Family members struggle when having to decide to place a family member in the care of a nursing home or memory care facility as care for their loved one gets harder and harder. One of the most important struggles is the financial aspect of providing care. Is it cheaper to provide my loved one with At-Home Care or place them in a facility with an All-Inclusive Fee Structure?
By doing a cost comparison of an assisted living community living memory care living versus at home care services, families can better understand and make a better informed decision about which form of care services is better for their loved one.
Here is a budget sheet you can use decided if all-inclusive memory care/monthly fee is more cost effective than at-home care.
|Average Home Expense||Current Cost||Memory Care Monthly Fee||At-Home Care|
|Monthly Rent/Mortgage||All-inclusive pricing||Not included|
|Property Tax||All-inclusive pricing||Not included|
|Homeowners Insurance||All-inclusive pricing||Not included|
|Association Fee (if applicable)||All-inclusive pricing||Not included|
|Electric/Gas Utilities||All-inclusive pricing||Not included|
|Water/Sewer||All-inclusive pricing||Not included|
|Satellite/Cable/Internet||All-inclusive pricing||Not included|
|Lawn Care/Landscaping||All-inclusive pricing||Not included|
|Pest Control||All-inclusive pricing||Not included|
|Repair of Major Equipment||All-inclusive pricing||Not included|
|Food/Groceries/Shopping||All-inclusive pricing||Not included|
|Meal Preparation||All-inclusive pricing||Not included|
|Housekeeping/Laundry||All-inclusive pricing||Not included|
|Caregivers/Companions||All-inclusive pricing||Not included|
|Transportation/Car/Fuel||All-inclusive pricing||Not included|
|Recreation/Entertainment||All-inclusive pricing||Not included|
|Companionship/Social Outlets||Available||Hourly Rate ($15-20)|
|Opportunity to Enjoy Outdoors||Available||Not Included|
|Access to Social, Emotional Interaction||Available||Not Included|
(Hourly rates associated with In-Home Care services is an estimation of current area rates.)