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How Far Does Your Money Go in Long Island?

By Michelle Cemental

Today is a challenging day and age in which to be a senior. Inflation is steadily climbing and most seniors live on a fixed income as housing and healthcare become getting more and more expensive. This means that many seniors cannot always afford the health care that they need as they hit their golden years. However, no matter what your income is, the key to making your money stretch far as you need it to stretch.

Here's a look at how far your money can go in Long Island, New York.

Cost of Living in Long Island

Long Island is an extremely-densely populated peninsula located in southern New York that includes the infamous city of Manhattan. Long Island is home to many upscale shops and expensive restaurants. Long Island is home to about 7.5 million residents.

The cost of living on Long Island is about 50% higher than the rest of the United States. Senior living here need to carefully budget so that they can afford long-term care.

Assisted Living Costs

If a senior is looking for a senior assisted living facility to live in, they can expect to pay about $4,700/month to stay there. However, some facilities have been said to be priced as low as $2,500/month. The price will largely depend on the amenities you wish to have included and the location in which you want to live.

Nursing Home Costs

If a senior is looking for a nursing facility living arrangement, they can expect to pay a significant amount more than the assisted living facility. The average semi-private room runs about $10,950/month or about $365/day. If you want a private room, then you should be looking to pay about $11,100 a month or about $375/day.

Home Care Costs

 If those numbers make you balk, then the good news is that you can hire a caregiver to help. If you hire a caregiver for 20 hours per week for the average rate in Long Island ($18/hour), your costs will add up to about $360/week or about $1,440/day, which is a fraction of what assisted living or nursing care would cost. A caregiver can assist you with household chores and weekly errands while you remain in the comfort of your own home.

For more information on home care near you, refer to our services. Our caregivers are more than happy to help you or a loved one get the care you need.