Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 3, 2023

Current Sentiment Analysis: A Closer Look at Economic Trends

Current Sentiment Analysis

A closer look at economic trends

 

📊 Current Sentiment Analysis: A Closer Look at Economic Trends 📈

 

Greetings, everyone! 🌟 Let's delve into the prevailing sentiments within the financial landscape. 📊

 

As of now, a significant 88% of individuals hold the view that September might witness a period of relative inactivity. It's intriguing to observe the consensus forming around this notion. Both you 👍 and I concur that this seems to be a prevailing sentiment, suggesting a potential lack of significant developments until 00:10.

 

Shifting our gaze to the horizon of November, we encounter a distinct shift in sentiment. At the latest November meeting, a notable 55% of participants express their reservations about expecting any noteworthy actions. This sentiment seems to be a response to Powell's recent statements, indicating his current stance of non-intervention. Should the need arise for another escalation, it appears that Powell is prepared to take that step. ⬆️

 

However, a profound shift in sentiment could be on the horizon. By diligently examining the revised projections and closely analyzing the evolving economic landscape, it's plausible that our perspectives might undergo a transformation. Let's keep a watchful eye on these trends as they unfold.

 

Remember, staying informed is the cornerstone of making wise financial decisions.

Aug. 30, 2023

Discover the Shifting Landscape in the Condo Market

Discover The Shifting Landscape In The Condo Market

 

Discover the Shifting Landscape in the Condo Market - Perfect for New Home Buyers!

 

Are you a new home buyer exploring the exciting world of real estate? It's time to focus your attention on a thriving market segment that is rapidly transitioning from a seller's to a buyer's market - condos!

 

In recent weeks, the condo market has shown significant changes, presenting incredible opportunities for savvy investors like yourself. Our team has been closely monitoring these developments, and the numbers speak for themselves. The condo inventory has grown substantially, offering a much wider selection to suit your preferences.

 

Previously, we had just one or two pages of condos to explore. However, fast forward to the present, and we now have an impressive four or five pages filled with magnificent properties awaiting your consideration. Moreover, some of these incredible opportunities have been on the market for over 30, 40, or even 50 days - an ideal situation for buyers seeking exceptional deals and negotiating power.

 

If you've been contemplating condo investments, now is the perfect time to take action. Join us on Instagram for exclusive insights into the latest condo market trends, expert tips on identifying profitable investment properties, and success stories from satisfied homeowners who have embraced the condo lifestyle.

 

Follow us on Instagram to stay ahead of the curve in this dynamic market. Uncover your dream condo and make a savvy investment that will provide both comfort and financial gains.

Aug. 30, 2023

Success of Florida's Hometown Hero Program

The Unbelievable Success of Florida's Hometown Hero Program

 

Introducing the Unbelievable Success of Florida's Hometown Hero Program!

 

Are you a new home buyer searching for the perfect opportunity? We have groundbreaking news that will grab your attention! The Home Hometown Hero program, recently implemented in Florida, has exceeded all expectations in an astonishingly short period.

 

📈 In just two months, this phenomenal program provided an impressive $100 million in down payment assistance to first-time homebuyers, far surpassing its initial goal! Originally planned to last an entire year, the funds have now been completely depleted. This unexpected surge in demand is a clear testament to how desperately people are seeking assistance to fulfill their dream of homeownership.

 

If you're searching for a way to get into your dream home, this is an incredible opportunity not to be missed. Join us on Instagram for an exclusive inside look at how the Home Hometown Hero program has changed the lives of countless individuals and families, making their homeownership dreams a reality.

 

Don't wait! Stay tuned for more details on how you can secure your place in this extraordinary program. We'll be sharing success stories, expert advice, and exclusive tips to help guide you through the process of finding your new home.

 

Follow us on Instagram and be part of the homebuyer revolution! Start your journey towards homeownership today.

Aug. 28, 2023

Analyizing the jobs market

Analyzing The Jobs Market And Its Impact

 

Introduction:

In this blog post, we will examine the latest job market figures and discuss their implications for the housing market and interest rates. We'll also delve into recently revised job numbers and their potential impact on the economy. Furthermore, we'll address concerns about high interest rates and dwindling government assistance programs for homebuyers. Let's dive into the details!

 

An Overview of the Jobs Report:

The most recent jobless numbers show overall strength in the job market. The seasonally adjusted initial claims decreased by $10,000 to $230,000, which is a positive sign. However, these numbers fail to present the complete picture since revisions to previous data have been released by the Bureau of Labor Statistics.

 

Downward Revisions and Employment Statistics:

The revisions from the Bureau of Labor Statistics highlight a concerning trend of downward adjustments. These revisions indicate that there are fewer employed individuals than previously thought. A total of 306,000 jobs were downwardly adjusted, with the transportation and warehousing industry being particularly affected. Surprisingly, government jobs were revised up by 52,000. 

 

Implications for the Federal Reserve and Interest Rates:

These revisions bring to light the issue of inaccurate information impacting decision-making. The Federal Reserve has largely based its interest rate decisions on a strong job market, but these revisions suggest otherwise. While the economy remains relatively strong, it may not be as robust as originally believed. Questions arise as to whether the Federal Reserve and its chairman, Jerome Powell, will adjust interest rates accordingly.

 

Effects on the Housing Market:

The implications of these job market fluctuations on the housing market are profound. With interest rates at their highest point in nearly 20 years, the real estate market is experiencing a continued pullback. The number of houses sold is decreasing, and there is no relief in sight for homebuyers. Government programs, such as the Home Town Hero program in Florida, which provided down payment assistance, have already run out of funds. This scarcity of assistance exacerbates the challenges faced by potential homebuyers.

 

Fluctuating Interest Rates and Mortgage Rates:

High interest rates have a direct impact on mortgage rates, making it increasingly difficult for buyers to afford homes. The lack of affordable financing options hampers buyers' ability to save for down payments and meet lending criteria. The elimination of government-funded programs like the Home Town Hero program further exacerbates the situation. Consequently, interest rates quoted to homebuyers may be significantly higher than previously experienced.

 

Implications for Buyers and Sellers:

As rates continue to rise, buyers and sellers must consider alternative strategies. Creative solutions such as rate buy-downs or seller contributions toward closing costs may help mitigate the impact of high interest rates. Buyers should consider negotiating on properties that have been on the market for an extended period, offering opportunities for price reductions. A win-win situation can be achieved by focusing on long-term stability through lower interest rates.

 

Outlook for the Housing Market:

The Orlando housing market remains consistent, albeit without significant growth. The number of sales has hovered around the average, while inventory has shown slow and steady growth since the beginning of the year. However, the market is shifting toward a buyer's market, especially in the condo segment, where increasing inventory allows for negotiation flexibility.

 

Conclusion:

The revised job numbers reflect the need for accurate and reliable information to drive economic decision-making. As interest rates climb, the real estate market is experiencing a slowdown, impacting both buyers and sellers. Government assistance programs are running dry, and the overall debt burden on consumers continues to rise. Despite these challenges, creative solutions and a balanced long-term approach can help buyers navigate the current market conditions. Time will tell how the housing market and interest rates evolve, and it's crucial to remain informed and adaptable.

 

Thank you for joining us for this edition of the Orlando Real Estate Buzz. We hope you found this analysis informative. Be sure to like and subscribe for future updates, and we look forward to discussing more economic insights affecting the housing market. Have a great day!

Aug. 28, 2023

Top Cities For Memory Care

Top Cities For Memory Care

About seven in 10 adults over 65 will require long-term care at some point in their lives, according to the U.S. Department of Health and Human Services. And according to the Centers for Disease Control and Prevention, half of all residents of long-term care facilities live with cognitive impairment. 

The large population of seniors with Alzheimer’s and dementia in long-term care communities may in part be due to the challenge of managing the condition. When a senior starts experiencing symptoms of Alzheimer’s or dementia, many families realize that it’s in their loved one’s best interest to seek out memory care. Due to the symptoms that accompany memory loss, continuing to live at home without professional help can become unhealthy and unsafe for some seniors. 

Memory care communities provide a safe alternative for seniors living with memory impairment. These facilities are staffed by professionals who are specifically trained to provide care to Alzheimer’s and dementia patients, and are designed to accommodate older adults with progressive cognitive disorders. This guide will provide more detail about memory care to help caregivers and family members better understand what memory care is and how to choose the community. 

What Is Memory Care?

What Is Memory Care?

A memory care community is a residential care facility or unit of a residential care facility that is designed specifically to meet the needs of people who have Alzheimer’s disease or other dementias. Memory care communities strive to provide residents with a high quality of life while taking additional measures to ensure their safety. There may be security measures in place to ensure that residents do not wander, for example, and some units are locked so that no one may leave or enter.

Memory care facilities may also give you the option of specialized care to help your aging loved one manage their medications and healthcare. These facilities care not just for individuals’ medical needs, however. They also frequently offer opportunities to socialize or engage in hobbies in ways that work best for people with impaired memories. Some communities may offer pleasurable activities, such as visits from therapy pets, musical entertainment, or the opportunity to spend time in the gardens, that are known to be particularly beneficial for people living with cognitive changes.

What Are the Benefits of Memory Care?

Memory care offers seniors with dementia and Alzheimer’s numerous benefits, including cognitive stimulation, emergency monitoring, and support from specially-trained staff. This can lead to other benefits like a higher quality of life, less use of antipsychotic medications, and improved medical care for other health issues. Some of the most prominent benefits of memory care are explained in more detail below. 

  • Care Coordination: Your loved one’s team will work together, including your aging parent as appropriate, to ensure comprehensive care.
  • Staff Knowledge and Competency: The staff can demonstrate training and the necessary skill set to prepare them to work with people who have cognitive impairments.
  • Activity Programming Based on Abilities: Activities are available that suit your aging loved one’s cognitive ability, memory, attention span, language, reasoning ability, and physical function.
  • Behavior Management: The behaviors associated with Alzheimer’s disease and other dementias are addressed first through non-pharmacological means, such as taking a look at scheduling, environment, and other possible triggers for the behavior.
  • Safe and Supportive Physical Environment: The physical environment is managed by the staff to reduce stress and overstimulation, and to keep all residents safe.

 

How Does Memory Care Compare to Other Senior Care Options?

Memory Care vs. Assisted Living

Assisted living is a long-term living option designed for seniors who need some help with activities of daily living (ADLs). Residents of assisted living communities live as independently as they’re able, but with the knowledge that helping hands are never too far away. 

Assisted living communities have trained employees on-site around-the-clock to help residents with their ADLs. However, these employees are typically not trained to care for seniors with memory loss, and ALFs do not offer the specialized medical care and safety measures in place at memory care facilities. Additionally, because people with dementia and other memory problems typically require more extensive, specialized care than other older adults, memory care facilities tend to be pricier than assisted living facilities. 

Memory Care vs. Nursing Home Care

Nursing homes offer a more intensive level of medical care than any other type of senior living. People living in nursing homes are typically less able to live independently or care for themselves than people who can live in an assisted living facility, and the available services reflect this. But the high-level of care offered at nursing homes is typically more focused on medical care rather than memory care. Those living with memory impairment may not be able to receive the personalized attention and cognitive stimulation that they need in a nursing home setting. 

As with assisted living facilities, some but not all nursing homes may have a special memory care unit or have trained memory care staff. No matter which type of senior care facility you’re looking into, it’s important to ask about staff members’ level of memory care knowledge and training if you have an aging parent with dementia or Alzheimer’s disease.

Top Cities for Memory Care

What Services and Amenities Are Provided in Memory Care Facilities?

memory care services and ammenities

Memory Care Services

The services and amenities offered in memory care communities are intended to make life safer and more comfortable for those living with memory impairment. All memory care communities provide some basic daily assistance for residents, including:

  • Assistance with the activities of daily living, including bathing, dressing, and toileting
  • Meal preparation and serving
  • Housekeeping and laundry service
  • Interior and exterior maintenance tasks 
  • Access to round-the-clock nurses
  • Transportation to doctor’s appointments and other outings

Memory care facilities may also offer activities such as music, arts and crafts, and dancing, led by staff or volunteers who are trained to work with people who have Alzheimer’s disease or other dementias. Research increasingly suggests that such activities are beneficial for people with cognitive impairments. Many memory care communities also offer cognitive therapies and programs meant to keep the brain active and engaged. 

Overall, the activities at a memory care community may be similar to what you would find in other residential facilities, but with some slight adjustments to keep people with cognitive impairment engaged and content. 

Memory Care Amenities

Memory care communities are designed to keep residents safe and help them thrive. The communities typically have amenities and design features that one wouldn’t find in other types of senior living residences. Specially designed features of memory care communities include: 

  • Safety precautions to prevent wandering such as doors with alarms
  • Keypad locks at all doors or other controlled entry and exit points 
  • Security cameras monitoring entry and exit points
  • Use of personal security devices such as medical alert systems 

In addition to these safety features, many communities also offer amenities for residents’ enjoyment. These amenities may include:

  • Fitness center with guided group classes
  • A secured outdoor or open-air courtyard
  • Indoor or outdoor swimming pool(s)
  • Fine dining rooms
  • Resident lounges
  • Game rooms 

How Do I Pay for Memory Care?

In order to provide a safe environment for those living with memory impairment, memory care communities must have enhanced safety and security measures as well as a specially-trained staff. Because of these special needs, memory care tends to be expensive, even when compared to other residential senior care.

Generally, it’s estimated that dementia care costs an extra 20-30% compared to assisted living. Considering the average cost of assisted living in the United States is $4,051 per month, one can expect to pay approximately $5,000 per month for memory care. Costs may be much higher or lower depending on your location and the specific facility’s offerings, so be sure to always ask communities for their pricing directly. 

While paying out-of-pocket is always an option, the high cost of memory care leads many families to seek some form of financial assistance. Some of the most commonly used forms of financial assistance for memory care are: 

  • Medicare: Residential memory care is not covered by Medicare. However, it does cover some services those with dementia or Alzheimer’s may need, such as 35 hours of in-home care per week and stays in nursing homes, though there are limitations to these benefits. Some seniors may also consider a Medicare Supplement Insurance, or Medigap, plan. These plans “supplement” original Medicare to expand the benefits, and some Medigap plans may cover memory care services. 
  • Medicaid: Medicaid does not directly cover memory care, but many states have waiver programs designed to expand coverage for services such as long-term care. Home and Community Based Services (HCBS) waivers, also referred to as 1915(c) Medicaid waivers, offer expanded Medicaid coverage for some assisted living and memory care services to prevent unnecessary moves to skilled nursing homes. The availability of HCBS waivers differs from state-to-state, but many cover personal care services that one would receive in a memory care community, making the overall cost more affordable (Medicaid does not cover room and board in long-term care facilities).  
  • Reverse Mortgages: Reverse mortgages like the Home Equity Conversion Mortgage (HECM) are loans that adults over the age of 62 can take out against the value of the home that they own. This allows seniors to access some liquid value from their homes without needing to sell it immediately. Borrowers are required to pay back their reverse mortgage loan, with interest, once the homeowner moves out of the home or passes away. 
  • Life Insurance Settlements: Some individuals with life insurance policies may be able to “cash-out” or receive a settlement rather than using the policy for its intended purpose. For some seniors, it makes sense to use one’s life insurance benefit to finance memory care, while for others it’s wiser to maintain the original death benefit. The options one has for accessing their benefit early will depend on the type of policy they have and the insurance company they used. 
  • Aid and Attendance Benefit: The Aid & Attendance (A&A) benefit is a monthly payment intended to help veterans and their spouses pay for long-term care services, including memory care. A&A is a tax-free sum that eligible veterans receive in addition to their monthly VA pension. You can learn more about eligibility and the benefit amount on the VA website. 

How Do I Choose the Right Memory Care Community?

How to choose memory care

Making the decision to seek memory care for a loved one is challenging in itself, and the next step of choosing a memory care community can be incredibly difficult. To help make the process easier, we’ve broken it down into some key points for you to focus on. In the sections below, we offer some advice on determining when it’s time for your loved one to start memory care and things to look for when selecting a community. 

How Do I Know When It’s Time for Memory Care?

Watching a loved one live with dementia, Alzheimer’s disease, or any other memory impairment is not easy. Out of love and compassion, many families attempt to provide care for their loved one on their own. But, many seniors living with memory impairment do eventually reach a point when they will greatly benefit from professional memory care. 

While making the decision to seek memory care is personal for every family, the situations below may indicate that it’s time to seek professional care for your loved one. 

  • Getting lost or disoriented while driving or walking on a familiar route
  • Losing prescriptions, forgetting to take medication, or taking the improper dose
  • Personality changes like increased aggression or withdrawal from loved ones 
  • Dangerous incidents at home like forgetting to turn off the stove or leaving the door or gate open, making oneself susceptible to crime like burglary 
  • A noticeable decline in grooming, such as an overgrown, unkempt beard or wearing clothes that appear to be unwashed 
  • Lack of cooperation with family caregivers 

What Should I Look for in a Memory Care Community?

Each family will have different priorities when it comes to selecting a memory care community, whether they’re looking for a certain staff-to-resident ratio or a specific music therapy program. Regardless, all families should focus on finding a community that is reliable, trustworthy, and skilled in caring for seniors with memory impairment. Below, we explain the key areas for families to focus on when considering a memory care community. 

  • Care Capabilities: Meet with facility staff to discuss whether the facility can manage your loved one’s condition both now and in the future. If your loved one has other chronic conditions or medical problems in addition to their memory impairment, make sure that the community’s medical team can adequately manage that as well. Personal care plans should be established prior to or upon move-in and regularly updated, so ask management how often care plans are re-assessed. 
  • Staff Attentiveness and Expertise: Make certain staff has specialized dementia training on top of being good care providers. This means caregivers have a deep understanding of memory impairment and how to communicate with individuals who are not always able to express themselves. They should know how to manage combativeness, recognize signs of pain, and be able to create solutions for the challenges often associated with eating, bathing, or toileting in dementia patients. If you want your loved one to have ample personal attention, be sure to ask about the staff-to-resident ratio to ensure it’s one you feel comfortable with. 
  • Safety: Rooms and bathrooms should have emergency call systems, and for extra safety, many communities provide residents with personal medical alert systems. Staff should perform in-room checks on a regular basis. To prevent wandering, all entry and exit points should be secure and outdoor areas should be monitored and/or enclosed. 
  • Activities and Social Engagement: Check not only the number of available activities but also how appropriate they are for your loved one’s cognitive abilities. Usually, dementia programming mimics everyday activities, such as having a dementia-safe kitchen for cooking activities, has time set aside for art projects or reminiscence, and incorporates some basic exercising. Some facilities even have special gardening areas or greenhouses which can be a very rewarding activity.

Ultimately, only you will know if a community is the right fit for your loved one. But if you’d like some assistance from an outside expert, contact a Caring.com Family Advisor. Family Advisors are trained to provide free, personalized, one-on-one guidance to help caregivers and families find the best care solutions for their elderly loved ones. You can contact a Family Advisor by calling (800) 973-1540.

 

Frequently Asked Questions

What Is the Difference Between Memory Care and Skilled Nursing?

 

The main difference between memory care and skilled nursing is that memory care communities are specifically intended for those living with memory loss, while nursing homes are not. Rather, nursing homes provide skilled, 24-hour medical care and therapy services. Nursing homes may have a memory care unit, but may not offer the same level of specialized care, cognitive stimulation, and security features that one would find in a dedicated memory care community. 

 

 

Memory care is not considered assisted living because it is beyond the scope of assisted living services. Assisted living facilities provide residents with minimal assistance with their personal tasks and activities of daily living, as well as planned social activities, transportation, and housekeeping. Assisted living communities do not offer regular, skilled medical care, including memory care. Assisted living communities will not have the highly-trained staff and specialized design and programming that memory care communities offer. 

 

 

The best care for someone with dementia will depend on that individual’s specific needs. The vast majority of people with dementia will benefit from some form of dedicated memory care, whether in the form of an in-home health care aide or moving to a residential memory care community. Those living with dementia typically need help with their daily activities including hygiene and eating and face a high risk of wandering or behavioral changes. Dedicated memory care providers are specially trained to help with these behaviors and mitigate risks. 

 

 

Memory care costs an average of approximately $5,000 per month in the United States. The specialized staff training and facilities required to adequately care for those with dementia make memory care more expensive than assisted living, which costs an average of $4,051 per month. These figures are the national average, and costs vary dramatically depending on one’s location. 

 

Is Memory Care Covered by Medicare?

 

Residential memory care is not covered by Medicare. However, Medicare may cover some services that people with dementia need, such as up to 100 days of skilled nursing home care and 35 hours of in-home care per week. Other types of Medicare products, such as Medicare Supplement Insurance and Medicare Advantage, may cover some memory care, but this will vary depending on the plan. 

 

Information provided by: Caring.com is a leading senior care resource for family caregivers seeking information and support as they care for aging parents, spouses, and other loved ones. We have been featured by AARP, The Administration for Community Living, The National Legal Resource Center, and Forbes, as well as referenced by many governmental agencies and organizations across the Internet.

Posted in Topic Of Interest
Aug. 28, 2023

Memory Care In Florida

Memory Care in Florida A Growing Concern

Memory Care in Florida

 

In Florida, which ranks among the most popular states in the nation to retire in, about one in five of the state’s 21.5 million residents are aged 65 and over. Most recent data from the Alzheimer’s Association shows that Alzheimer’s disease impacts much of the state’s residents and predicts an uptick in the number of diagnoses in the coming years. Even so, the Florida Department of Elder Affairs has dementia-friendly initiatives in several major cities, which may positively impact health outcomes for those with dementia. According to the Centers for Disease Control and Prevention, the percentage of deaths in the state linked to Alzheimer’s dropped by half a point between 2016 and 2020.

Residential dementia care plays an important role in health outcomes for those with Alzheimer’s. Memory care facilities have security features to ensure residents’ safety as well as highly trained caregivers who provide companionship and personal care.

Through this guide, readers can connect with statewide agencies that provide information and support to those affected by dementia and learn more about dementia care costs throughout the state.

The Cost of Memory Care in Florida

Residential memory care is usually offered in assisted living facilities, and in general, memory care rates tend to be 20-30% higher than assisted living rates. No national database currently tracks memory care costs in the United States, so we’ve estimated the monthly memory care costs listed below by adding 25% to the rates listed in Genworth’s 2021 Cost of Care Survey. At $5,000 per month, average memory care costs in Florida are slightly higher than what the same type of care costs in neighboring Alabama ($4,379) and Georgia ($4,419), and $485 higher than rates in nearby South Carolina ($4,515). 

$5000

Florida

 

$5625

The United States

$4419

Georgia

$4379

Alabama

Memory care rates in Florida vary depending on the location, ranging from $2,938 in Gainesville up to $6,625 per month in Naples. In Tampa, residential memory care costs an average of $4,188, while the same type of care costs around $5,000 in Orlando. Miami memory care services cost an average of $5,481, while in the state capitol, Tallahassee, rates run around $5,813 per month. 

$2938

Gainesville

$4188

Tampa

$5000

Orlando

$5481

Miami

$5813

Tallahassee

$6625

Naples

 

Memory care is just one of the many long-term senior care services available in Florida. Rates range from $1,517 per month for adult day health care, and go up to $8,654 for a semiprivate room and $9,627 for a private room in a skilled nursing facility. Assisted living runs around $4,000 per month, while home care and home health care services cost an average of $4,767 per month. 

$1517

Adult Day Health Care

$4000

Assisted Living

$4767

Home Care

$4767

Home Health Care

$5000

Memory Care

$8654

Nursing Home (semiprivate)

$9627

Nursing Home (private)

Does Medicaid Cover Memory Care in Florida?

Note: For the purposes of this guide, when we say “Memory Care” we are referring to memory care provided in a “social setting,” such as an Assisted Living Facility. This is the most common way to receive Memory Care, and is the best fit for all but the frailest seniors. Sometimes the actual service of memory care can be provided in a Nursing Home (“medical setting”), and so the financial assistance options will be very different. To learn more about the financial assistance options available for memory care provided in a nursing home, read our guide to Nursing Home Care in Florida.

Florida seniors who require residential memory care services and who qualify for Medicaid can apply to the Statewide Medicaid Managed Care, Long-Term Care Program. Launched in 2013 to replace all other Medicaid waivers, the SMMC-LTC is a nursing home diversion program that funds a wide range of medical and non-medical services and supports. These services may be delivered in a private residence, an adult day program or a residential care facility such as an assisted living community. 

What Memory Care Services Are Covered by Medicaid in Florida?

Although the SMMC-LTC does not cover room and board costs for beneficiaries who require placement in a residential care program, benefits may include respite care, behavioral management and rehabilitation therapies. SMMC-LTC beneficiaries may also receive enhanced personal care services, intermittent nursing care, placement in an adult day program and other services needed to delay or prevent placement in a nursing home. 

How to Know if You’re Eligible for Medicaid in Florida

Florida’s Medicaid program places income limits on applicants to ensure the most needy benefit from its services. Income is calculated per household. Therefore, if the applicant lives alone, it’s only their income that counts, but if they live with others, their income too factors in the decision. Countable assets are also considered, which may or may not include the applicant’s home (depending on individual circumstances). Florida also applies a 60-month look-back period for assets to check the applicant hasn’t sold or gifted items in anticipation of a Medicaid petition.

Floridian seniors who require Medicaid services, and whose income is over the Medicaid limit, can apply for Florida’s Share of Cost program. This spend-down program allows seniors with high ongoing medical costs to apply most of their income towards their medical bills each month. Once the predetermined spend-down limit is reached, Medicaid benefits covers all eligible expenses for the remainder of the month. 

2022 Basic Medicaid Income Limits for Seniors in Florida

 

ANNUAL INCOME LIMITS

ASSET LIMITS

Single Applicant

$11,964

$5,000

Two-Person Household
(Only One Person Applying)

$16,116

$6,000

Two-Person Household
(Both People Applying)

$16,116

$6,000

In addition to meeting the income and asset requirements, applicants must also satisfy several other criteria. They include being:

  • A U.S. citizen or legal resident
  • Aged 65 or older
  • A Florida resident
  • In need of nursing home levels of care

How to Apply for Medicaid in Florida

To apply for Medicaid in Florida, seniors can use Florida’s Department of Children and Families’ Automated Community Connection to Economic Self-Sufficiency, or ACCESS, system. This online system is available 24/7. 

Alternatively, seniors can call Florida’s statewide Medicaid Helpline at 1-877-254-1055

What Information You Will Need

When applying for Medicaid in Florida, you need to provide proof of income for the past five years, along with statements from all bank and investment accounts opened or closed during that time. You also need to submit copies of all personal checks of $500 or more written during the 60 months preceding your application, and a income verification letter issued by Social Security. 

Additionally, you’ll be asked for:

  • Government ID verifying your citizenship and residency status
  • Copies of the title to your home and any vehicles that you own
  • Copies of any burial arrangements that you’ve made
  • Two professional appraisals verifying the current market value of your home
  • Your income tax returns for the past five years
  • Copies of your will, powers of attorney and any other documents related to your estate or care

How to Get Help Applying for Medicaid

In Florida, seniors who need assistance applying for Medicaid can contact the ACCESS Customer Call Center. Application assistance is also available through local senior service agencies, which can be located by calling Florida’s Department of Elder Affairs Elder Helpline. Some senior centers may offer free Medicaid counseling and workshops for seniors who need help completing their Medicaid application. 

PROGRAM

CONTACT

SERVICES PROVIDED

(850) 300-4323

Agents provide assistance with Medicaid applications over the phone weekdays during regular business hours 

1-800-963-5337

Operators can help callers determine if they are eligible for Medicare benefits

Online

This website includes in-depth information about the SMMC-LTC Medicaid waiver

Does Medicare Cover Memory Care in Florida?

The short answer is that no, Medicare does not cover the cost of memory care in Florida. As was mentioned above, this doesn’t apply to Memory Care received in a Nursing Home. Since it is the most common to receive memory care in a “social setting” (such as an assisted living facility), Medicare won’t be a viable financial assistance option for most seniors who need Memory Care. However, Medicare will still cover things like approved medications, doctor visits, medical equipment, etc., just like it would if you lived at home.

For more information about when Medicare can be used to pay for Memory Care in a nursing home, and for Medicare-related resources, see our guide to Nursing Homes in Florida.

Other Financial Assistance Options for Memory Care in Florida

Seniors who are not eligible (due to location, financial situation, or other factors) for other types of financial assistance, do still have some options. See the table below for an overview of some of the most common ways to make Memory Care affordable.

 

HOW TO APPLY

HOW IT WORKS

Aid and Attendance

Learn more and apply online at va.gov.

Veterans who receive a VA pension may also be eligible for the Aid and Attendance benefit, a monthly cash allowance that veterans receive in addition to their standard pension amount. The benefit is intended for veterans in need of long-term care services and may be used towards paying for memory care.

Reverse Mortgages

Learn more about your options and how to apply at ftc.gov

If you own a home, you may be able to use a reverse mortgage to help pay for memory care. Reverse mortgages are loans that one can take out against the value of their home, essentially converting some of the home's equity into cash. Reverse mortgage loans do need to be repaid with interest, typically beginning within 12 months of receiving the loan.

Long-Term Care (LTC) Insurance

Learn more about Long-Term Care Insurance and how to apply for a policy at acl.gov.

Seniors who already have long-term care insurance may be able to use it to pay for memory care. Most policies cover at least a portion of the cost, but it depends on the specific policy terms. Note that older adults who are already in need of memory care are typically not eligible to sign up for a LTC insurance policy.

Free and Low-Cost Resources for Seniors in Florida

A number of free and low-cost resources are available to Florida seniors who require memory care services. These services include home meal delivery programs, assistance with prescription medication costs and advocacy for those living in congregate care settings. 

PROGRAM 

CONTACT

SERVICES PROVIDED

1-800-963-5337

Florida seniors can access county, state and federally-funded programs and services through one of 11 Aging and Disability Resource Centers/Area Agencies on Aging located throughout the state. 

Contact via website

The Florida Rx Card program provides eligible seniors with discounts of up to 75% off out-of-pocket prescription drug costs. There's no cost to apply for a card, and discounts are available at a number of pharmacies within Florida and throughout the United States. 

1-888-831-0404 or (850) 414-2323

The Long-Term Care Ombudsman Program protects the rights of long-term care residents statewide, including those who require memory care services. Trained volunteer ombudsmen provide seniors and their families with information on long-term care standards and regulations, help residents file complaints about their care, and when necessary, escalate concerns to local law enforcement agencies. 

Call the Elder Helpline at 1-800-963-5337 to connect with the nearest memory disorder clinic. 

Florida's ADI is a statewide program designed to help support those living with memory loss. The ADI operates 17 memory disorder clinics (MDCs) that offer specialized diagnostic and referral services for those with Alzheimer's disease and other types of progressive memory loss. 

(954) 714-6940

Meals on Wheels is a nationwide nutritional support program that provides housebound seniors with home-delivered meals. In Florida, regional Meals on Wheels programs can be located by contacting the MOWAF. 

1-888-895-7873

Florida's Department of Elder Affairs operates a toll-free legal information line for seniors aged 60 and older. Seniors can call the Senior Legal Helpline to access free legal information related to long-term care, estate planning and guardianship. 

COVID-19 Rules for Memory Care in Florida

The following information is based on research done on several government websites, including floridahealthcovid19.gov. These rules apply to nursing homes, and other types of senior living facilities. We’ve most recently updated this data on 2/3/2022, but since COVID-19 is a rapidly evolving pandemic, contact your local senior living facility or Area Agency on Aging for more specific and up-to-date information.

Visitation Policies

RULES FOR FLORIDA COMMUNITIES

 

Can I visit my relative in person if he/she wants emotional support from me?

Yes (Conditions Apply)

Can I visit my relative in person for end-of-life compassion care?

Yes

Will my loved one be required to self-quarantine after I visit him or her?

No

Do I need to wear PPE and/or a cloth mask if I do visit my relative in person?

Yes

Are Hairdressers and other non-medical contractors still allowed in senior living facilities?

Yes

Does the state recommend or require that senior living facilities assist families with setting up virtual visit alternatives?

Yes

Are visitors being screened for elevated temperatures?

Yes

Are visitors being asked questions about health, travel, and potential virus contact?

Yes

Outings & Social Activities

RULES FOR FLORIDA COMMUNITIES

 

Are residents allowed to leave the facility for non-medical reasons?

Yes

Are residents of senior living facilities who leave and return required to self-quarantine?

No (Conditions Apply)

Are senior living facilities required to cancel all group outings?

No

Are residents still eating together in the dining hall?

Yes

Are facilities still allowed to host group activities within the community?

Yes

Moving Resources

Memory Care Laws and Regulations in Florida

In Florida, memory care communities are regulated by the Agency for Health Care Administration. Memory care falls under the same regulatory category as assisted living in Florida. Assisted living communities can offer more specific or advanced services, such as memory care, with Specialty Licenses to provide extended care. 

MEMORY CARE LAWS AND REGULATIONS IN FLORIDA
Scope of Care
Memory care and dementia care facilities provide continuous supervision and monitoring of residents. At least one staff member must be trained in emergency response, including CPR. Medication monitoring and administration is permitted by trained staff members, such as nurses acting within their scope. Behavior management, such as de-escalation, is permitted.
Facility Requirements
Facilities offering memory care services as an option must advertise this on a separate document from the facility’s main flyer and emphasize that it is separate from other forms of senior care. A copy of this flyer must be on file with the bureau for license renewal. All facilities offering such care must have locks and alarms to prevent exit-seeking behavior. Hazards must not be within reach of residents unless directly supervised by staff. Kitchens and other food-handling areas must meet Florida state health standards for cafeterias and restaurants. Menus must be written in consultation with a registered dietitian. Facilities with the capacity to house 17 or more residents must have an awake staff member 24 hours a day.
Medication Management Requirements
Licensed nursing staff at all facilities are permitted to administer medications within their allowed scope of practice. Unlicensed staff may assist with self-administered medications, or they may assist licensed staff with administration under supervision.
Staff Screening Requirements
All facility owners, administrators, financial officers and employees must have a criminal history record check obtained via fingerprint search through both the Florida Department of Law Enforcement and the FBI. Screened individuals must be rechecked at least once every five years.
Staff Training Requirements
Direct care staff at all facilities must receive at least four hours of annual training in senior care. Memory care staff who provide direct care must also undergo an additional four hours of dementia-specific training on an annual basis. Facility administrators must receive 12 hours of training every two years on assisted living, as well as six hours a year specific to dementia management.
Medicaid Coverage
Florida Medicaid and the Assisted Living for the Elderly waiver program provide some assistance with the costs of memory care for eligible Florida seniors. Applicants must meet state income and asset guidelines and have a medical need for residential memory care.
Reporting Abuse
Suspected elder abuse may be reported to the relevant local law enforcement agency. Reports can also be submitted by calling the Florida Abuse Hotline at 1-800-96-ABUSE (1-800-962-2873)

Frequently Asked Questions

How Much Does Memory Care Cost in Florida?

 

Memory care in Florida costs an average of $4,200 a month. This price averages out the costs of residential care, adult foster care and institutional care in dedicated facilities. Typical memory care costs include a monthly payment, plus the cost of medical and mental health care, as well as various other costs associated with the supervision and care of seniors with Alzheimer’s disease.

 

Does Florida Medicaid Pay for Memory Care?

 

Florida provides assistance for Medicaid-qualified seniors through its Assisted Living for the Elderly waiver. This program is administered locally, through one of the state’s Area Agencies on Aging. The waiver program provides help with the monthly cost of residential care, including memory care at a qualified facility, personal care services and some medical supplies.

 

Does Medicare Pay for Memory Care?

 

Medicare does not directly pay for memory care, but seniors can get some assistance from the program. There is no specific provision in Medicare for memory care services, though the program can pick up some of the costs for residential care, such as room and board. Some medical services, independent of memory-specific care, are also covered by many Medicare programs.

 

What Are “Activities of Daily Living?”

 

Activities of daily living are ordinary tasks that seniors with disabilities often have trouble with. Common activities include hygiene, grooming and other personal needs, as well as cleaning, cooking and shopping. The term can also refer to errands outside of the house, such as shopping.

 

What Is the Difference Between Memory Care and Assisted Living?

 

Memory care and assisted living are two levels of senior care, and there is some overlap between them. As a rule, assisted living refers to personal help for seniors who can otherwise live independently, but who need assistance with activities of daily living. Memory care includes some of the services of assisted living, but it includes supervision and some behavior management. Memory care staff often assist seniors with medication and physical or mental therapy.

 

How Many Memory Care Facilities Are in Florida?

 

In the state of Florida, there are 2,170 memory care facilities that provide a wide range of services and amenities to elderly patients suffering from Alzheimer’s disease and other types of dementia. Read More

 

Memory Care Facilities in Florida (144)

Information Provided By: Caring.com is a leading senior care resource for family caregivers seeking information and support as they care for aging parents, spouses, and other loved ones. We have been featured by AARP, The Administration for Community Living, The National Legal Resource Center, and Forbes, as well as referenced by many governmental agencies and organizations across the Internet.

 

Posted in Topic Of Interest
Aug. 27, 2023

4 Bedroom - 2 Bath Modern Rental Sanford, FL

Spacious 4- Bedroom, 2 Bath Luxury Rental in Desirable Sanford, FL

 

🌿 Discover Sustainable Luxury! 🏡 This 4-bed, 2-bath rental is perfect for the eco-conscious tenant. Say goodbye to hefty electricity bills with 34 Solar Panels ☀️—it's green living without sacrificing comfort!

 

🍲Extra Amenities:

- Extra fridge in the garage 🍎🥤—no more crammed shelves!

- Stay cool with ceiling fans in every room 🌀

- Custom lighting 💡 creates a cozy atmosphere.

 

🚰Stay Hydrated:

- Enjoy purified, soft water thanks to the water softener and purification system 💧

 

🛋️Moving Convienience:

- Washer and dryer included for an effortless move 🧺

- Added security with a Ring doorbell 🔒

 

🌳Outdoor Bliss:

- 25x25 paver patio perfect for gatherings or solitude 🌼

- Private hot tub in a fenced backyard—your private oasis 🛁

 

This rental is a harmonious blend of elegance, modern convenience, and sustainability 🌱. Don't miss this unique chance! 🌟

Aug. 17, 2023

Mortgage Rates Shift to Alarming 7.09%

Mortgage Rates Shift To Alarming 7.09%

 

🏡💼 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲𝘀 𝗦𝗵𝗶𝗳𝘁 𝘁𝗼 𝗔𝗹𝗮𝗿𝗺𝗶𝗻𝗴 𝟳.𝟬𝟵%: 𝗜𝗺𝗽𝗮𝗰𝘁 𝗢𝗻 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗚𝗿𝗼𝘄𝘁𝗵 📈🏠

 

In the realm of real estate, significant shifts are at play, and we're here to break down the latest insights. 🏘️💼 Mortgage rates have taken a noteworthy leap, crossing the 7.09% mark – a factor that has sparked a series of impactful reactions across the housing market.

 

With mortgage applications for home purchases plummeting by 40% compared to 2022 and 2019, we find ourselves in the midst of the 3rd most challenging week since 1995. These elevated mortgage rates, above the 7% threshold, have triggered a transformative effect on the market dynamics, resulting in decreased buyer engagement and a further dip in home sales during late July and August.

 

The Mortgage Bankers Association (MBA) attributes this sudden rate surge to a combination of factors, notably the Treasury's funding announcement and the downgrading of the U.S. government debt rating. This convergence of events has led to a chain reaction, with mortgage rates mirroring the Treasury yield rate escalation.

 

In this landscape of elevated mortgage rates, the trend of disappearing home buyers becomes evident. As we've observed, this phenomenon has persisted and intensified. Mortgage applications to purchase homes serve as a forward-looking indicator, providing insights into the trajectory of home sales over the coming months.

 

Amid these circumstances, the decision to refinance a mortgage at a time when rates are around 3% would likely be driven by the intention to obtain cash-out proceeds. As the real estate landscape navigates this evolving terrain, we're here to decode the intricacies and keep you informed every step of the way.

 

Stay tuned for more updates as we explore the ever-evolving world of real estate and the intricate factors that shape its trajectory.

Aug. 14, 2023

The Mortgage Game Changes

The Mortgage Game Changes

 

🏠💰 𝗪𝗵𝗲𝗻 𝗥𝗮𝘁𝗲𝘀 𝗥𝗶𝘀𝗲, 𝗧𝗵𝗲 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗚𝗮𝗺𝗲 𝗖𝗵𝗮𝗻𝗴𝗲𝘀: 𝗢𝘂𝗿 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗠𝗮𝗽. 📈

Hey, future homeowners and real estate enthusiasts! 🏡🤝 Let's dive into the world of mortgage rates and their fascinating impact on the real estate landscape. 📉💼

As the numbers climb on the rate scale, we're witnessing a direct correlation in mortgage application volumes. 📊📉 Higher rates mean a noticeable dip in applications – we're talking about nearly 50% less than just a few months ago! 😱💸

What's the ripple effect? 🌊📉 Our pool of potential buyers is shrinking, even though the inventory of homes remains relatively steady. It's like watching a balancing act unfold right before our eyes. ⚖️🏠 And guess what? It's not just a statistic – it's impacting the way we interact with the housing market on a day-to-day basis. 🏘️💬

Imagine this: fewer showings, fewer potential matches between homes and families. 🏡🔍 It's becoming a strategic dance, with every choice requiring a closer look at market shifts and interest rates. 💃💭

Comparables remain a strong indicator, telling us that the market itself is still vibrant. 💪📊 But it's time to put on our financial detective hats and consider the bigger picture – what were the interest rates when homes similar to yours were sold? 🧐🔍

So, here's the takeaway: the real estate landscape is evolving, and you're at the forefront of it all. 🚀💡 If you're looking to buy or sell, understanding these shifts can make all the difference. Share your thoughts below and let's unravel the mysteries of the mortgage game together! 🗣️🤝

Aug. 13, 2023

Trillion-Dollar Credit Card Debt

Trillion-Dollar Credit Card Debt

 

 

💳💸The Trillion-Dollar Debt Dilemma: Unveiling the Hidden Burden💳💸

 

"We just hit the staggering milestone of $1 trillion in credit card debt. 💳💸 It's a stark reminder that we have a serious spending problem as a society. 💔 But here's the thing - the problem starts from the top and trickles down, affecting each and every one of us. 😔 It's time to take a closer look at our financial choices.

 

A trillion dollars... let that sink in. 😱 Imagine if we invested that amount in education, healthcare, or environmental initiatives. 💡 The potential for positive change is immense! 🌍✨

 

We need to shift the conversation and start advocating for change. It's not just about canceling student loan debt anymore; it's time to address the elephant in the room - credit card debt. 🐘💔 We should be discussing better financial education, responsible spending, and exploring solutions to ease the burden of debt.

 

Imagine a world where bankruptcy laws evolve to include student loan debt, giving people a chance to rebuild their lives with less stress and more hope. 🤝💪 If that happens, we can expect a wave of bankruptcy filings and a fresh start for millions.

 

Let's raise our voices and spark a movement for change. 🔥💼 Together, we can empower ourselves and future generations to make wiser financial decisions. Join the conversation below and share your thoughts on how we can overcome this trillion-dollar challenge. 💬💪