Cost Analysis

Cost AnalysisPricing is a huge concern when trying to decide the best place for your aging loved one. Some assume that bringing a nurse into your own home is more costly than other types of care. That is often not the case! In many cases, home care is less expensive than other forms of care.

The home care industry is growing in preparation for the aging baby boomer population. Home health care is an affordable alternative to nursing homes for the aging population and all individuals who need added care.

The annual cost of a nursing home could be between $72,000 – $92,000 per year on average. The cost of personal one on one care, eight hours a day, 365 days a year can range from $45,000 – $60,000 depending on the level of care. Most patients do not need care 8 hours a day, 365 days a year in which case the in-home care price is usually much less than $45,000. It could even be as low as approximately $45 for a one time, two hour visit or our discharge express service. In general, home care costs only one-tenth as much as hospitalization and only one-fourth as much as nursing home placement to deal with comparable health problems.

According to a 2014 study by Genworth Financial from 15,000 providers of long-term care services:

  • The cost for a private nursing home room rose 4.2% annually over the past five years to $87,600.
  • The median cost of a private bedroom in an assisted living facility is $47,880 a year in Virginia. The cost of a private room in a nursing home has increased 3% to $84,315.
  • In the Richmond, Virginia region, the median cost for a private room in a nursing home is about $91,250 a year. The cost of a private room in an assisted living facility is about $48,000.
  • Costs for home care have grown at a slower pace of about 1% – 2%. The median cost for home health aide services in Virginia rose about 1 percent to $43,472 a year.
  • In Virginia, the median hourly cost of homemaker services is $18 and the median hourly cost of home health aide services is $19.
  • The cost for long-term care is still rising, but the price of at-home care is growing at a more moderate rate than assisted-living or nursing facilities.

You can read more from an Article in the Richmond Times Dispatch

There are additional costs to moving to a nursing home or other facility. You may need to pay moving costs. The higher risk of hospital readmission may also incur costs if your family member needs to return to the hospital.

Home health care is an affordable alternative to nursing homes for the aging baby boomer population and any individual who needs added care. Not only is the annual cost of a nursing home higher than in-home care, but being at home allows patients to feel more comfortable and therefore recover more quickly.