By Rick Banas, Vice President of Strategic Marketing
An article published on Monday, Oct. 12, in the National Underwriter Life and Health Insurance News caught my attention.
The article was about a study done by Home Instead Inc. of Omaha, Nebraska. A key finding of the study was that seniors and adult children significantly overestimated the cost of assisted living while they significantly under estimated the cost of nursing home care.
According to information in the article, seniors on average thought that the annual cost of nursing home care was $65,000 while adult children estimated an even lower figure of $59,000. In reality, the actual median cost for nursing home care nationwide cited in the study is $78,000.
As for assisted living, seniors estimated the annual cost at $49,000 and adult children estimated the cost at $47,000 compared with the actual median cost of $36,000.
As an adult child of a mother who is in her 80s, I can understand why there might be a reluctance to consider a move to assisted living if I think that it is much more expensive than it actually is and do not truly understand how much more affordable it can be versus a nursing home.
The study shows that rather than the perception of assisted living only being approximately $10,000 to $15,000 a year less expensive than a nursing home, assisted living on average costs less than half of what you would pay for a nursing home.
Much more importantly, assisted living communities offer a much more dignified lifestyle. They offer much more privacy and freedom of choice. Usually the environment is much more residential, with residents able to live in a private apartment that they furnish with their own furniture to their taste.
The article in National Underwriter Life and Health Insurance News is at http://www.lifeandhealthinsurancenews.com/News/2009/10/Pages/LTC-Choices-Often-A-Mystery.aspx
Let me know if you agree.
P.S. Here in Illinois, we are fortunate to have the safety net of the Supportive Living program. The program serves adults 65+ of all incomes who need some help to maintain their independence, especially those who do not have the financial resources to afford assisted living.
All affordable assisted living communities managed by BMA Management, Ltd. are certified and surveyed by the Illinois Department of Healthcare and Family Services. All assisted living communities are licensed and surveyed by the Illinois Department of Public Health.
“BMA Management, Ltd. is the leading provider of assisted living in Illinois
and one of the 20 largest providers of assisted living in the United States.”
What are your thoughts? Leave a comment and let us know.
