As the baby boom generation continues to retire and
Americans continue to live longer, we have reached a shortage of long-term care facilities. As demand out paces supply we are seeing assisted living costs across the country rise at an alarming rate. Here in the Counties of Milwaukee and Waukesha we are seeing costs and rate increases that are higher than the national average. If we look at the cities of Milwaukee, Waukesha and West Allis the median average rate for an assisted living facility is $49,530 per year for a one bedroom single occupancy. If we compare that to the national median average of $41,400 per year its a 16% difference within the defined area increasing at a 5% rate compared to the national average of 4%. Also lets look at average home prices in the defined areas; Milwaukee average home price is $130,000, West Allis is $160,000 and in Waukesha its $210,000. At the best care scenario we are looking at 5 years of assisted living at the current rates. Lets next explore the costs of Nursing homes in the same areas. Median average cost in the three areas is $106,368.00 for a semi private room for a private room its $114,063. Both are costs are growing at a 5% rate. The national median average is $75,405.00 and $83,950.00 for a private room. The national growth rate is 4%. The three city area is 26.4% higher than the national median average. As a child of aging parents I cannot tell you the shock of these numbers. I would also like to include that these numbers are for one person.
So what are our options as our loved ones age? At BILD we believe that many options are available. If we compare costs of a home modification against assisted living or a nursing home remodeling is a better financial decision. Lets say Mom or Dad is looking at an assisted living facility in the areas we discussed before. Mom or Dad is in decent health and needs some help getting around the house , a more accessible bath , some work in the kitchen, a stairlift and a ramp to help get into the house. The cost of assisted living for 4 years is $198,120.00 , the remodeling cost would be somewhere $40,000 and $70,000 depending on what options you look at. If Mom or Dad still need home care assistance that still would be only adding $19.00 per/hr (national average). Even some low-cost options as grab bars or a stair lift can help people stay in their homes. With the shortage of long-term care facilities coinciding with a population that is living longer we need to look at all options to help maintain our loved ones safety and quality of life.
This article was written by Edward Still – Vice President of Sales and Marketing of BILD – Bridgeway Independent Living Designs, LLC. BILD provides accessible modifications that help individuals function more independently at home and in the community. BILD uniquely combines the expertise of health care professionals trained in accessibility, interior designers, tradesmen, and elevator/lift technicians to find intelligent, safe and beautiful solutions for safety and independence. Visit BILD online WWW.BILDNOW.COM or call BILD at 262-671-2032 (Wisconsin) or 847-453-8866 (Illinois).