VERO BEACH, FL, May 30, 2008 - In 1963 President John F. Kennedy designated May as Senior Citizens Month, but in 1980 President Jimmy Carter's proclamation changed the name to Older Americans Month, a time to celebrate those 65 and older through public recognition. Little did they know that 28 years later, more than half of the population age 65 and older would be surfing the internet and more recently have developed a strong propensity for playing Nintendo Wii and doing tai chi.
The percentage of votes cast by people age 65 and older in the 2004 presidential election was 19%, and 9.1 million (25%) of today's seniors served in the U.S. military. Thanks to Older Americans Month, we are reminded to celebrate their wisdom, respect their work ethic and pass down to the next generation their tradition of voting and serving proudly in our military.
Indian River County Commissioner Wesley Davis recently visited Indian River Estates on Memorial Day, toured the campus and learned first hand what makes this ACTS Retirement-Life Community and its residents such a stand out.
"One of the hot topics of discussion amongst seniors is rising health care concerns, but not for those who live at Indian River Estates," said Rodney Nowak while touring Davis.
Over the next ten years, the number of Americans ages 85 and older is expected to increase by 40%. As people live longer, the odds of needing long-term care for extended periods also increase. Unfortunately, many people are not sure how they will pay for the skyrocketing costs of long-term care, let alone where they will receive the care.
According to a survey led by AARP, more than 59% of Americans over age 45 incorrectly believe that Medicare will pay for extended nursing home stay, while 52% over age 45 believe Medicare covers assisted living costs.
These misperceptions can have major financial consequences, especially when the cost of skilled nursing care in a private room is $77,745 per year ($213 per day). The cost of assisted living services averages $35,628 per year ($2,969 per month), and for those who desire to remain in their homes, the hourly rate for a certified home health aide is $32 per hour.
Many people mistakenly assume that Medicare or Medicaid will pay for nursing home care. Medicare covers only the highest level of nursing home care, skilled care, and does not cover assisted living care. It typically pays for little or no home health care. Medicare requires substantial insurance co-payments after the first 20 days in a nursing home, and can be used for no more than 100 days, after which the individual pays the full cost. Medicaid pays for certain health services and nursing home care for older people with low incomes and limited assets. Eligibility qualifications vary by state. Private long-term care insurance can provide coverage for nursing home and home health needs, but it must be in place before the insured needs those services, and premiums increase significantly based on when the policy is purchased.
One option that makes sense for many seniors is moving to a continuing care retirement community (CCRC). Also called life care communities, CRRCs are unique because they offer a combination of independent living, assisted living and skilled nursing care services, usually on the same campus. Residents typically pay a one-time entrance fee and a monthly fee that covers maintenance, security, utilities, meals, activities and a wide range of amenities. For those who opt to move into a not-for-profit CCRC like ACTS Retirement-Life Communities (Indian River Estates), residents can usually deduct between 30-40% of their entrance fee AND average monthly fee on their taxes.
Fees for CCRCs vary widely as do the contract options. Beware of refundable fee contracts, which do not protect your assets from the increasing costs of medical care. The average entrance fee of a CCRC ranges from $60,000 to 120,000. Look for CCRCs that are accredited for meeting standards of excellence in finance, administration, and health care services.
Indian River Estates East and West are the only fully-accredited, faith-based, not-for-profit continuing care retirement communities (CCRCs) in Vero Beach. Owned by ACTS Retirement-Life Communities, they offer retirees age 62 and over the comfort of luxurious apartment and villa living with the security of life care, assisted living and skilled nursing right on the same campus, and a resident's monthly rate does not increase due to needing a higher level of care with the ACTS life care program. With a mission to provide dignity and respect to elders, learn more at ACTSretirement.com
For more information about CCRCs and other retirement living options visit the website of the American Association of Homes & Services for the Aging at www.aahsa.org.