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CRCC: A continuing care retirement community (also known as a CCRC) is a community that offers multiple care levels all on one campus. These multiple care levels — often referred to as a “continuum of care” — are meant to provide either most or all of the care you'll need throughout your lifetime.*
I strongly agree. For the kind of money the OP is talking about you can buy a lot of quality in home care.
Yes, but there are a lot of things a CCRC offers that in-home care can't. For example, my mom was in independent living in a CCRC. All was great until she had a stroke and then a seizure event. For a while she had 24/7 in-home care. The quality of the aides was hit or miss. Mom was very isolated in her own apartment. And the cost--$14,000/month in addition to the monthly $2,000 was not a long term option even with ltc insurance.
She's much happier in the skilled nursing facility. She has her own private room, lots of daily activities including field trips off campus, and people her own age to eat meals with. They have staff that oversee social activities. There's a rosary group that meets weekly, entertainers and musicians are scheduled monthly, etc.
Yes, the cost is comparable, but her quality of life is head and shoulders above what it was when she was in independent living.
I think some people don't realize there's a whole spectrum of decline. It's not just either you're okay on your own or you're bedridden. It's the gray area that can cause the most trouble.
At those prices, Patriots Colony is definitely out of our consideration. We're definitely looking at the Active Adult/55+ communities but that's not an absolute. It depends on what amenities are offered and the costs. Ideally we want a fitness center, indoor/outdoor swimming pools, walking/biking trails, exterior maintenance and lawn care.
I have this and more in my urban condominium. Well, maybe not the walking/biking trails, but those are close by. No huge buy-in fee, no multi-thousand-dollar monthly fee.
I looked into CCRC's before I bought my condo. It just didn't make financial sense to me. I have long-term care insurance to help with any physical decline.
And I prefer living in a diverse community, not one where everyone is 55+. Sometimes I visit a friend who lives in The Villages, and I always think that if I were required to live in such an environment, my response would be just shoot me now.
Yes, but there are a lot of things a CCRC offers that in-home care can't. For example, my mom was in independent living in a CCRC. All was great until she had a stroke and then a seizure event. For a while she had 24/7 in-home care. The quality of the aides was hit or miss. Mom was very isolated in her own apartment. And the cost--$14,000/month in addition to the monthly $2,000 was not a long term option even with ltc insurance.
She's much happier in the skilled nursing facility. She has her own private room, lots of daily activities including field trips off campus, and people her own age to eat meals with. They have staff that oversee social activities. There's a rosary group that meets weekly, entertainers and musicians are scheduled monthly, etc.
Yes, the cost is comparable, but her quality of life is head and shoulders above what it was when she was in independent living.
I think some people don't realize there's a whole spectrum of decline. It's not just either you're okay on your own or you're bedridden. It's the gray area that can cause the most trouble.
This is something I have considered in recent years. A neighbor had a stroke a few years ago and has had outside help coming to her house daily for about 3 years now. They come 3 times a day. She doesn't go out much. Doesn't even come out to sit outside on a nice day. Sometimes during the week the helpers take her to a doctor appointment and almost every Sunday to church. Other than that, she only sees her caregivers. Her son comes by once a week or every few weeks. Occasionally out of town relatives come and stay for a week or two.
When I consider if that is what I might want if/when I decline, I have to say no. It would be very lonely for me. And I would go nuts being in the house all the time. I need to get out and be with people, even if they aren't the most exciting people in the world. Living in a facility would provide the socialization I need.
I have this and more in my urban condominium. Well, maybe not the walking/biking trails, but those are close by. No huge buy-in fee, no multi-thousand-dollar monthly fee.
I looked into CCRC's before I bought my condo. It just didn't make financial sense to me. I have long-term care insurance to help with any physical decline.
And I prefer living in a diverse community, not one where everyone is 55+. Sometimes I visit a friend who lives in The Villages, and I always think that if I were required to live in such an environment, my response would be just shoot me now.
It doesn't have to be a 55+ community as long as the include amenities and costs are reasonable. I know I have to balance the cost of amenities include in the HOA fee with the cost of obtaining those amenities outside the community.
As for diversity, it depends. I have no problems with race, religion, ethnicity, religion, political philosophy, etc. However, regarding age diversity, by this time in my life I'm not interested in living around a lot of families with young children. Been there, done that, and not interested anymore. Nor am I interested in living in a community where a bunch of 70 and 80+ year olds spend all day gossiping about everyone else or just waiting for their next doctor's appointment.
My preference is for a community where the majority shares a similar socio-economic background which is why Patriots Colony as a military CCRC appealed to me.
I forgot to add that we're looking into LTC policies. I've been researching on the Federal Long Term Care Insurance website assuming that its probably cheaper than anywhere else. Of course there are so many options that there is a wide range of costs depending on your choices. For the options I chose my bi-weekly costs ranged from $46.07 to $122.56.
Yes, but there are a lot of things a CCRC offers that in-home care can't. For example, my mom was in independent living in a CCRC. All was great until she had a stroke and then a seizure event. For a while she had 24/7 in-home care. The quality of the aides was hit or miss. Mom was very isolated in her own apartment. And the cost--$14,000/month in addition to the monthly $2,000 was not a long term option even with ltc insurance.
She's much happier in the skilled nursing facility. She has her own private room, lots of daily activities including field trips off campus, and people her own age to eat meals with. They have staff that oversee social activities. There's a rosary group that meets weekly, entertainers and musicians are scheduled monthly, etc.
Yes, the cost is comparable, but her quality of life is head and shoulders above what it was when she was in independent living.
I think some people don't realize there's a whole spectrum of decline. It's not just either you're okay on your own or you're bedridden. It's the gray area that can cause the most trouble.
Totally agree. No older person I've ever known who needed specialized care (and almost all did in one way or the other sooner or later) EVER thought they would need it. They all intended to live in their own homes and be self-sufficient. That's the beauty of CCRCs..
I forgot to add that we're looking into LTC policies. I've been researching on the Federal Long Term Care Insurance website assuming that its probably cheaper than anywhere else. Of course there are so many options that there is a wide range of costs depending on your choices. For the options I chose my bi-weekly costs ranged from $46.07 to $122.56.
Just saw an article yesterday on LTC insurance. It went on to say don't expect these policies to cover anywhere close to what a person may ultimately need.
Just saw an article yesterday on LTC insurance. It went on to say don't expect these policies to cover anywhere close to what a person may ultimately need.
The higher premiums come with automatic 4% or 5% inflation increases. The premium for these never changes but the coverage does.
For the cheaper premiums (Future Purchase Option) you have a choice every two years to accept increased premiums for increased coverage.
I'm leaning towards the cheaper premiums and periodically agreeing to the bi-annual increases. Considering that the FPO premiums are 40% and 30% of the 4% and 5% automatic inflation premiums for the same initial coverage, it should take many, many years before the FPO premiums exceed the others. Of course the wild card is they don't state specifically (at least I can't find it) how they plan to determine the bi-annual increases. My assumption is that it would be two years of either 4% or 5% increases. Of course if its higher the rates would catch up sooner, but it should still be many years down the road.
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