What Is The Cost of Assisted Living On Cape Cod?
With the first style you actually purchase some sort of interest in a piece of real property with the usual services (landscape, exterior building and common area maintenance), plus a package of additional services which might include housekeeping and maintenance, local transportation, security, a meal package and access to guest suites. This package of services is paid for monthly, as with a condo fee.
SOME EXAMPLES ON CAPE COD
Take for an example Seashore Point in Provincetown, "the outer Capeís only full-service residential community". The facility offers a 90% refundable entrance fee, which is based on the average home value in the town of Provincetown.
According to the website, "Though you donít actually own title to the apartment, you are guaranteed that no matter how long you live at Seashore Point, you will receive 90% of the amount you paid returned back to you if you leave for any reason Ė or if you live at Seashore Point for your lifetime, that amount is refunded to your estate". Note that although your entrance fee is based on average home values, the amount returned to you is not.
At Seashore Point entrance fees start at $130,000 (based on the size and location of the residence), plus a monthly service fee based on the plan you choose, which start at $1,250 ($15,000 annually). Typically, in a high quality facility on the Cape buy-ins would range from $130,000 to over $400,000, with monthly fees over $2,500.
At Mayflower Place you choose an apartment with a comparable buy-in, and "you will be provided with a variety of services to assist you in enjoying a productive and independent lifestyle... all included in your monthly maintenance fee."
Included in the fee is an important feature of Continuing Care Facilities - priority admission to Health Care Center and the long term skilled nursing facility.
THE LESS EXPENSIVE OPTIONS - SOMETIMES
At the other end of the price spectrum, Cape Cod Senior Residences at Pocasset charges $3,770 for a one bedroom apartment. This is an "affordably-oriented community" open to seniors 65 years or older whose incomes are at or below 60 percent of the area median income. The limits are based on gross annual income (social security, pensions, etc.) plus 2% of assets (home, bank accounts, CDs, etc.).
Most assisted living facilities on Cape Cod are considerably more expensive than the Senior Residences at Pocassett - monthly fees generally are between $4,500 and $5,000 for an average unit with average service package.
In Massachusetts there are three possible financial aid options to those who qualify;