COVID-19 UPDATE: We are here for our seniors, their families, our partners, and communities during this pandemic. We are working in accordance with all local safety guidelines and orders, and maintaining current information on protocols and availability within our trusted network of partners and communities. Our focus is on connecting our seniors with the right resources to help them through this challenging time.

Busting Senior Care Franchise Myths: Assisted Living Costs Too Much

Busting Senior Care Franchise Myths: Assisted Living Costs Too Much

In today’s senior care franchise industry, there are a lot of misconceptions that can keep people from taking advantage of the numerous opportunities that exist. One of the most common bits of false information is that assisted living for those who can no longer live alone costs too much to be a reasonable option. In fact, depending on where you live, assisted care can be an affordable way to allow the elderly to live with help but still enjoy some independence.

Costs Vary

As mentioned, the costs that a senior care franchise can charge vary by location. According to a Genworth Financial survey, the median monthly cost of assisted care living in the U.S. is around $3,628. The survey revealed that the most affordable services were offered in states where the cost of living is lower, like Alabama, and the higher costs are incurred in places like New York and Connecticut.

Costs Are Relatively Stable

Much of the rhetoric insinuates that assisted living costs are rising at a rapid rate. In fact, these costs aren’t going up each year like other services are. According to A Place for Mom, costs from 2012-2016 rose under 2% each year for a dollar amount of about $62 annually. However, costs that seniors could incur living independently are rising rapidly. The costs for rent and food are rising by as much as 8% year over year, which has an incredible impact on stretched senior budgets.

Less Than In-Home Care

With the rising prices of the cost of living across the country, adding in-home care to the mounting bills is not likely a reasonable plan of action. Using a senior care franchise that provides assisted living can actually be cheaper than hiring someone to care for your elderly family in their own homes. The average cost for around-the-clock in-home care is just over $4,500 a month – nearly a thousand dollars more than the median cost for assisted living care. In addition to the cost of an in-home caregiver, costs of keeping up a home are piled on. From utilities to home maintenance and beyond, assisted living could work out to be a better option than hiring in-home care for your loved ones.

More Secure Finances

Using a senior care franchise for assisted living can make finances more secure. Most aging seniors are being cared for in some way by their adult children. These children are also typically funding some portion of their parents’ care. In fact, many times, female adult children either stop working or reduce hours to take care of their aging parents. By using assisted living services, seniors will get a level of care that their adult children can’t provide while those children will be able to know exactly what the financial impact will be month to month. Seniors can live comfortably and their children can maintain their lifestyles.

Find out today how your aging parent can benefit from a senior care franchise and assisted living services.