Statistics indicate that seven out of ten people will require one or more types of long-term care at some point in their life. Costs for long-term care can vary significantly, from $20,000 a year for adult day care to $48,000 a year for residence at an assisted living facility or upwards of $89,000 for stay at a nursing home. Costs will vary depending on the level of care needed, as each of the five types of senior care offers unique services that range from housekeeping and meal preparation to assistance with activities of daily living such as bathing, getting dressed, and using the bathroom.
These costs are significant and vary greatly, so it’s important to have an understanding of the services offered by each in order to determine what level of care you or a loved one will need. You may find that a less intensive level of care offers all the services you need, which can save you thousands of dollars each year. Even if you or a loved one don’t require this type of care now, it’s a good idea to have an understanding of these options so you can plan in advance.
Check out this infographic Guide to Senior Care from Harbor Life Settlements to learn about the different types of care including services offered, costs for each, and ways to pay for these expenses.