Paying for long-term care is a challenge for all families, no matter their circumstances. It’s hard to know what health challenges your parents will face as they age, and the cost of care keeps rising.
Data from the Congressional Budget Office shows that long-term care expenditures in U.S. went from $30 billion in 1980 to $225 billion in 2015. The Center for Insurance Policy and Research reports that nearly 60 percent of individuals turning 65 between 2015 and 2019 will spend less than $25,000 on long-term care during their lifetimes, but more than 15 percent will spend more than $250,000.
The Arbors understands that everyone has different financial circumstances and that when it comes time to find an assisted living community, cost is an important factor. That’s why staff members take the time to walk families through the process of finding funding to assist in the cost of their personalized care services.
“We love your loved one like an extension of our own family,” says Ashley Harris, director of marketing at The Arbors at Winthrop. “We are a family company, and we actually mean it.”
What Does The Arbors Cost?
There are no large entrance fees or hidden costs at The Arbors. One monthly fee covers the cost of an apartment, utilities (except phone and cable television), and the use of community amenities and services.
Assisted living services covered by the monthly fee include:
- Three meals served daily in the dining room
- One hour per day of personal care services
- 24-hour staffing
- Weekly housekeeping, including flat linen service
- Health promotion and exercise programs
- Reminders for self-administered medication
- Cultural, educational, and social activities
- Scheduled transportation
If your loved one requires more than one hour per day of personal care services, the staff can provide more help for an additional charge. The Arbors also offers additional services for a fee based on service type and time. The staff will communicate with you, your family, and your health care team to form an assessment for recommended services.
What Are My Financial Options?
Most families pay for assisted living costs on their own by using a combination of pensions, home equity, and savings. However, there are numerous other ways you can pay for assisted living at The Arbors. Options include:
- Veterans benefits: The U.S. Department of Veterans Affairs offers benefits for senior veterans. War veterans and their spouses may be eligible to receive nearly $2,000 per month to help defray the cost of assisted living care through the Aid and Attendance Program.
- Long-term care insurance: Many people think long-term care insurance only covers nursing home care. Some long-term care policies do provide coverage for assisted living care. Features and benefits vary by health insurance company and policy.
- Income tax deduction: The IRS offers tax deductions for qualified long-term care services, which may be deductible from gross income as an itemized deduction.
- Affordable programs: The Arbors participates in the Low-income Housing Tax Credit and HOME programs. These programs offer lower monthly rents if your income falls below certain guidelines.
- Medicaid/MassHealth programs: The Arbors also participates in various Medicaid/MassHealth programs, including the Group Adult Foster Care Program, the Personal Care Attendant Program, and the Program of All-Inclusive Care for the Elderly.
- Companion apartments: For a cost-effective stay in assisted living, or for those who want companionship, The Arbors can help match your loved one with a roommate to share living costs and apartment space in the community. Each resident in a companion apartment has his or her own private bedroom but shares common areas.
How Do I Know What’s Right for My Family?
In addition to working with your regional veterans’ office, an insurance professional, and an accountant, someone from The Arbors team is always there to work with you to find support.
Just ask Tina. Every Wednesday, Tina hosts a radio show called Wake Up, Wednesday. As the director of the Westfield Council on Aging, Tina has a passion for helping older adults as well as the community in general. One Wednesday, Tina invited Bianca Syriac, who was working as the marketing director at The Arbors at Westfield.
“One of the things she talked about was how The Arbors has units that were for people with more of a limited income,” Tina recalls. “My husband was listening to the show, and when I got home, he said, ‘We need to look into that for my sister.’”
Shortly after Syriac came on Tina’s radio show, Tina and her husband went through their finances, reached out to The Arbors, and got the necessary medical forms filled out. Tina’s sister-in-law moved into The Arbors at Westfield shortly after Labor Day 2018.
“I am happy to report that it has gone swimmingly well on a lot of fronts,” Tina says.
If you want to learn more about how The Arbors supports family caregivers, download our eBook How Moving My Loved One to the Arbors Eliminated My Caregiving Challenges.