deal, according to a recent Genworth study. The cost of a private room in a nursing home jumped 3.4 percent in the last year to a staggering $77,745 a year, according to Genworth’s 2011 Cost of Care Survey. Not far behind is a 2.4 percent jump in the cost of assisted living facilities, which is $39,135 a year. The bright light was on home health care, which held steady cost-wise.

At $18 per hour for homemaker services and $19 an hour for home health aide services, the national median hourly cost to receive care in the home remained flat over the past 12 months. “Understanding local caregiving expenses is an essential first step for families faced with rising care costs,” said Buck Stinson, president, U.S. Life Insurance Products at Genworth.

For consumers interested in learning more about the cost of care in their local market, Genworth offers an interactive map of long term care costs in 437 regions across all 50 states at www.Genworth.com/CostofCare. The site offers a range of resources:

·         Find specific cost information that matters to your family – by state and type of care setting for 437 cities and regions across the country

·         Compare costs across up to three locations including where your senior lives currently

·         Calculate the cost of care 10, 15, 20, 25 and 30 years out so you can plan well for your own future

·         Download the full survey report, complete with executive summary, and overviews of long term care services and financing options, or just download a specific state’s data

Industry surveys typically reveal that most seniors prefer to age in the comfort of their own homes. Surveys conducted for the Home Instead Senior Care^® network show the preference at nearly 90 percent.

And with home care costs so affordable, families can now consider that option to be one of the best.

Please share what your experiences have been evaluating these alternative.