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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

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 Home Care Independent Living Assisted Living Memory Care Skilled Nursing

Monthly Cost

Monthly Cost

genworth.com Plan on monthly rates to increase 5% annually

$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 Home Care Independent Living Assisted Living Memory Care Skilled Nursing

Annual Cost

Annual Cost

genworth.com Plan on monthly rates to increase 5% annually

Private Pay Long Term Care Insurance* Veterans Aid Medicaid Medicare Home Care Yes Yes Yes Yes Yes if Home Health Independent Living Yes No No No No Assisted Living Yes Yes Yes No No Memory Care Yes Yes Yes No No Skilled Nursing Facilities Yes Yes Yes Yes Yes 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

Forms of Payment

Senior Living

Kim Terracina Community Relations Director