Caring for an aging parent can be a source of emotional and financial stress, and that can be more or less so depending upon the state in which people live, according to a new report.
Caring.com has released a study on how each of the 50 state ranks in terms of their impact on people caring for aging adults over age 65, with the help of data from Genworth, the Council for Community and Economic Research and AARP.
“It all comes down to finding that ideal balance between a low cost of living and the accessibility of services,” New York City-based eldercare advisor and advocate Joanna Leefer said in the report. “That’s where you’ll be able to stretch your dollar the furthest in caring for an aging parent.”
The availability of senior health care programs was a key factor in where states ranked, according to Caring.com. The findings noted that while rural areas offered a lower cost of living, support and senior programs were not as available as in more densily populated areas, including more expensive urban and coastal areas.
In the final analysis, the states on the list ranked highest in terms of affordable senior care, supportive services for elderly adults and a reasonable cost of living, according to Caring.com.
These are the top 10 states, in ascending order, that were deemd by Caring.com to be the best options for those caring for an aging parent:
10. Arizona
Arizona combines affordability and availability of senior care services, according to the report. The state ranked third for cost of living and 23rd for the annual cost of senior care services. Nursing homes here cost $76,500 per year, which is $10,000 cheaper than the national median, according to Care.com.
9. Ohio
The cost of the state's senior care services are at about the national median. An in-home health aide can cost $48,000 a year, while a nursing home will cost $81,000. But Ohio also ranks 11th in cost of living.
8. Texas
Texas ranked high in cost of living, availability of programs and senior support services. The average annual cost of a nursing home is $54,750, which is $31,025 less than the national average. The elder care market is also competitive in this large state, which gives caregivers an opportunity to shop around for services.
7. Tennessee
Coming in sixth for cost or living and eighth for cost of senior care, Tennessee offers both affordability and availability of services, according to the report. Nursing home rates are about $10,000 below the national average at $73,000 a year. Home health aides will run $43,000 a year, which is $6.000 below the national average.
6. South Carolina
This southern state has seen a rise in popularity, partly due to its affordability. For seniors, the cost for assisted living ran $11,00 cheaper than the national average, according to Caring.com. Home health aides will cost about $45,000 a year and nursing homes about $77,000, which are both $9,000 below the national average.
5. Idaho
Idaho offers an incentive for seniors because the state does not tax prescription drugs or Social Security income. Idaho’s affordability came in fourth on the overall rankings. A year in a nursing home will cost $88,600 and a home health aide can run $49,000 per year.
4. Wisconsin
Wisconsin ranked highest in elderly and caregiver support services. The costs for home health aides, assisted living and nursing homes were slightly above the national median. A nursing home will cost $95,000 a year and an assisted living facility will cost $48,000.
3. Missouri
The state did well in overall cost and average cost for senior care. Costs for assisted living came in at around $32,000, while a nursing home was $59,000.
2. Mississippi
Overall, cost of living was the most affordable here and the median price for senior care was below the national average. Assisted living was around $39,000 a year.
1. Oklahoma
While the state ranked high in general cost of living and the cost of elder care services. The annual median cost for nursing home care was $53,655, which is $32,000 less than the national average. An in-home health aide will run $48,000 a year.
To read the full report click here.
