Options Archives - BusinessWest

Western Mass. Offers Plenty of Local Shopping Options

By Kailey Houle November 10, 2022

Gifts Close to Home

It’s not always easy to find the perfect gift item for everyone on your list, but, thankfully, Western Mass. provides plenty of experiences to share — from axe throwing to massages; from wine tastings to pottery making — not to mention gift items like books, toys, locally created art pieces … the list goes on. So, if you’re looking to shop local, eat local, and support area businesses and organizations — and, in turn, boost the region’s economy at a time when it could really use the lift — here are some suggestions to get you started. Happy holidays, and happy shopping!

Agawam Axe House

396 Main St., Suite A, Agawam

(413) 292-6549; www.agawamaxe.com

The Agawam Axe House is one of only a few axe-throwing spots in the area. With an 18+, reservation-only hour slot, people can practice their aim in one of the six lanes available; parties and events are also welcome. For a more family-friendly approach, Agawam Axe House offers ‘footbowling,’ the perfect combo of the fun of throwing a football and trying to knock town 10 pins in bowling for ages 12 and up. Gift certificates are available online and in-store.

Berkshire East Mountain Resort

66 Thunder Mountain Road, Charlemont

(413) 339-6618;
www.berkshireeast.com

Berkshire East is a four-season resort that offers a downhill mountain bike park, skiing, snowboarding, tubing, snowshoe trails, three zipline tours, whitewater rafting trips, one of the longest mountain coasters in the world, an adventure park, a rustic farm inn and wedding center, a restaurant, and lots of facilities at which to host an event or stay at after a day on the mountain. It also hosts group events. Passes, admission, and gift cards are available online.

Bohdii Boutique

34 Center Square, East Longmeadow

(413) 224-1672;
www.bohdiiboutique.com

The Bohdii Boutique is a women’s clothing boutique with a focus on trendy and affordable clothing. It also sells shoes, jewelry, hats, and accessories; there is also a home and wellness section, stocked with phone cases, wine glasses and wine tags, dog clothes, candles and matches, and keychains. The boutique holds pop-up events throughout the month at both its East Longmeadow and Boston locations.

Champagne Apothecary

38 School St., Westfield

(413) 579-5077;
www.champagneapothecary.com

At Champagne Apothecary, owner Amber Champagne-Matos — a licensed esthetician and herbalist for almost a decade — offers a vast variety of handcrafted self-care products, scents, and gifts, including but not limited to nail care, hair care, skin care, men’s grooming, fragrance, and Champagne-Matos’s own line, ETHYST Skincare. Gift cards are available. She offers virtual skin-care sessions and business-consulting sessions as well.

Common Grounds Cafe

2341 Boston Road, Wilbraham

(413) 279-1700

Coffee Grounds Cafe in the Wilbraham Shops offers a variety of coffees, teas, lattes and breakfast foods. The menu of this family- and pet-friendly establishment changes regularly, with seasonal options available for takeout or delivery. A small seated area is also available for dining in. Wilbraham Local Gift Cards are accepted here.

Connecticut Valley Brewing Co.

765 Sullivan Ave.,
South Windsor, Conn.

(860) 644-2707;
www.ctvalleybrewing.com

Connecticut Valley Brewing Co. has a taproom in South Windsor that offers an array of IPAs, pale ales, sours, lagers, NEIPAs, spiked seltzers, spiked smoothies, and more. Events are held at the taproom with a family-friendly atmosphere. In late 2019, the company launched Birdhouse Coffee, a café and roastery that celebrates ethically sourced and produced coffee, and in 2021, it launched its an in-house kitchen producing a variety of shareables, entrees, breads, pastries, and more.

CyclePottery

CyclePottery

42 Maple St., Florence

(413) 333-8893; www.cyclepottery.com

CyclePottery studio offers classes, lessons, and workshops for beginners to advanced potters; birthday parties, special occasions, and private workshops are also available. Extra-needs-friendly classes are available as well. The facility boasts five Brent wheels, a production-size Skutt kiln, a smaller L&L kiln, a North Star slab roller, two large hand-building tables, two large glazing tables, lots of light, and two porches. Gift cards are available online and in-store.

Echo Hill Orchards & Winery

Echo Hill Orchards & Winery

101 Wilbraham Road, Monson

(413) 267-3303;
www.echohillorchards.com

Echo Hills is a family-owned and operated pick-your-own orchard that grows apples, peaches, pears, pumpkins, sunflowers, and wildflowers in season. It makes wine, moonshine, spirits, and liquors out of fruits that are grown on the farm, using apples as the base. The winery and distillery offers tastings, also including a variety of seasonal drinks made in-house. Because outside food and drinks aren’t allowed, food-truck vendors are on site to help soak up the alcohol.

Elements Hot Tub Spa

373 Main St., Amherst

(413) 256-8827;
www.elementshottubspa.com

Elements Hot Tub Spa offers an array of spa packages and services, including but not limited to massages, skincare, facials, waxing, body treatments, spiritual wellness, and enhancements. There are also a handful of hot-tub and sauna rooms for visitors, both indoors and outdoors. Gift cards are available online and in-store.

Elements Massage

379 Russell St., Hadley

(413) 301-0625;
www.elementsmassage.com/hadley

Elements Massage (not associated with Elements Hot Tubs Spa) offers an array of massages and packages, including but not limited to deep tissue, Swedish, sports, trigger point, stretch, and couples massages. Gift cards are available online and in store.

Enjoy Boutique

4 Deerfield Ave., Shelburne Falls

(413) 687-0827; www.storeenjoy.com

Enjoy Boutique is a boutique clothing, accessory, and gift shop, specializing in ethically and sustainably made goods; it sells brands like Cut Loose, Free People, Origin, Magnolia Pearl, and more. Adjacent to Shelburne Falls’ famed Glacial Potholes and just a few blocks from the gorgeous Bridge of Flowers, the boutique includes fair-trade items, organically grown textiles, eco-conscious wares, and one-of-a-kind artisan goods.

Feel Good Shop Local

(413) 252-5400;
www.feelgoodshoplocal.com

Fueled by the COVID-19 crisis, Feel Good Shop Local was founded in 2020 to ensure local small businesses would not be left out of the online shopping and discovery experience. The website has different options for how to shop: by occasion, price, recipient, interests, values, and what’s popular. The array of local shops feature clothing, jewelry, blankets, candles, accessories, skincare, and much more — and local retailers are being added all the time.

Flora! the Shop

61 Bridge St., Shelburne Falls

(413) 695-7379;
www.floratheshop.com

Flora! the Shop is a gift shop offering a wide variety of items: art, photography, and canvas prints from featured artists and artisans from Boston to Brooklyn to Burbank, as well as jewelry, face masks, lip balms and butters, calendars, chocolate, coffee and tea, candles, blankets, incense, planters, ornaments, pet bowls, pet placemats, gifts for holidays and special occasions, coloring books, puzzles, notebooks, stickers, and more.

Fun Hub Action Park

367 Russell St., Hadley

(413) 438-6482;
www.funhubactionpark.com

Fun Hub Action Park is a family-friendly arcade and play facility for ages 3 and up. Different admissions packages allow access to the various attractions offered, including climbing walls, a virtual-reality arena, bumper cars, a ninja course, trampolines, balance beams, ziplining, a multi-level playground, and much more. The facility hosts birthday parties, group events, and fundraisers. Tickets, packages, and gift cards may be purchased online or in stores.

Glendale Ridge Vineyard

155 Glendale Road, Southampton

(413) 527-0164;
www.glendaleridgevineyard.com

Glendale Ridge Vineyard estate wines are grown, produced, and bottled in Southampton. The business produces unique wines using grapes carefully sourced from the best vineyards on Long Island and in the Finger Lakes region of New York. Wines, select pantry goods, and merchandise are sold in store and online, and white, red, rose, dessert, and sparkling wines are available. The vineyard offers gift-box options with local ingredients. The grounds overlook Mount Tom and the Seven Sisters range, and the building features indoor seating and space for private events.

The Grati Shop

The Grati Shop

2440 Boston Road, Wilbraham

(413) 279-1546; www.thegratishop.com

The Grati Shop is a comfortable fashion boutique that focuses on doing good and giving back. The store offers a selection of sweaters, pants, shoes, jewelry, accessories, and a cruelty-free beauty line. Owner Kelly Partridge holds regular events and fundraisers to support small businesses and give back to the local community.

Hallie’s Comet Fine Jewelry

www.halliescomet.com

Christina O’Keefe, owner and craftsman of Hallie’s Comet Fine Jewelry, uses semi-precious gemstones and metals from gem shows and showrooms from across the country to make a variety of fine jewelry pieces, such as necklaces, earrings, and bracelets. Bridal and custom pieces are available upon request.

High Five Books

High Five Books

141 North Main St., Florence

(413) 200-0197;
www.highfivebooks.org

High Five Books is an independent kids’ community bookstore in downtown Florence — a local go-to for graphic novels, middle-grade readers, and picture books, plus art kits and other creative supplies. High Five Books offers storytimes, book and art events, author and illustrator experiences, and other family-based community programs around literacy and creativity. It shares a space with Art Always, an art school for children and adults.

Jackalope Restaurant

254 Worthington St., Springfield

(413) 233-4422;
www.eatjackalope.com

Jackalope Restaurant is part of downtown Springfield’s growing entertainment district. It offers a variety of foods, including seafood, beef, and poultry. The restaurant also offers an extensive drinks menu, including but not limited to red and white wines, bourbon and whiskey, cocktails, beers, and hard ciders. Reservations can be made online.

Kestrel

22 Masonic St., Northampton

(413) 341-3115; www.kestrelshop.com

Kestrel was born from a passion to merge the love of nature with the beauty of handmade craft and design. It carefully seeks out local and national artisans who make, create, and handcraft beautiful wares, furniture, and jewelry and nurtures a minimalist modern and vintage aesthetic with an emphasis on horticulture. Amongst the fine jewelery, visitors are able to browse plant pots, blankets, candles, ceramics, paper goods, and much more. Gift cards are available online and in store.

The Mill District

91 Cowls Road, Amherst

(413) 836-1765;
www.themilldistrictna.com

Built on the 275-year history of Amherst’s agro-industrial past, the Mill District boasts locally owned stores, events, and apartments that are intentionally designed to be a place to reconnect in the internet age. This mixed-use development is home to Graze Craze, Balanced Birch, the Closet, Provisions, Cowls Building Supply, Big Basket Market, the Mill District General Store, and the Mill District Local Art Gallery. Events are held throughout the month that often include pop-ups for other local artisans and business owners.

Monsoon Roastery & Espresso Bar

250 Albany St., Springfield

(413) 366-1123;
www.monsoonroastery.com

Monsoon Roastery & Espresso Bar is an environmentally conscious, community coffee roaster and hallway espresso bar serving serve lattes, cold brews, and cans of beans. Through the week, it brings in locally baked pastries from Nosh Bakery, Granny’s Baking Table, Comfort Bagel, and Wicked Whisk Creations. Monsoon offers an array of coffee-bean blends. Coffee subscriptions and Monsoon Roastery & Espresso Bar gift certificates are available for purchase.

Nosh Restaurant & Café

1341 Main St., Springfield

(413) 391-7948;
www.noshspringfield.com

Nosh Restaurant & Café is a vegan-friendly sandwich shop at the Shops at Marketplace. Other options include breakfast, salads, burgers, soups, sweet potato bowls, and desserts. All breads are house-made (and may vary daily), including a new gluten-free bread option. Nosh offers weekly specials, soups, and sweets based on seasonal foods. Catering and gift cards are available. The owners work directly with local purveyors such as Bardwell Farms in Hatfield, Corsello Butcheria in Easthampton, Monsoon Roastery in Springfield, Mama Life Oils in Wilbraham, and Top o’Hill Maple in Blandford.

Plum Boutique

281 Main St., Greenfield

(413) 475-3518; www.plum413.com

Plum Boutique seeks out the best in global design from women-owned enterprises and local artisans, then offers items to visitors as a curated experience. Plum prioritizes strategic partnerships with mission-based organizations and local businesses in an effort to galvanize and enrich the community. The boutique offers clothing, jewelry, shoes, accessories, bath and body items, crafts, journals, and more. Gift cards are available.

p.m. reed Carry Goods

p.m. reed Carry Goods

www.pmreedcarrygoods.com

Peter Reed, owner and craftsman of p.m. reed Carry Goods, designs and builds totes, messenger bags, aprons, and accessories for function and durability. Using “the best-quality waxed canvas and leather available,” each item is made to order, Reed notes. “They’re a workhorse for carryin’ your books, laptop, tablet, camera gear, knitting, groceries, spirits, or whatever you might be transportin’.”

Puffer’s Salon & Day Spa

56 Southwick Road, Westfield

(413)568-9000; www.pufferdayspa.com

Puffer’s Salon & Day Spa offers an array of services, ranging from haircuts and colors to massages and skin esthetics. Packages are available as well, including but not limited to a Spa Energizer package, a Day of Relaxation package, a New Mom package, and more; clients may also customize their own package, which can include hair care, a massage, makeup applications, manicures and pedicures, and more. Gift certificates are available online and in-store.

Ten Thousand Villages

82 Main St., Northampton

(413) 582-9338;
www.tenthousandvillages.com/northampton

Ten Thousand Villages is a fair-trade retailer of artisan-crafted home decor, personal accessories, and gift items from across the globe. Featuring products from more than 130 artisan groups in some 38 countries, the shop has spent more than 60 years cultivating trading relationships by which artisans receive a fair price for their work and consumers have access to distinctive handcrafted items. It seeks to establish long-term buying relationships in places where skilled artisans lack opportunities for income.

Thornes Marketplace

150 Main St., Northampton

(413) 584-5582;
www.thornesmarketplace.com

This historic commercial building in downtown Northampton is home to an array of independent, locally owned retailers and restaurants — some of which have thrived in Thornes for more than 40 years. There are an array of shops and restaurants to choose from: Booklink Bestsellers and Café, Captain Candy, Cedar Chest and Cedar Chest Fashion, Glimpse of Tibet, Backstop Seated Chair Massage, Yoga Sanctuary, and more. Gift cards and certificates are available in stores and on the various businesses’ websites.

White Lion Brewing Co.

White Lion Brewing Co.

1500 Main St., Springfield

(413) 455-0820; www.whitelionbrewing.com

White Lion Brewing Co. is a local taproom in the Springfield entertainment district. With a variety of IPAs, ales, stouts, sours, and more, White Lion also partners with Springfield native Andrew Brow — owner of Highbrow Wood Fired Kitchen + Bar in Northampton — to provide a full menu to taproom guests. Catering is available through the Wild Dandelion Mobile Beverage Catering app, offering a 20-foot mobile beverage trailer. Gift cards are available for purchase in store or online.

Kailey Houle can be reached at [email protected]

Insurance Special Coverage

New Challenges Emerge in Employee Benefits — but More Options, Too

By Contributor June 23, 2021

Give and Take

With five generations in today’s workforce, employee benefits are no one-size-fits-all proposition — yet, they remain a key issue for employers looking to attract and retain a skilled workforce. Striking a balance between what employees want and what the business can afford is certainly a challenge — but the flexibility and options available to employers these days makes the task a little easier to navigate.

By Mark Morris

Between demographic changes in the workforce and the impact of the pandemic, employers face multiple challenges these days in offering health insurance and other benefits to their workers.

In the U.S., 49% of people receive health-insurance coverage through their employer. According to the Kaiser Family Foundation, that percentage represents approximately 156 million Americans. Many of those workers also receive coverage for dental care and disability, as well as access to a retirement plan as part of a complete benefits package.

And, despite the increasing costs of health insurance, employers are not cutting back on this essential coverage, said Peter Miller, partner with Millbrook Benefits and Insurance Services in Springfield.

“They are trying to strike a balance between offering a benefits package that is attractive to new hires, while also trying to control costs and keep the business running,” he noted.

Traditional benefits, such as healthcare coverage and retirement plans, have always been important to employees. According to Patrick Leary, vice president of Work Benefits Research at LIMRA in Windsor, Conn., traditional benefits make up the core of an employer’s value proposition to employees.

In putting together a benefits package, an employer decides whether a particular offering will be paid 100% by the employer, or use a cost-sharing approach in which employees contribute as well. A third option, known as a voluntary benefit, is completely paid for by the employee.

LIMRA provides research for the insurance and financial-services industry. One significant trend Leary has studied is the expanding demographics of the workplace.

“There are now five generations in the labor force,” he said. “The oldest workers are staying longer, while Gen Z is just beginning to enter the workforce.”

Each generation has different benefit needs, and they are all looking to their employer to address them. Voluntary benefits are one way for an employer to accommodate different needs among a diverse employee population.

Peter Miller

“They are trying to strike a balance between offering a benefits package that is attractive to new hires, while also trying to control costs and keep the business running.”

“A company can offer a broad-based plan where some benefits appeal to younger workers and some to older,” Leary said. “Because they are voluntary benefits, the employer can address the various needs of their employees without increasing their costs.”

He emphasized the importance of employers working with a benefits consultant to find the right mix. “Part of the process involves the employer understanding their current employees and the types of workers they plan to recruit for the future.”

Employers typically add benefits to make their companies more attractive to the specific types of workers they seek. For example, Miller has been discussing benefit packages with a tech company looking to attract engineering graduates from prominent colleges. While traditional benefits are important, flexible work arrangements and college debt-repayment programs also have a strong appeal to this group.

“It’s important for employers to think outside the box to make themselves more attractive to the people they’re trying to hire,” he said.

College debt repayment offered as a formal benefit is relatively new, but it’s quickly becoming a popular benefit as more graduates enter the workforce saddled with large debt obligations.

Meredith Wise, president of the Employers Assoc. of the NorthEast, said employers are using different tactics to help new employees manage their student-loan debt. Some employers offer a hiring bonus so new employees can pay off a chunk of their student loan.

Another approach allows employees to pay down their debt and contribute to their retirement savings at the same time. Based on his conversations with employers, Leary said the 401(k)/student-loan payment approach strongly resonates with young employees.

“The amount the employee pays each month toward their debt is matched up to 5% by the employer in a 401(k) plan,” Wise said. “This is helpful to young workers who would not normally be thinking about their retirement savings because they are saddled with debt.”

What COVID Wrought

There’s nothing quite like a worldwide pandemic to remind everyone of the importance of having healthcare coverage. After 14 months of operating during the pandemic, the benefits professionals BusinessWest spoke with cited two notable trends: an increase in telehealth offerings and usage, as well as an increased demand for mental-health services.

“There’s definitely been an increase in utilization for traditional medicine and mental health,” Miller said.

Wise agreed. “Employers are looking at the mental-health benefits covered under their policies and, in many cases, are augmenting those benefits with employee-assistance programs,” she noted.

A survey released in March by America’s Health Insurance Plans reported that 56% of employees said their telehealth and mental-health services are more valuable now than they were a year ago, before COVID-19.”

Offering wellness programs as a benefit is another trend that has gained popularity in the last several years. “Employers are adding or increasing benefits around wellness, nutrition, stress management, and other areas,” Wise said.

In addition to health wellness, Leary said employers are increasingly offering financial wellness programs as a benefit.

Patrick Leary

“Some older employees might be sandwiched between taking care of their children and their parents at the same time, while others are looking at their planning needs for retirement.”

“If an employee is stressed out about their personal finances, it affects their productivity at work,” he said, pointing out that financial wellness is a benefit that can help employees at every stage of their careers by providing guidance tailored to their individual needs.

“It’s a chance to help younger employees get off to a good start and to check in with older Millennials, now approaching their 40s, about retirement planning and the telehealth benefit they can access,” Leary explained. “Some older employees might be sandwiched between taking care of their children and their parents at the same time, while others are looking at their planning needs for retirement.”

Because employees have so many different needs, communication around benefit offerings becomes essential. As COVID disrupted so many other norms, it also caused significant changes in benefit communications. But in this particular case, Miller said, the change was an improvement.

For years, the model for enrolling employees into a company’s benefit plan involved on-site meetings and speaking directly with as many employees as possible to make sure all their questions and concerns were addressed. Miller said the strong in-person presence continued even after the actual enrollments were done online.

“We’re doing many of our open-enrollment meetings now on Zoom,” he said. “One advantage is that you can gather employees no matter where they are for the live presentation, and they can ask questions, either by shouting them out or using the chat box.”

For employees who may be on vacation or traveling, the Zoom meeting is recorded and uploaded to a video-sharing platform like YouTube.

“Lots of people want to discuss their benefit options with their spouse,” Miller said. “Now they can, because everyone can access the presentation whenever they want.”

Miller said the video gives employers a tool they can use for the entire plan year. “When a new hire comes in, they can be directed to the link and listen in on the entire employee-benefit presentation. The video approach was one of the few positive developments that resulted from adjusting to COVID concerns.”

Sometimes, a new employee benefit can emerge from a catastrophe. At the onset of COVID, Leary said, employers were frantically setting people up at home just to keep their businesses in operation.

“Several months later, they began seeing the benefits of having people work from home,” Leary said. “While many are discussing a hybrid approach, where employees split their time between the office and home, working from home to some degree is now undeniable.”

Because his business lends itself to working remotely, Miller said his employees definitely perceive it as a benefit.

“If you asked me last February if working from home would be feasible, I would have said ‘no way,’” he noted. “But it not only works, it works very well.”

Help Wanted

These days, employers need every benefit they can offer when recruiting new employees. Despite businesses itching to expand, Miller said, employers face new challenges in doing so. “I’ve been doing this nearly 30 years, and I don’t ever remember so many different employers saying they can’t get good people.”

Local employers he’s speaking with are increasingly hiring workers from other states to meet their needs.

“My clients are looking for health plans that are more robust and have a national presence,” Miller said. “I’m hearing that from employers right here in Western Mass.”

For many, traditional benefits remain important, but they make up only a part of the employment experience. Leary said the move to remote work means employers and benefit consultants need to think in new ways to communicate benefits and enroll employees in a new hybrid environment.

“You can make the argument that flexible work schedules and the ability to work autonomously without having a manager look over your shoulder are also benefits that go beyond traditional health, dental, and disability plans,” Miller said.

It’s a trend to keep an eye on — one of many employers need to consider as they determine which benefits will attract and retain employees in a changing economy — while making sense for the company’s bottom line.

Senior Planning

Cost of Living

By Contributor August 18, 2020

Many Options Are Available for Seniors and Their Families

From the NATIONAL INSTITUTE ON AGING

Many older adults and caregivers worry about the cost of medical care. These expenses can use up a significant part of monthly income, even for families who thought they had saved enough.

How people pay for long-term care — whether delivered at home or in a hospital, assisted-living facility, or skilled-nursing facility — depends on their financial situation and the kinds of services they use. Often, they rely on a variety of payment sources, including personal funds, government programs, and private financing options.

Out of Pocket

At first, many older adults pay for care in part with their own money. They may use personal savings, a pension or other retirement fund, income from stocks and bonds, or proceeds from the sale of a home.

“How people pay for long-term care — whether delivered at home or in a hospital, assisted-living facility, or skilled-nursing facility — depends on their financial situation and the kinds of services they use.”

Professional care given in assisted-living facilities and continuing-care retirement communities is almost always paid for out of pocket, though Medicaid may pay some costs for people who meet financial and health requirements.

Medicare

Medicare is a federal government health-insurance program that pays some medical costs for people age 65 and older, and for all people with late-stage kidney failure. It also pays some medical costs for those who have gotten Social Security Disability Income (discussed later) for 24 months. It does not cover ongoing personal care at home, assisted living, or long-term care.

Medicaid

Some people may qualify for Medicaid, a combined federal and state program for low-income people and families. This program covers the costs of medical care and some types of long-term care for people who have limited income and meet other eligibility requirements.

Program of All-Inclusive Care for the Elderly (PACE)

PACE is a Medicare program that provides care and services to people who otherwise would need care in a nursing home. PACE covers medical, social-service, and long-term-care costs for frail people. It may pay for some or all of the long-term-care needs of a person with Alzheimer’s disease. PACE permits most people who qualify to continue living at home instead of moving to a long-term care facility. There may be a monthly charge.

State Health Insurance Assistance Program (SHIP)

SHIP, the State Health Insurance Assistance Program, is a national program offered in each state that provides counseling and assistance to people and their families on Medicare, Medicaid, and Medicare supplemental insurance (Medigap) matters.

Department of Veterans Affairs

The U.S. Department of Veterans Affairs (VA) may provide long-term care or at-home care for some veterans. If your family member or relative is eligible for veterans’ benefits, check with the VA or get in touch with the VA medical center nearest you. There could be a waiting list for VA nursing homes.

Social Security Disability Income (SSDI)

This type of Social Security is for people younger than age 65 who are disabled according to the Social Security Administration’s definition. For a person to qualify for Social Security Disability Income, he or she must be able to show that the person is unable to work, the condition will last at least a year, and the condition is expected to result in death. Social Security has ‘compassionate allowances’ to help people with Alzheimer’s disease, other dementias, and certain other serious medical conditions get disability benefits more quickly.

Private Financing Options for Long-term Care

In addition to personal and government funds, there are several private payment options, including long-term-care insurance (see story on this page), reverse mortgages, certain life-insurance policies, annuities, and trusts. Which option is best for a person depends on many factors, including the person’s age, health status, personal finances, and risk of needing care.

Reverse Mortgages for Seniors

A reverse mortgage is a special type of home loan that lets a homeowner convert part of the ownership value in his or her home into cash. Unlike a traditional home loan, no repayment is required until the borrower sells the home, no longer uses it as a main residence, or dies.

There are no income or medical requirements to get a reverse mortgage, but you must be age 62 or older. The loan amount is tax-free and can be used for any expense, including long-term care. However, if you have an existing mortgage or other debt against your home, you must use the funds to pay off those debts first.

Trusts

A trust is a legal entity that allows a person to transfer assets to another person, called the trustee. Once the trust is established, the trustee manages and controls the assets for the person or another beneficiary. You may choose to use a trust to provide flexible control of assets for an older adult or a person with a disability, which could include yourself or your spouse. Two types of trusts can help pay for long-term-care services: charitable remainder trusts and Medicaid disability trusts.

Life-Insurance Policies for Long-term Care

Some life insurance policies can help pay for long-term care. Some policies offer a combination product of both life insurance and long-term-care insurance.

Policies with an ‘accelerated death benefit’ provide tax-free cash advances while you are still alive. The advance is subtracted from the amount your beneficiaries will receive when you die.

You can get an accelerated death benefit if you live permanently in a nursing home, need long-term care for an extended time, are terminally ill, or have a life-threatening diagnosis such as AIDS. Check your life-insurance policy to see exactly what it covers.

You may be able to raise cash by selling your life-insurance policy for its current value. This option, known as a ‘life settlement,’ is usually available only to people age 70 and older. The proceeds are taxable and can be used for any reason, including paying for long-term care.

A similar arrangement, called a ‘viatical settlement,’ allows a terminally ill person to sell his or her life-insurance policy to an insurance company for a percentage of the death benefit on the policy. This option is typically used by people who are expected to live two years or less. A viatical settlement provides immediate cash, but it can be hard to get.

Using Annuities to Pay for Long-term Care

You may choose to enter into an annuity contract with an insurance company to help pay for long-term-care services. In exchange for a single payment or a series of payments, the insurance company will send you an annuity, which is a series of regular payments over a specified period of time. There are two types of annuities: immediate annuities and deferred long-term-care annuities.

Senior Planning

Paying for Care

By BusinessWest Staff August 6, 2019

What Options Are Available?

Many seniors are not aware of the options available for affordable housing and care as they age. In Massachusetts, there are a few financial-assistance programs that can assist low- to moderate-income seniors pay for both housing and care options. Residential care homes in Massachusetts offer seniors and disabled adults affordable housing options that include services such as homemade meals, snacks, scheduled activities, housekeeping, laundry, and clinical oversight with medication management.

“Many homes, like the Lathrop Home, offer private rooms, with shared common areas and daily activities to enrich the lives of the residents we serve,” said Crystal Cote-Stosz, executive director of the Northampton facility. “For many individuals, the offerings of a residential care home can bridge the care gap by providing assistance that is customized and affordable. Finances are a major consideration with life’s transitions, and for those of us needing support services such as meals, medication management, and assistance with personal care, making these choices can be difficult. Luckily for Massachusetts residents, subsidized care options are available in many residential care homes and assisted-living facilities.”

Paying for care is a significant stressor for families, especially for those who have not planned ahead or saved enough. According to a TD Bank study, one in five Millennials helps to financially support their aging parents, to the tune of $18,250 per year on average, and nearly three-quarters of the financial aid goes towards general living expenses like food and housing.

Both the state and federal government offer subsidy programs for residential care facilities, like the Lathrop Home, Cote-Stosz noted. The federal subsidy that assists individuals pay for residential care is through the Supplemental Security Income (SSI) program combined with the state Supplemental Security Program. Both programs work together to supplement an individual’s income to pay for the care provided by a residential care home.

The state program that assists residents in Massachusetts pay for residential care is called EAEDC (Emergency Aid to Elderly and Disabled Children). Residential care facilities like the Lathrop Home can have residents with monthly incomes up to $3,450 qualify for assistance paying for care. Many Massachusetts residential care facilities offer nursing on staff to triage residents’ clinical care needs, which allows individuals to remain independent from long-term care.

Residential care facilities provide application assistance for the financial-assistance programs available to those residents that spend down or require a subsidy application from point of admission. Individuals interested in residential care should visit the Massachusetts Assoc. of Residential Care Homes website at maresidentialcarehomes.org.

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