Many people come to a time when they must make decisions regarding care for themselves or loved ones as they near the end of life. This video explains the cost differences between opting for assisted living versus in-home care.
The presenter starts out by acknowledging that if the choice had nothing to do with money, virtually everyone would want to stay at home. However, money is a big part of the decision, as in-home care costs are much higher than assisted living. For this reason, the majority of people making these decisions will need to consider when the time is right to look into senior living communities.
Using a per-hour rate for an in-home caregiver, the presenter calculates the monthly cost compared to a much lower cost for an assisted living home.
He points out that there are also savings associated with an assisted living situation that may not immediately come to mind. For instance, assisted living will pay for things such as electricity, cable, water, and food, whereas these things are still costs when someone is being cared for at home. The decision is a difficult one fraught with emotion, but understanding the differences in cost upfront can help guide the conversation.