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Caring for aging parents: What does it cost?

Caring for aging parents: What does it cost?

May 02, 2024

Costs for Caring for Aging Parents


Financial professionals like to say, “It’s not if you’ll need long-term care, but when.” If you have aging parents, it’s almost inevitable that at some point in the not-so-distant future, they’ll need long-term care in one form or another. To help you prepare, it’s best to start anticipating expenses sooner than later. Let’s take a look at some of the costs you can expect.

According to LongTermCare.gov, care costs are on average:

  • $225 a day or $6,844 per month for a semi-private room in a nursing home
  • $253 a day or $7,698 per month for a private room in a nursing home
  • $119 a day or $3,628 per month for care in an assisted living facility (for a one-bedroom unit)
  • $20.50 an hour for a health aide
  • $20 an hour for homemaker services
  • $68 per day for services in an adult day healthcare center

Additionally, you’ll need to account for lost wages—both your parents’, if relevant, and your own during time spent providing care. These costs and losses can quickly add up.

Even if you have savings stashed away, long-term care costs quickly escalate. That’s why it’s essential to develop a game plan while there’s ample time to do so. Whether that’s long-term care insurance or an intentional savings plan, the sooner you start, the better your results.

If you have the specter of an aging parent on the horizon, contact the office to talk about this topic in depth.


Stay tuned for our upcoming webinar on Long-Term Care on May 13.