The cost of senior care is increasing. A company called Genworth has done various studies and has an online tool where you can compare costs.
For 15 years, Genworth has developed the Cost of Care Survey to help families understand the costs of varying types of care across the U.S. Since 2004, the Cost of Care survey has become the foundation for long term care planning. The 2018 survey, conducted by Carescout®, covering 440 regions is based on data collected from more than 15,500 completed surveys.
As you can see from the above image, The cost per month of a private nursing home room in the Chicago area is currently $9353 and going up. Now look at the image below and you can see the cost is significantly less at $4,576 per month for a home health aide.
We know everyone’s situation is different, but it may be more cost effective for you or you loved ones to stay in your own home rather than going into a nursing home.