https://www.aplaceformom.com/planning-a ... ommunities
Another at AARP on CCRC's.
https://www.aarp.org/caregiving/basics/ ... ities.html
What CCRCs Are
Part independent living, part assisted living and part skilled nursing home, CCRCs offer a tiered approach to the aging process, accommodating residents’ changing needs. Upon entering, healthy adults can reside independently in single-family homes, apartments or condominiums. When assistance with everyday activities becomes necessary, they can move into assisted living or nursing care facilities. These communities give older adults the option to live in one location for the duration of their life, with much of their future care already figured out. This can provide a great level of comfort to both your parents and you and take much of the stress out of the caregiving relationship.
Types of Contracts
There are three basic types of contracts for CCRCs:
Life Care or Extended Contract: This is the most expensive option, but offers unlimited assisted living, medical treatment and skilled nursing care without additional charges.
Modified Contract: This contract offers a set of services provided for a set length of time. When that time is expired, other services can be obtained, but for higher monthly fees.
Fee-for-Service Contract: The initial enrollment fee may be lower, but assisted living and skilled nursing will be paid for at their market rates.
Questions:
What CCRCs Cost
The most expensive of all long-term-care options, CCRCs require a hefty entrance fee as well as monthly charges. Entrance fees can range from $100,000 to $1 million — an upfront sum to prepay for care as well as to provide the facility money to operate. Monthly charges can range from $3,000 to $5,000, but may increase as needs change. These fees are dependent on a variety of factors including the health of your loved one(s), the type of housing they choose, whether they rent or buy, the number of residents living in the facility and the type of service contract. Additional fees may be incurred for other options including housekeeping, meal service, transportation and social activities.
1 Are there other types of financial arrangements not brought out in the articles that "Boglers" may be aware of through personal experience? Explain.
2 Potential financial pitfalls, pros/cons that "Boglers" have experience with?
3 Much like "Boglers" might keep SPIA's on the table as an option in retirement. Are there any here that might considder CCRC's for self or family? Why?
My MIL is elderly (90+) with dementia so this is a timely topic.
mahalo,
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