Among Friends

[Solar Is My Name]

CCRC Type A contract -- Continuing Care Retirement Community type A contract, what is your experience with that and other contracts?

With the CCRC type A contract one knows up front that continuing care is assured, be it assisted living or skilled nursing -- at least in the community we are investigating -- that is why the entrance fee is so high. Of course there is also a monthly fee, but one knows that signing up.

What has been your experience? (Your loved ones, or you, may already be in a CCRC community.)

Thanks for your reponses. We are not ready to make a commitment but are in the process of collecting info for the future. (We are big ones for being "prepared" -- old scouts!  ) 

We do not work for a retirement community -- this is our genuine search about this subject.

Thanks so much!

-Solar 

[Snowpuppy]

Boy did I get an eye opening experience this morning...

A former senior living community just hit the local real estate market. It's vacant. 

Contract or not girl, you're renting from a landlord. 

[chessylady]

I am single and have no children. I have a pension and social security. My plan is to stay as healthy as I can for as long as I can and save my money. Eventually I will hire a home aide to help me. If need be, I will resort to a reverse mortgage. My home is paid for. I hope to stay in my home until I die.

[kaydee50]

At one time we seriously considered a "life care community."  But for various reasons we changed our mind.  Now, I might consider one if I were alone and elderly or was in poor health.  Be aware that in addition to the hefty entrance fee, the monthly fee will go up every year as will the fee if assisted living or nursing home care is required.  

The biggest benefit, IMO, is the access to specialized care if needed.  Otherwise, staying in our present home is, for us, a much better option.

Just an addition--at the start of the pandemic I know for a fact that the residents of a live care community that we were considering were in quarantine and were not allowed to leave their apartments for weeks.  Meals were delivered to them and there were many restrictions on their movements.  I would not have been a happy camper--LOL!!!

[Kachina624]

@kaydee50    I think the situation you describe in nursing homes during the height of the pandemic was typical.  I know that's the way they did it here and I know of homes in the East that did the same.  They didn't have much choice.  Trying to keep people safe.

[cotton4me]

I live in a CCRC and I’m very happy with it.  The one I’m in is a nonprofit and associated with a church (Episcopal).  Their lifecare plan is such that if you need a higher level of care, you still pay the same rate as independent living.  This is huge because higher levels of care are very expensive.  They also have a foundation that will pay the monthly fee should you outlive your money.  Those are two important things to consider in looking for in a CCRC.  No matter what happens you will always be taken care of.  Look for ones with foundations that do this.  From the little knowledge I have it’s usually the ones associated with churches that do this, like the Quakers.

I no longer have any worries about my future and/or future care.  They have an excellent reputation, probably the highest rated in the area where I live. It’s also nice having everything under one roof – restaurants, library, swimming pool, fitness center, art center, woodworking shop, credit union, CVS, clinic, doctors, nurses, etc. 

They have a waitlist to get in so if you are considering entering one, I would suggest getting on their list early.  It can take years to get in.  Where I live, your name will eventually make its way to the top of the list and you will begin getting offers for apartments.  You can accept or reject any apartment offered and your name will still be at the top until something you like becomes available and/or you're ready to move. 

[granddi]

@Solar Is My Name Please search Edgemere in Dallas. This is an upscale senior living (with transition to assisted living). As described there is a large up front charge and then monthly fee.

Residences are guaranteed something like 90% of the entry fee refunded when they leave or die. 

(for brevity here) Edgemere is in or will be in bankrupcy. There are several holding companies that have financial interest plus the land the facility is setting on is not owned by the company. 

The kicker seems to be that you get your money back WHEN your unit is resold. And Edgemere has had declining occupancy since covid. Apparently there are not enough moving in to offset those moving out. 

So do your due diligence. 

[Shanus]

@Solar Is My Name   Long term care insurance here for both of us. My parents purchased it, too. It allowed my Dad to have nursing care in the apartment they bought in their retirement community. 

Dad passed away peacefully and had hospice in the apartment, so did Mom, but she reached a point where she needed meds and the helpers could not give it to her, so we moved her to nursing care within the same community. 

It wasn't inexepensive to live there with monthly fees and costs each month to eat a certain amount of meals in the dining room whether you went in there or not. It was far more expensive than groceries and/or cooking yourself. 

If you have this type of insurance, staying in your own home or apartment is a great way to live out your years...help is paid for if and when you need it and no obligation to pay monthly fees and dining costs. 

[ceekay]

@Solar Is My Name  - my mom moved to a life care facility 10 years ago.  It was owned by Marriott at the time and is now a Sunrise facility.  When she moved there were several options for "buying" the unit.  The always helpful "guys at work" built me a spreadsheet and determined that as long as my mom lived there for 5 years she would break even if she went with the non-refundable option.  A friend had told me that for the refundable options, your money was not refunded until the unit was resold. My mom's plan included one meal a day when she was in Independent living.  Just this past year, my mom moved to assisted living (after a stay in the health care center).  While the rate did not stay the same, it is not prohibitively expensive.  She now gets 3 meals a day included along with medication management, etc..  She loves it there and has been very happy all these years.  But as others have stated, there are lots of moving parts so I suggest you ask lots of questions to any facility you take a look at!  We have friends who moved to a place last year.  They lasted about 3 months.  Said there were too many old people. :-)  They are mid-70s and very active and none of us understood why they were moving in the first place.  Guess it was too soon for them.

My mother-in-law lived in a chuch affiliated place (all 3 levels of care) and was in her own apartment for over 11 years.  Her plan at the time included 3 meals a day.  I believe they currently include just one meal.  She had several stays in their health care center for various issues and the cost did not change.  

Good luck with your explorations, there are lots of options!  

[granddi]

@ceekay look at!  We have friends who moved to a place last year.  They lasted about 3 months.  Said there were too many old people. :-)  They are mid-70s and very active and none of us understood why they were moving in the first place.  Guess it was too soon for them.

Thank you!!

I was visiting with a resident of an upscale senior living facility who volunteers at their resell shop. She said, people think they can just move their "stuff" from their home into an apartment. It just does not work. The rooms are smaller. and fewer, less wall space and shelves, and definitely less storage/closets. She said the little resell shop has a room full of china, glass wear, serving dishes and beautiful decorative items that people expected to be able to use in their downsized apartment. 

You are also told that you can transition to assisted living or memory care. The fine print is that IF there is a vacancy.