Ridgeline Management Company Financial Options

Ridgeline communities sound great; but can I afford it?

The average cost for a private one-bedroom apartment in an assisted living residence in the U.S today is $3,022 per month, according to research compiled by several nonprofit senior living organizations, including the Assisted Living Federation of America. Assisted living is often less expensive than home health or nursing home care in the same geographic area.  Refer to the table below for a comparison of monthly average charges for each state we operate in:

State

Assisted Living

Home Health Aide

Nursing Home

California

$3867

$5040- $5280*

$7470- $9900

Colorado

$3551

$5040- $6240*

$6420- $7230

Indiana

$3136

$4800- $5520*

$5580- $7230

Nevada

$3062

$4800- $5040*

$6300- $7350

New Mexico

$3330

$4560- $5040*

$5790- $6420

Oregon

$3193

$4800- $5280*

$7050- $7680

Texas

$3743

$4080- $4320*

$4350- $5730

Wisconsin

$3329

$4800- $5760*

$6990- $7650

Wyoming

$3487

$5520*

$5970- $6450

*Based on the average hourly rate for 8 hours of Homemaker and Home Health Aide services for 30 days.

**Homemaker and Home Health Aide have the same hourly rate in this state.

Average price information provided in The 2012 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs report published in November 2012. We have found these prices to still be valid today in 2015.

Where do I start?

We have developed a few tools to help you get started: a cost calculator, our What is Assisted Living? guide and community checklist; and our financial options guide are available for download and print. Take them with you when you visit communities or review them with family. We hope they'll help you determine what options are available and a good fit for you.

Here are just some of the financing options you may be able to take advantage of:

Selling Your Home:
Although selling your home may seem impossible in a down housing market, you might consider services to help you sell faster (such as home-stagers and handy-man services) to get your home looking its best. Consult your realtor to get advice on what impact these services may have in getting your home sold quicker and for the price you want. For information on realtors that specialize in selling seniors' homes, visit www.seniorrelocationusa.com.

Tax Deductions:
Taxpayers paying for medical expenses for themselves, a spouse, or dependent may deduct expenses exceeding 7.5% of their adjusted gross income. Qualifying medical expenses may include a nursing home; home for the aged; and long-term care services, including meals and lodging, when the services are for medical care. The qualifications are outlined in IRS Publication 502 and a family may consider this deduction if this elder is a dependent. Consult your tax adviser for details.

Reverse Mortgages:
A reverse mortgage is a loan against your home that you do not pay back for as long as you live there. You would be best advised to consult a financial adviser on a reverse mortgage because they can be costly if you plan on moving or selling your home within a couple years of starting a reverse mortgage. Visit www.aarp.org for more information.

Long-Term Care Insurance:
If you have long-term care insurance, ask your insurance agent the specifics of assisted living coverage. Typically, long-term care insurance covers the cost of the following:

  • Hired help to care for you in your own home with daily tasks such as bathing, dressing, eating, cooking, and cleaning
  • Community programs such as adult day care
  • Assisted living services provided in a residential setting outside of your home
  • Visiting nurses such as Home Health
  • Care in a nursing home

For more information on long-term care insurance, visit www.aarp.org or contact your insurance agent.

Medicaid:
Medicaid benefits as they pertain to assisted living are specific to the state in which you live. States that include assisted services in their benefits have requirements that must be met in order to qualify such as level of disability; level of income; and level of current assets. For more information on your specific state requirements, go to www.ems.hhs.gov/home/medicaid.asp (The Center for Medicare and Medicaid Services).

Veteran's Aid and Attendance Benefit:
Aid and Attendance is a "pension benefit" for veterans and/or their surviving spouses who require assistance with activities of daily living. If you do not qualify for Aid and Attendance, you may want to check to see if you qualify for either the Basic or Housebound tiers of the VA benefits. For more information visit www.veteranaid.org. VetAssist.org is sponsored by the American Veteran's Institute and will assist you in filing for the A&A Pension Benefit free of charge.

Life Settlements with Life Care Funding Group:
A Life Settlement is the liquidation of an in-force life insurance policy, while the policyholder is still alive, for an amount greater than the cash value. The process takes between 30-90 days to complete. It is the sale of an asset through a competitive bidding process, providing the policy owner with a lump sum payment that is greater than the cash value of the policy. If your policy is active or has lapsed within the last 24 months, this may be an option for you. For more information, speak to your Ridgeline community representative or visit Life Care Funding Group's website.