Financial Effects of Senior Care

Whole story:

In the most recent John Hancock Cost of Health Care Survey (2016), the following were the costs for the three most popular senior care options in Albany, New York:

Albany, NY                     Average Costs                      Annual Cost

Assisted Living              $4,554/ month                    $ 54,648

Nursing Home              $ 370/day                              $135,050

(semi-private)

 

Conversely, non-medical in-home care and companionship is considerably more cost efficient than that of assisted living and nursing homes:

Albany, NY                      Cost                                       Annual Cost

Senior home care         $24/hour                              $37,440*

* Based on 6 hours per visit x 5 days per week x 52 weeks. Most Independent Seniors™ clients request an average of 15 hours of companionship per week at an annual cost of $18,720 as of October 2017. (3 hours per day, Monday through Friday)