As we age, it’s essential to budget for long-term care costs while planning for future needs and goals. Unfortunately, the costs of care services in the U.S. have steadily risen over the past 15 years.
According to the Genworth 2023 Cost of Care Survey, the cost of senior living and in-home care has risen on average from 1.5% to 3.8% per year. Knowing what to expect can help you prepare financially.
This blog, curated by the Emory Mills Senior Living team, shares the average monthly costs for a wide range of long-term care options.
Average monthly costs of long-term care
The following monthly costs are based on the national average. Remember that long-term care expenses may vary due to several factors, including geographic location, care setting, level of care services, and more.
Homemaker services – Help with household tasks that cannot be managed alone: $5,720
Home health aide services – Hands-on personal care, but not medical care: $6,292
Adult day health care – Social and support services in a community-based, protective setting: $2,058
Assisted living – A residential arrangement providing personal care and health services: Private, one-bedroom: $5,350
Nursing home care – Often a higher level of supervision and care than in assisted living with onsite nursing 24/7; also known as skilled care: Semi-private room: $8,669; Private room: $9,733
Home care costs are increasing at a high rate due to numerous factors, including:
- Low unemployment
- Wage pressures
- Regulatory changes
- Labor shortages
- Sicker patients
- Employee retention challenges
Budgeting for your changing needs can be overwhelming. Fortunately, funding options, like veterans’ benefits and long-term care insurance, are available to help cover the costs. Learn more in our blog, “Funding Sources for Senior Care and Housing” >>
When you’re ready to explore senior living care options, consider Emory Mills Senior Living. You’ll find customized assisted living and memory care in a quaint setting in Knoxville, Tennessee.
Find compassionate care and specialized support at Emory Mills
Offering a scenic view of the valley with the convenience of city living, family-owned Emory Mills provides assisted living and memory care to older adults. The comforting, secure, and homelike environment supports each individual with personalized care and the specialized and research-based I’m Still Here ® approach to meaningful and purposeful living, also known as The Hearthstone Difference.
Download our financial planning guide to learn everything you need to know about the costs of senior living.
