Genworth, a leading provider of life and long term care insurance recently released it’s 12th annual Cost of Care Survey. The study follows the cost of Home Care Providers, Adult Day Health Care Facilities, Nursing Homes and most importantly to us here at Senior Living Experts, assisted living facilities.
According to the report, on a national basis, the yearly costs that consumers pay for assisted living care has risen 2.5% annually over the last five years. Costs have increased at a faster rate in the past year.
For 2015, the national median monthly rate for for assisted living care is $3,600, which translates to $43,200 annually.
Specifically for Illinois the median annual rates were found to be:
– Home Health Aide: $49,192
– Homemaker Service: $48,048
– Assisted Living Single Occupancy: $48,600
– Nursing Home, Semi-Private room: $64,780
Keep in mind that when comparing the cost of a home health aide or homemaker – you also have to include the cost of maintaing the home the senior is in. Those costs can include maintenance, taxes, mortgage, groceries, utilities, cleaning, transportation etc – making the cost to stay at home greater than the cost to live in assisted living (Generally speaking).
It was noted that the minimum monthly for assisted living in Illinois was $1,278 – which I am sure was not in the Chicago metro area, and the maximum was $9,840. Monthly costs can vary due to location of the building itself (proximity to the city, hospital, major roadways etc.. just like real estate) as well as the size of the room and the amount of additional care required. Some residents may only need help with reminders and meals and activities while others need assistance with showering and going to the bathroom which will cost more.
The report did find that Illinois is not in the top 10 most expensive states for the cost of senior care. So while we are higher than the national average, we are lower than Washington DC which was $94,050!