When it comes to senior Living, we all want to age in place. However, the cost of finding a caregiver full-time is daunting. I put together a simple break-even comparison that looks at the average care cost for a caregiver in your home. Assisted Living should come into the conversation after paying about $6000 in prices with an in-home caregiver.
Finances are always part of the equation, so at what point should you no longer pay for a caregiver to provide in-home care and look for an option to move into an assisted living community. Let’s look at a scenario. Care through San Luis Obispo Caregivers is typically around $26 an hour. That means if your loved one needs 8 hours of care a day would cost approximately $26 x 8 hours x 30 days in a month = $6,240. If you were looking for 24-hour care, you would need to look at that same $26 x 24 x 30 days = $18,720 a month. Assisted Living and Care Homes in San Luis Obispo range in price from about $4000 a month up to $10,000 for the higher end. When you compare this to the cost of in-home 24-hour care, you can see that it makes a lot of financial sense to explore this option.
At what point does it no longer make sense to have a caregiver in the home, and when it is more cost beneficial to move to an Assisted Living community or Board and Care home. This video explores the break-even analysis that compares in-home caregiving versus assisted living and care homes.
This video explores the actual dollar amounts for local care and the cost of care homes in the area.
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