Living in care homes is much more affordable compared to large nursing home care. Care homes and assisted living facilities are similar in price because they offer a similar level of care. Although, there are some states where care homes are cheaper than assisted living. In general, the cost of care homes depend on the following factors: location, amenities, number of staff, and the types of services that are needed by the residents.
According to Gemworth, care home costs could range from $1,500 to $4,500, depending on the services needed and room privacy. For instance, dementia care would need specialized services and may cost more. Shared rooms could be cheaper as well with $2,200, while a private room could be around $3,400 a month.
In budgeting for care homes, it is important to note the financial assistance that you could access and maximize. Some common financial assistance that you could look at are benefit programs for veterans, life insurance, long-term care insurance, Medicaid (in some states), and reverse mortgages.