“What is the cost of care?” is often the first question most families ask when they visit Record Street Home. The financial program is the “best deal in town” if you do qualify for residency.
Financial arrangements are made on an individual basis and are strictly confidential. The Record Street Home is a private, non-profit facility.
The residents’ costs are calculated with a formula that uses the applicant’s life expectancy and the cost of care for each of the years. The amount calculated with the formula is the amount paid upon entering the Home. If you do not have the required amount, it will not disqualify you from entrance. The assets you have will pay part of your care and the Home will subsidize the rest. The minimum asset requirement is $150,000.00. Most residents receive thousands of dollars of subsidy for their care. Seems impossible doesn’t it? But it is true.
Compare the Record Street Home's lifetime care plan to the cost of other assisted living facilities.
If for example, you have assets of $150,000.00 and your monthly income is $1,000.00, at a facility costing $5,000.00 a month, your assets will be depleted in 3.25 years. At most assisted living facilities, you will be asked to leave but at Record Street your care will continue.
The financial arrangements for the typical new resident are as follows:
1. Any current regular monthly income that the resident receives (Social Security, pensions, annuity or retirement) is conveyed to the Home as partial payment for cost of care.|
2. Any assets the new resident has owned during the three years prior to entrance to the Home are turned over to the Trustees with the exception of ten thousand dollars ($10,000.00) which the resident retains.
3. On the day of admission, the new resident pays $5,000.00 which will be used to finance her care during the first six months of residency. There is a six months grace period in which the new resident can change her mind about staying at the Home. The assets, minus cost above advanced payment, that were conveyed would be returned upon departure.
Applying the formula, special arrangements are made for applicants with high monthly incomes or applicants who own large amounts of assets.
The Home is an investment in your future. With the decision to live at Record Street Home, you have guaranteed that you will receive excellent care for the remainder of your life in a home that provides a safe haven.
The Home is managed by dedicated twenty-six member Board of Managers who volunteer their time to ensure a comfortable, safe, secure and happy home.
You might ask yourself, “How is this financed?”
The dividends and interest from an endowment fund, managed by a separate eight member Board of Trustees, support a large portion of the budget. The income collected from the residents then supports only a portion of the operating expenses.
Interested in finding out more? Please call, write or e-mail:
Personal tours are available upon request.