Pricing & Financial Planning

Our licensed nurses and resident care aides are on duty around the clock - they can help with medication management, coordinating with your external providers, and monitoring your health.

Our expert team of caregivers can assist you with bathing, dressing, toileting, and other activities of daily living. Get the level of support you need with our customized care plans.

At The Herrick House, we offer regular housekeeping, trash removal, laundry services, and more - let us handle the chores so you can focus on pursuing your hobbies, interests, and passions.

We offer three chef-prepared meals a day in our beautiful community dining rooms, and we can provide meals that accommodate your dietary needs. We also offer nutrition counseling to ensure you get the support you need.

Most utilities are included in our monthly assisted living costs, and we offer beautifully maintained common areas like lounges, patios, and gardens for you to enjoy with friends and family.

At The Herrick House, we offer scheduled van transport for your appointments and errands, as well as to take you shopping and on social outings. Our care team is trained to assist all of our residents who need extra help on outings, and we offer private scheduling options.

Our enrichment calendar is packed with opportunities to connect and stay well. Explore exercise classes for all fitness levels, spiritual and religious services, social outings into our local community, arts, crafts, music, movie nights, gardening, beautiful outdoor spaces for relaxing, and more. You’ve got the time to explore your passions at The Herrick House, and we want to ensure you have every opportunity for a vibrant life.

Our senior living community offers wireless emergency response systems, secure memory care spaces for our residents with memory loss, and 24/7 staff monitoring and support for all.

We have a chic on-site full-service salon - The Mane Event - that offers haircuts, coloring, and even manicures to ensure you feel your best every day.

The Herrick House also offers memory care support for residents with Alzheimer’s or dementia. Our secure community provides specially trained caregivers, assistance with all ADLs, and programs tailored to memory loss.

We even offer short-term and respite stay options. Our caregiving team can offer support after hospital stays or when a family caregiver is unavailable.

Aging in place doesn’t have these perks, and hidden costs can often pop up and make aging at home more expensive than anticipated. With these amenities, perks, and support, it’s easy to see how assisted living costs at The Herrick House are well worth the investment.

Long-term care insurance is specifically designed to cover assisted living costs or care costs that Medicare typically does not. These special insurance policies can help pay for assisted living costs, in-home care, or nursing home care, depending on the coverage you choose. You should purchase this type of policy before your need for senior living arises – it's never too early to start planning.

How it Works

• LTC insurance policies usually reimburse you a daily or monthly amount toward your care expenses.
• The benefits typically begin once you’re unable to perform two or more activities of daily living (such as bathing or dressing).

What to Look for in a Policy

• The daily/monthly benefit amount and how it compares to your anticipated assisted living costs
• Coverage limits (lifetime max vs. number of years covered)
• Inflation protection to account for rising care costs

Tips for Filing Claims

• Keep detailed records of your care needs and the services you’ll need provided.
• Ask your physician to document your limitations in daily activities to show you need assistance with ADLs.
• Confirm that your chosen assisted living community meets the insurer’s definition of a qualified care provider.

If you have questions about long-term care insurance, a financial planner that specializes in seniors can help you walk through options and choose the policy that fits best.

Did you know that many veterans and their spouses are eligible for the VA’s Aid & Attendance benefit, which can help cover assisted living costs? Here’s the breakdown.

Eligibility Requirements

• You must be a veteran who served at least 90 days of active duty, with at least one day of service during wartime.
• You must meet certain medical and financial requirements.
• Surviving spouses may also qualify, so explore the requirements.

What the Benefit Covers

• This is a monthly, tax-free payment that can be used toward assisted living, in-home care, or nursing home care costs.

How to Apply

• You need to file an application through the VA or work with an accredited VA claims agent.
• You’ll need to provide military service records, medical evidence, and financial disclosures.
• Processing times can be lengthy, so apply well before your need for care becomes urgent.

For more information, you can contact the U.S. Department of Veterans Affairs or your local VA office.

A reverse mortgage is a unique mortgage that allows homeowners aged 62 or older to tap into the equity of their home without selling it. This is a great option for seniors who don’t feel ready to part with their home just yet.

How it Works

• Instead of making monthly payments, you - as the homeowner - receive payments (or a line of credit) from the lender.
• The loan must be repaid when the home is sold or when the owner moves out permanently.

Is it Right For You?

• This mortgage works best when one spouse remains living in the home and the other moves into a senior living community.
• This option isn’t ideal if you plan to sell the home soon.
• Be sure to consult a financial planner - reverse mortgages require careful consideration of fees, interest, and inheritance impacts.

Bridge loans are convenient short-term financing options that help cover your assisted living costs while you wait for a home to sell, your insurance benefits to process, or your assets to become available.

Key Points

• Bridge loans are usually structured as an interest-only loan with quick approval, which makes them convenient for unexpected care costs.
• The funds can be disbursed directly to your senior living community.
• This type of loan is best used for transitional periods of six to twelve months - they’re not a long-term solution.

Both trusts and annuities can be part of a long-term financial plan to help pay for assisted living. Here’s how.

Trusts

• These allow you to set aside assets for your future care needs.
• They can protect your assets from being counted toward Medicaid eligibility in some cases.
• Trusts do require setup and oversight by an estate planning attorney, so be sure to seek assistance.

Annuities

• Annuities convert a lump sum of your savings into a guaranteed monthly income stream.
• They can help ensure predictable funding for your assisted living costs, giving you more peace of mind.
• They’re best considered as part of a broader retirement plan - ask a financial planner who specializes in seniors to help you set them up.

No, Medicare typically does not cover assisted living costs. It may cover certain medical expenses like doctor visits, medications, or rehab after a hospital stay. Our team of advisors can help you walk through exactly what Medicare covers when it comes to senior care.

In many cases, yes. If a physician certifies that a resident requires daily assistance with activities of daily living, certain costs may qualify as medical tax deductions. Always check with a tax professional and your financial advisor.

For many families, yes. Once you factor in caregivers, maintenance, meals, and other services, the all-inclusive model of assisted living often costs less than staying at home. Further, senior living communities like The Herrick House offer other perks including social connection, enrichment, and 24-hour support and security.

Absolutely - some families combine resources. Others use financial options like bridge loans or shared annuities to fund senior loved ones’ care needs.