Assisted Living Communities in Richmond, Indiana

The Dayton metro has relatively pricey assisted living rates, with Richmond seniors paying $5,245 per month for this level of care. In Muncie, which is located about 40 miles north of Richmond, care costs are closer to the state median at $4,645, and in Indiana’s capital city of Indianapolis, rates are a little lower at $4,573. Those seeking affordable care may consider Bloomington, where care costs are well below the national median at $2,840.  

Compared to the rest of Indiana and the nation as a whole, Richmond is a fairly expensive option for assisted living. Local residential care facilities charge $5,245 per month on average, which is nearly $1,000 more than the state median of $4,382 and the national monthly rate of $4,300. 

While many families use their own funds or personal assets to pay for assisted living, there are plenty of additional options to cover these costs. Some additional ways to finance assisted living costs include:

• Veterans Benefits
• Life Insurance Policy
• Long-Term Care Insurance
• Reverse Mortgage

For more information about different ways to finance assisted living, visit our Assisted Living in Indiana page.

Seniors in Richmond have several care options available to them, depending on their level of needs and living preferences. Homemaker services, which feature a similar scope of care to assisted living but are administered in the individual’s home, cost an average of $4,763 per month. Home health aide services include some skilled nursing services and are roughly the same at $4,767. The survey doesn’t include cost data for local adult day health care facilities, but statewide, this is the cheapest care option at $1,733 per month. Assisted living is the cheapest residential option at $5,245, and nursing homes charge the highest rates of $8,699 for shared rooms and $9,825 for private rooms.  

In Richmond, assisted living facilities are officially licensed as residential care facilities by the Indiana Department of Health. This department has a range of guidelines in place to ensure qualified caregivers, comfortable accommodations and a high standard of care for residents. 

• Seniors in Richmond pay state income taxes on pension income and withdrawals from investments and retirement accounts. However, Social Security benefits aren’t taxed at the state level, which may make Indiana a financially viable option for those who rely primarily on this form of income.  
• Richmond is a very affordable place to live, with a cost of living over 30% lower than the national average, which may help older adults’ retirement income stretch further. Transportation costs such as gasoline, auto insurance and public transportation are about 40% below the national average, and housing costs are about 65% below average. Seniors may also save money on miscellaneous expenses such as restaurant meals and entertainment. 
• Crime is a little more common in Richmond than in similarly sized cities in Indiana. On a 100-point index, the city’s violent crime rate is about seven points higher than the national score at 30.2, and the property crime scores 66.7 compared to the national median of 35.4. This may make a secured assisted living facility a safe option for older adults.  
• On a 10-point comfort index, Richmond’s weather rates are slightly more comfortable than the typical U.S. city with a score of 7.1 compared to the national average of 7. July is humid and warm with temperatures around 84, but humidity is generally low for the rest of the year. January is the snowiest month with about six inches of annual snowfall, and temperatures are chilly with lows in the teens. 
• Health care is relatively affordable in Richmond, making the city a good option for those managing chronic conditions. Health-related costs such as doctor’s office visits and hospital stays are about 12% below the national median. There are about 221 physicians per 100,000 people, which is slightly higher than the national rate of 210 and may make it easy to schedule appointments. Reid Health is located in the city and provides emergency and urgent care along with primary and specialty care services.