Comparing Assisted Living With In-Home Care
When it comes to senior care, financial considerations are an important part of the conversation. Many families find themselves asking, “How does the cost of in-home care compare to assisted living, and what can I afford?”
It’s a question with a different answer for everyone who asks it. Still, there are some general guidelines that you can use as you research senior living options. Read on for a cost comparison to determine how in-home care and assisted living fit into your budget. The results may surprise you!
How much does assisted living cost?
Assisted living communities can be found in a wide range of price points. According to data last updated in 2018, Colorado’s average monthly cost for assisted living is $2,050 to $8,850.
Many wonderful assisted living centers function as for-profit companies. Families can also seek out non-profit organizations, like The Argyle, who aim to serve the community by providing quality care at an affordable price.
We like to be transparent, which is why all pricing is listed directly on our website (view the current Assisted Living rate schedule here). Using our prices as an example, assisted living costs range from $2,367 to $4,321 per month in our Denver community. The latter pricing is all-inclusive for individuals who need every aspect of assisted living support.
When looking at assisted living options, don’t forget to include medication assistance, bathing, and any other a la carte services that will be necessary. If monthly pricing isn’t all-inclusive, this type of assistance will incur additional fees.
How much does in-home care cost?
Determining the total cost of in-home care is much trickier. To get an accurate number, you need to tally up all of your loved one’s monthly expenses, including:
- Mortgage or rent, including property taxes and insurance
- Medical care, including the cost of in-home elder care services
- Utilities, including electricity, water, trash, and cable
- Home maintenance
- Social and entertainment
… and so much more.
It’s not uncommon for families to realize that assisted living is an excellent value. Housekeeping services, meals, scheduled transportation, and even social activities that promote well-being are all included in the monthly rent. The price difference can be dramatic when compared to the cost of maintaining a home and paying for care.
Resources to help your family compare senior living costs
To dig deeper into the finances of senior living, download our free resource Making Cents of Senior Living: Financial Considerations. You’ll find useful information to guide your journey, including a table you can fill out to quickly compare costs between a senior living community and residing at home.
As a local nonprofit, The Argyle has brought high quality and affordable care to Denver’s seniors since 1874. To this day, our caring team remains committed to encouraging independence and preserving the dignity of every resident who calls our community home.