The financial benefit offered at Record Street Home is exceptional!
Understanding the cost of care for your loved one is very important as you review assisted living options. Common questions, such as “Do we have enough?” or “What happens if we can no longer afford the care my loved one needs?” can create anxiety and uncertainty. Record Street Home takes the guesswork and uncertainty out of planning for your loved one’s care by allowing you to make an investment in your loved one’s future—guaranteeing excellent care in a caring community of fellow residents and staff.
The Record Street Difference
Financial arrangements to become a resident are based upon an applicant's individual circumstance. Once an estimate of the total cost of one's care is made, there may be options for covering that cost. For those applicants who are not able to pay the total amount, but meet certain requirements, Record Street will subsidize the cost of lifetime care. Once admitted as a resident, if one’s assets are depleted before the end of life, the Home covers all remaining costs -- with no diminishing of care -- for the rest of a resident’s life. There is no longer a fear of running out of funds. Consider this example: With assets of $150,000 and a monthly income of $1000, at a facility with a monthly cost of $5,000, one's assets will be depleted in 3.25 years. At most assisted living facilities, you will be asked to leave. This will not happen at Record Street. In fact, most residents outlive their assets but remain securely in residence with no change in lifestyle. New residents also have a six-month period to be certain that Record Street is where they want to be.
We encourage you to use these resources to investigate the average costs of assisted living through the American Association of Retired Persons (AARP) Long-Term Care Cost Calculator.
The income collected from the residents supports only a portion of our operating expenses. The dividends and interest from an endowment fund, managed by a separate eight-member Board of Trustees, support the remainder of the budget, allowing the Record Street Home to subsidize the difference between what our residents pay and the cost of their continued care.