Senior Living Kim Terracina Community Relations Director
Senior Living • 5 Levels of Care • Continuing Care Retirement Communities (CCRCs) • Cost for Each Care Level • Forms of Payment for Each Care Level
Level 1-Home Care & Home Health • Home Care: Caregivers provide assistance with ADLs & chores in a senior’s home. • Assist with Activities of Daily Living (ADLs): Bathing, Dressing, Grooming, Toileting, Incontinence Care, Medication Mgt • Assist with Chores: Cooking, Cleaning, Dishes, Laundry, Errands, Transportation • Home Health: Licensed medical professionals assist with Medical Care: Diabetes, Wounds, Tubes, Vitals, Therapies (Physical, Occupational & Speech). • Hourly Fee: Range = $10-$35, Average = $25 • Hours/Week: Minimum = 4, Average = 40 • Average Monthly Fee: $25 x 160hrs = $4,000 • Examples: *seniorhomes.com
Level 2-Independent Living (I (IL) Communities • For Seniors who are independent with their ADLs • Provide 2 Meals/Day, Activities, Weekly Housekeeping, Transportation • Entry Fee: $2,000-$2,500 • Monthly Fee Range: $2,400-$5,500 • Monthly Fee Average: $4,000 • Examples:
Level 3-Assisted Liv iving (AL) Communities • For seniors who need assistance with 1 or more ADLs • Nurse (LVN) onsite 40+hrs/wk and care staff 24/7 • Provide 3 Meals/Day, Activities, Laundry, Weekly Housekeeping, Transportation & Medication Management • Entry Fee: $2,000-$2,500 • Monthly Rent Fee: $3,500-$6,000 • Monthly Fee Average: $5,000 • Monthly Level of Care Fee: $400-$1,200 • Examples:
Level 4-Memory ry Care (MC) Communities • For seniors diagnosed with dementia who need assistance with 1 or more ADLs • Nurse (LVN) onsite 40+hrs/wk and care staff 24/7 • Provide 3 Meals/Day, Activities, Laundry, Weekly Housekeeping, Transportation & Medication Management • Entry Fee: $2,000-$2,500 • Monthly Rent Fee: $3,500-$9,000 • Monthly Fee Average: $5,500 • Monthly Level of Care Fee: $250-$650 • Examples:
Level 5-Skilled Nursing Facilities (SNFs) • For seniors who need medical care daily: diabetes, tubes, wounds, vitals, hoyer lift. • Registered Nurse (RN) 18 hrs/day and CNAs 24/7 • Provide 3 Meals/Day, Activities, Laundry, Weekly Housekeeping, Transportation & Med Mgt • Daily Fee: $150-$250 • Monthly Fee Average: $6,000 • Examples:
Continuing Care Retirement Communities • IL, AL & SNF all on one campus, so residents can “age in place” • Provide “Country Club” level luxury meals, services and care • Expensive entry fee, depends on size of IL apartment or cottage, prepay for healthcare services. • Range = $100,000-$600,000, Average = $250,000 * • Monthly fee range = $1,500 to $5,400* • Entry fees may be fully or partially refundable to a resident’s estate once he or she has passed. • Examples: * agingcare.com
Continuing Care Retirement Communities Type A: Life Contracts: • Highest Entry Fee, but 90% refunded to family when resident passes. • Unlimited assisted living and health services with little or no extra fee when a residents’ care services increase • Type B: Modified Contracts: • Lower Entry Fee • Some health services are included in the initial monthly fee. If a resident’s needs exceed those fees then they are charged market rates for services. • Type C: Fee-for-Service Contracts: • Lowest Entry Fee, but 0% refunded to family when resident passes. • Residents pay market rates for health care services on an “as needed” basis. • Financial benefits: • Non- Profit: Don’t discharge residents due to financial hardship if they outlive their finances • Considered a rental property, so no equity, no property taxes, and no need to sell * seniorliving.org
Monthly Cost $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Home Care Independent Living Assisted Living Memory Care Skilled Nursing Monthly Cost Plan on monthly rates to increase 5% annually genworth.com
Annual Cost $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Home Care Independent Living Assisted Living Memory Care Skilled Nursing Annual Cost Plan on monthly rates to increase 5% annually genworth.com
Forms of Payment Private Pay Long Term Care Veterans Aid Medicaid Medicare Insurance* Home Care Yes Yes Yes Yes Yes if Home Health Independent Yes No No No No Living Assisted Yes Yes Yes No No Living Memory Yes Yes Yes No No Care Skilled Yes Yes Yes Yes Yes Nursing Facilities CCRCs Yes In AL & MC Yes ** No In SNF • * LTCI: policies have different benefit criteria (i.e. must be unable to perform 2 ADLs), different benefit amounts ($/day), different benefit periods (1 year – lifetime), and elimination periods (90 days). • ** In non-refundable CCRCs, VA may be accepted in the AL & SNF
Senior Living Kim Terracina Community Relations Director
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