Assisted Living vs In Home Care Costs

Paying the bills is a reality we all face each and every day and the decision about whether to stay in your own home (or working with loved ones to allow them to stay in their own home) or to move to assisted living also involves some heavy financial calculations.

In an earlier post we roughed out the savings/earnings that one can realize by staying at home in Toronto and that worked out to approximately $80,000 per year. This was based on the annual price increase of a standard home in Toronto ($30,000 to $40,000) and the price of a mid-level assisted living placement ($40,000 to $50,000). Not small dollars however, staying in your own home also has costs and while every person has a different situation, here are some of the costs that are worthwhile calculating

Meal preparation can be an ongoing cost of staying at home.

** Care giver rates and the hours of care that might be required. This includes health care but also for things such as groceries, meal preparation, housekeeping, laundry, transportation to various appointments, etc.

** Rent, mortgage payments, property taxes and utilities. Yes, by staying at home you save a great deal compared to moving into assisted living. However, there are still costs involved with your home that continue to need paying each month.

** Home maintenance, upkeep and adjustments. Essentially the work we do at HSS Toronto. We think we’re worth it of course 🙂 but that doesn’t mean we’re free. Asking us for an assessment of these regular costs and any changes you may want to make to your home is one of the first steps in understanding your total costs for staying in place.

We believe there are a great number of personal as well as financial advantages to staying at home. However, understanding the cost side is also important and should be calculated on a regular basis.