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That is the crux of the question for us and we are finding out others. How to be in place sooner than to late. Ideally you want to be there and in place prior to needing any assistance. This makes being there home and not dislocated when you or a spouse need more. On the other hand especially when paying monthly you could consider yourself being there to soon. Losing a parent or a sibling and knowing their life would have been better and probably prolonged had they been there makes you think. I have heard from others that some places do have a number of late 60's folks in their program. Location is evidently a driver of the number and level of facilities available.
some wont take you unless you pass a health check and live in independent care first. You also need to have money which they check. Some also have a buy in price etc. I read of one in West Palm FL MCkeen Towers which looked nice. Rates were average for that area.
Last edited by maggiekate; 05-21-2016 at 09:09 PM..
some wont take you unless you pass a health check and live in independent care first. You also need to have money which they check. Some also have a buy in price etc. I read of one in West Palm FL MCkeen Towers which looked nice. Rates were average for that area.
When I checked various places, some made sure to ask if I can live independently now. We can. Some of these places have upgrade options, I have to check more. Thanks.
some wont take you unless you pass a health check and live in independent care first. You also need to have money which they check. Some also have a buy in price etc. I read of one in West Palm FL MCkeen Towers which looked nice. Rates were average for that area.
When you say average, west palm isn't cheap. Do you have any idea of the cost? I looked them up on the net but I'd have to call for prices.
For a high quality CCRC you will need in the range of 300-400k for the buy in and 3k give or take per month in fees. Fees less if buy in more etc etc. For monthly lease facilities up to 7k or more depending on unit size or 350-600k if buying a unit to own and several Thousand per month in fees. The cost is usually in the range of what upper middle class in the area can afford. These prices are non subsidized by government and many of the top places are not participating in subsidized programs.
Home equity is your buy in and the income streams needs to be long term and secure. Like in pensions, SS, annuities and a boatload of investments. There are additional fees for a second person
Wayyy out of my range. I'll be checking again with holiday touch retirement places (not too expensive) to ask more questions about what happens if. No buy ins but not luxury and not all inclusive. We looked at one in central west Florida (Spring Haven) that seemed to be OK. But while I have time I want to check other places out.
Wayyy out of my range. I'll be checking again with holiday touch retirement places (not too expensive) to ask more questions about what happens if. No buy ins but not luxury and not all inclusive. We looked at one in central west Florida (Spring Haven) that seemed to be OK. But while I have time I want to check other places out.
Before you buy I think it is best to have an attorney read all the papers. Some have a pay as you go for what you need with rates go up as they provide more care.
Some use the upfront money which you don't get back so it cares for people needing more care. this plan you don't pay more if you need assisted living there.
Some give you part of the money back when they sell your place but assisted living is based on full cost.
McKeen Towers I think was a few thousand for independent living.
Before you buy I think it is best to have an attorney read all the papers. Some have a pay as you go for what you need with rates go up as they provide more care.
Some use the upfront money which you don't get back so it cares for people needing more care. this plan you don't pay more if you need assisted living there.
Some give you part of the money back when they sell your place but assisted living is based on full cost.
McKeen Towers I think was a few thousand for independent living.
I'll call and check. Yes, the big buy ins are out of my range, I am aware of some of the differences but seems like you need to be a finance expert to understand Option A and B, etc. Kind of like making out a will, it's hard to figure sometimes.
Apologies for not reading through the whole thread, but for some details on our CCRC... to be used for price, facility or activity comparisons, here is the first of two contiguous posts that describe where we have lived for the past 12 years. you could search for liberty village Illinois, or simply the finest for the full website.
Today, though, with parts of the continuing-care market in financial trouble, residents and would-be residents are grappling with a fundamental question: Can continuing-care developments keep their promise?
The picture currently isn't pretty. As the economic downturn has made it tougher for potential new residents to sell their existing homes and move in, a number of individual communities and one of the country's largest developers of such facilities, Erickson Retirement Communities, have sought bankruptcy protection.
Some projects have been abandoned mid-construction. Others are trimming staff, reducing the number of meals served or delaying the opening of assisted-living or skilled-nursing units.
Would-be residents, meanwhile, are discovering the difficulties in looking beyond the amenities that make many continuing-care developments so attractive at first glance—upscale housing, fine dining, fitness centers—and digging into a community's finances.
I have a friend, age 73, who, in the last 4 years, has had a stroke and broken a hip, both of which she has recovered from reasonably well, with some limitations. She lives alone, little family, has many friends, but these two major events in her life frightened her. She made plans to enter a CCRC , a very nice one literally blocks from her current home, and was offered a unit-one bedroom, one bath, small "den" in the part of the complex she liked. Yesterday, when I had lunch with her and the group that meets monthly, she said she had decided to stay in her home for the foreseeable future, and just could not bring herself to live in such a small space, and give up some of her freedom. Also she is an introvert and was not enthralled with the activities that were offered. Basically, she felt she was "not ready" for this kind of communal living, although "that may change in my 80s".
Another friend, age 70- widowed 4 years ago, who was at this same lunch, is moving to Virginia to be closer to daughter and grandchildren. It has been a hard decision, given that she really likes her current home and town, but the traveling back and forth 8 hours was becoming too much. She too looked at a CCRC, a very lovely one near her daughter, but has ultimately decided to buy another house, somewhat smaller than the one she has, because she does not want to give up space, a certain amount of independence, and she is ,again, "not ready" .
I don't really have any conclusions to draw, except to wonder if this is becoming more of a trend, which might increase with baby boomers. As has been stated here many times, this is a new aging generation and what they want, and, most significantly, how they view themselves , is different than previous aging generations. Stay tuned!
Catsy
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