Few things cause seniors as much as anxiety as worrying about their retirement savings. In fact, according to senior living expert Barbara Hannah Grufferman, the worst fear of women over 50 is the fear of not having enough money as they get older. So how much money is enough money? There are a number of different ways to calculate this amount depending on individual and regional factors, but you should always take into account the potential cost of care facilities in your area.
Genworth Financial, a global financial security and services company, provides reliable regional information on the average cost of senior care facilities. These facilities are liable to have very different costs depending on the type of care that’s delivered and the location. Even for west and central Pennsylvania, there can be huge, counterintuitive regional differences: Assisted living care facilities are 50 percent more expensive in Erie than Pittsburgh, though nursing homes are 9 percent cheaper in Erie than Pittsburgh.
Here is all the data for west and central Pennsylvania, including elderly day care centers. But for those who are planning for the future, keep in mind that these costs are expected to increase by 63 percent every ten years. So, if a Pennsylvania nursing home costs $90,000 this year, a comparable nursing home will cost $146,700 in 2021.
Elderly day care centers
These average costs are based on one year of care with eight-hour days and five-day weeks. Typically, these day care centers offer respite care for family caregivers who work during the week. Other seniors, however, may use these centers as a complement to professional in-home caregiving. In addition to basic care services, these centers provide consistent opportunities for social interaction and stimulating activities.
- Pittsburgh: $13,520
- Erie: $16,120
- Altoona: $11,440
- Johnstown: $10,400
- Harrisburg: $13,520
- State College: $11,635
- Williamsport: $15,470
- Pennsylvania average: $14,008
Assisted living care facilities
These costs can vary wildly depending on the level of services and independent living programs. Some assisted living care facilities have more health care and skilled nursing services than others. Many facilities also offer differential pricing depending on the individual’s health care and living needs. Generally speaking, assisted living facilities help seniors with activities of daily living (ADLs) but do not offer the extensive medical services of nursing homes.
- Pittsburgh: $25,200
- Erie: $37,800
- Altoona: $32,328
- Johnstown: $25,470
- Harrisburg: $43,830
- State College: $38,610
- Williamsport: $40,860
- Pennsylvania average: $36,000
Nursing home care facilities
Nursing homes provide consistent access to quality health care services. As a whole, the industry has made huge improvements in providing a clean, stimulating, and respectful environment for elderly residents. But it has come at a price. Nursing homes are generally in another league from other senior care facilities when it comes to cost. Nevertheless, they are a vital resource for our state’s aging and ailing residents.
- Pittsburgh: $91,250 (semi-private room)/$100,375 (private room)
- Erie: $82,855/$94,170
- Altoona: $84,863/$95,265
- Johnstown: $74,825/$83,950
- Harrisburg: $88,735/$93,075
- State College: $80,300/$93,075
- Williamsport: $86,323/$100,923
- Pennsylvania average: $89,425/$96,725