As people age, their needs change. In South Dakota, there are 834,708 residents, with 122,344 of those people over the age of 65, representing 15% of the population. The majority of these seniors are currently in the market for care assistance to address their changing needs.
While several options for care exist, care can be expensive. For the most part, people pay for care with their own personal 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, here is a comprehensive breakdown of the primary elder care options available in South Dakota: Home Care, Adult Day Care, Assisted Living, and Skilled Nursing.
In South Dakota, home care is the most common option. Home care agencies are not Medicare-certified because they do not offer skilled nursing services. Rather, home care typically involves an aid who can help at home with many 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 South Dakota ranges from $20-40. The median hourly cost of home care in South Dakota is greater than the national average of $20. The annual cost is $52,006, for 44 hours of care per week for 52 weeks, though many people use home care only part-time.
Adult Day Care
Generally, adult day care is 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 South Dakota ranges from $48-96. The median daily cost in South Dakota is greater than the national average of $69. The annual cost is $18,720, for 5 days per week for 52 weeks.
Assisted-living is also community based, providing care and health services to people who may need assistance with activities of daily living, but not as extensively as assistance from nursing homes.
The monthly cost of assisted living in South Dakota ranges from $1,900-5,250. The median monthly cost of assisted living in South Dakota is less than the national average of $3600. For one bedroom in an assisted living facility, the annual cost is $36,276.
Skilled nursing, also known as 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 South Dakota ranges from $176-257.The median daily cost of skilled nursing in South Dakota is less than the national average of $250. The annual cost is $77,380.
The most cost effective way to pay for care is to plan for care. Start the conversation with the entire family today to assess the care needs of your loved one and figure out how to pay for care. Planning today will ensure your loved ones comfort and wellbeing as they grow older without the added worry of uncertainty.
As people age, their needs change. In Tennessee, there are 6,451,365 residents, with 918,218 of those people over the age of 65, representing 14% of the population. Most of these seniors are currently in the market for care assistance to address their changing needs.