As people age, their needs change. In Idaho, there are 1,599,464 residents, with 213,401 of those people over the age of 65, representing 13% of the population. Most of these seniors are currently in the market for care assistance to address their changing needs.
While there are many options for care, care is expensive. For the most part, people pay for care with their own private or family funds. Long term care insurance or long term care protection combined with life insurance and annuities are another way to help pay for care. Medicare and Medicaid may contribute towards some long term care expenses, but there are specific coverage limitations and asset requirements.
Expenses are based on the type of care option received. Using 2015 Cost of Care data from Genworth, we will explore the primary elder care options available in Idaho: Home Care, Adult Day Care, Assisted Living, and Skilled Nursing.
In Idaho, home care is the most popular option. Home care agencies are not Medicare-certified because they do not offer medical services. Rather, home care typically involves an aid who can help at home with a variety of personal care and homemaker tasks. Activities of daily living include bathing, dressing, transferring, and toileting. Homemaker services include meal preparation, shopping, errands, and transportation in addition to general companionship.
Home care is available for a few hours a day, or 24/7. The hourly cost of home care in Idaho ranges from $17-26. The median hourly cost of home care in Idaho is equal to the national average of $20. The annual cost is $46,332, for 44 hours of care per week for 52 weeks, though many people use home care only part-time.
Adult Day Care
Adult day care is generally used to provide a break for family caregivers. Adults who need assistance or supervision during the day, but not around-the-clock, can receive care through a community-based center.
The daily cost of adult day care in Idaho ranges from $62-210. The median daily cost in Idaho is greater than the national average of $69. The annual cost is $30,225, for 5 days per week for 52 weeks.
Assisted-living is also community-based. Facilities provide personal care and health services to people who may need assistance with activities of daily living. The care provided is not as extensive as that of nursing homes.
The monthly cost of assisted living in Idaho ranges from $1,800-5,450. The median monthly cost of assisted living in Idaho is less than the national average of $3600. The annual cost is $38,880 for one bedroom in an assisted living facility.
Skilled nursing, or nursing homes, provides high-level care for people who need close 24-hour supervision. They offer on-site nursing care, medication, rehabilitation, personal care assistance, and room and board.
For private rooms, the daily cost of skilled nursing in Idaho ranges from $176-369.The median daily cost of skilled nursing in Idaho is less than the national average of $250. The annual cost is $88,513.
Do not let the cost of aging sneak up on you and your loved ones. Having a conversation with the entire family about care needs and figuring out how to pay for care have never been more important. Planning today will ensure your loved ones comfort and wellbeing as they grow older without the added worry of uncertainty.