Cost of Home Care Makes Aging in Place Attractive
An important component of downsizing for retirement is the type of residence. When the goal is to “age in place”, fewer stairs, wider doorways, and safety bars in baths are items to consider. The wisdom of the goal is that folks feel secure in their own environment and it is less costly.
Genworth’s 2015 Cost of Long-Term Care Survey shows the national average hourly rate for home care is $20 per hour. Often home care begins with limited need for care such as four hours a day for five days a week. The cost of this care is $20,800 for the year. However in Metropolitan New York the hourly wage for home care aids is $25 per hour. In this area the annual cost is $21,000 for part time care.
Home care provides flexibility in the amount of care and the time scheduled. It can be difficult to hire qualified aids in area that are far from public transportation.
To “age in place” in home requires a variety of services. I will discuss that in next newsletter.