According to the Alzheimer’s Association, family caregivers provided an estimated 18.6 hours of unpaid care — valued at approximately $244 billion — to loved ones with dementia in 2020. If your loved one has dementia or another chronic medical condition, you might worry about the cost of senior living and decide that in-home care is a better option. The reality is that senior living may be more affordable than you think, and family caregiving can be more expensive than you think.
What Is the Real Cost of Senior Care in Peachtree City?
If you’re trying to get an estimate of the cost of senior living in Peachtree City, you might already be losing your mind with frustration. That’s because there’s no standard, one-size-fits-all cost. On average, seniors pay about $4,500 per month for personal care and about $4,200 per month for independent living, but the actual out-of-pocket costs depend on factors such as:
- Whether you have Medicaid, long-term care insurance, or access to another program that will fund all or a portion of the costs
- The specific services the senior living community offers
- What’s included in the price tag — a senior living community that rolls gourmet meals, housekeeping, and transportation into the price will appear more expensive, but might actually save you money
- Where the community is located
Senior Living vs. In-Home Care: A Reality Check
A $4,000 a month expense is no small bill, and for many families, it’s decidedly out of reach. Unless, of course, your loved one sells their home. This can completely fund the cost of senior living and greatly reduce the burden on your family. Moreover, your loved one will gain access to a community of seniors who want to live meaningful lives. This can reduce loneliness and breathe new life into your loved one’s retirement.
Perhaps even more importantly, home caregiving tends to be more expensive. No single family member can provide 24/7 care to your loved one. This means that several family members may have to scale back on work and with their own families to offer care. This is a significant cost that can greatly reduce your income and well-being.
If you elect to pay an in-home caregiver instead, you’ll almost certainly pay more than you would for senior living. You can expect to pay $18-$27 per hour — more for the highest quality care. And unlike with senior care, you won’t get extra amenities, such as gourmet dining and meaningful activities. Try to factor these into your budget, and you may quickly find you’re spending double what you’d spend on senior living. In return, your loved one is getting lower-quality care, your family is getting less support, and your loved one may become increasingly isolated.
Want to get an idea of exactly how much in-home care might cost your family? Check out our Senior Living Cost Calculator.
The Hidden Costs of Home Caregiving
The financial realities of home caregiving are just one piece of the puzzle. Some other questions you’ll need to ask about keeping your loved one at home include:
- What will the emotional effects of this be? Will I spend less time with my children, feel increasingly stressed out, or have to deal with family resentment?
- Can I truly meet all of my loved one’s needs, including their need for ongoing engagement and socialization?
- What will I have to give up to care for my loved one? How might that affect my relationship with them?
- Can I commit to doing this for many years?
- Do I have the right knowledge and skills to support my loved one? How much do I really understand about their needs and health?
- Does my loved one want me to be their caregiver?
Your loved one has worked hard their entire life. A chronic illness or devastating diagnosis shouldn’t stop them from enjoying their retirement and certainly shouldn’t be a source of ongoing family conflict or caregiver stress. After more than three decades of service to seniors and their families, The Arbor Company knows how to help people craft meaningful, rewarding, supported retirements. To learn more about your senior living options, download our free guide, “Finding a Safe and Comfortable Senior Living Community.”