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Old 10-28-2018, 04:31 AM
 
3,511 posts, read 685,648 times
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The downside to CCRC, besides the huge buy-in, is that you usually must move into independent care - so at at stage you otherwise would have been fine on your own, and thus have to part with a huge outlay in cash at a time it's unnecessary. There's another way to do it:

My dad was able to live independently in his own home, with some minor modifications like a stair lift and grab bars in bathrooms, until his mid-80s. At that point, he needed an aide 3x a week do grocery shopping, run errands, provide transportation, etc.

At 90, his needs required a full-time aide, and the costs for in-home care were exorbitant. He thus moved into an assisted living facility, where he has a nice apartment located directly across the hall from the nurse's station. He wears a pendant to call for assistance, and the nurse helps him dress and shower, but most if the time he is fine on his own.

The cost? About $80,000 a year - which includes all food, along with social activies, music recitals, lectures from visiting professors, exercise classes, and access to "visiting" specialists. Since there was NO buy-in (assisted living facilities usually have little to none), the $400,000 that he did not have to put down will pay for five years of assisted living (and continue to earn money).

It's just another way to do it.
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Old 10-31-2018, 08:43 PM
 
2,571 posts, read 1,034,097 times
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Quote:
Originally Posted by Rachel976 View Post
The downside to CCRC, besides the huge buy-in, is that you usually must move into independent care - so at at stage you otherwise would have been fine on your own, and thus have to part with a huge outlay in cash at a time it's unnecessary. There's another way to do it:

My dad was able to live independently in his own home, with some minor modifications like a stair lift and grab bars in bathrooms, until his mid-80s. At that point, he needed an aide 3x a week do grocery shopping, run errands, provide transportation, etc.

At 90, his needs required a full-time aide, and the costs for in-home care were exorbitant. He thus moved into an assisted living facility, where he has a nice apartment located directly across the hall from the nurse's station. He wears a pendant to call for assistance, and the nurse helps him dress and shower, but most if the time he is fine on his own.

The cost? About $80,000 a year - which includes all food, along with social activies, music recitals, lectures from visiting professors, exercise classes, and access to "visiting" specialists. Since there was NO buy-in (assisted living facilities usually have little to none), the $400,000 that he did not have to put down will pay for five years of assisted living (and continue to earn money).

It's just another way to do it.
What's the plan if he requires skilled nursing, which could run $200-300k+ per year. My father-in law was about this age when he required extensive skilled nursing for about 6 years. He was in very good health prior to this.
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Old 11-02-2018, 04:46 PM
 
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Originally Posted by Lizap View Post
What's the plan if he requires skilled nursing, which could run $200-300k+ per year. My father-in law was about this age when he required extensive skilled nursing for about 6 years. He was in very good health prior to this.
Around here, skilled nursing is about $12,000 a month, or $150,000 a year.

Dad is now 92, and still in the assisted living place. It is extremely unlikely that at this age, he will be in a nursing home for six years, until 98. (And that would be if he had to go in now.) in fact, the average stay in a nursing home is only about a year, and only 2% survive 5+ years. We took all of that into consideration when dedicing about the CCRC option.

Remember, Dad lived independently for five extra years in his own home, instead of turning the $400,000 over to the CCRC and moving to independent living. Over those five years, he generated about 8% a year on that money, or more than $150,000. That amount would cover a year in the nursing home. After that, he's at the original $400,000, which would cover close to three more years. That would be a total of four years, and if he went in next year, would take him to 97.
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Old 11-03-2018, 10:10 AM
 
Location: SoCal
13,412 posts, read 6,404,610 times
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Quote:
Originally Posted by Rachel976 View Post
The downside to CCRC, besides the huge buy-in, is that you usually must move into independent care - so at at stage you otherwise would have been fine on your own, and thus have to part with a huge outlay in cash at a time it's unnecessary. There's another way to do it:

My dad was able to live independently in his own home, with some minor modifications like a stair lift and grab bars in bathrooms, until his mid-80s. At that point, he needed an aide 3x a week do grocery shopping, run errands, provide transportation, etc.

At 90, his needs required a full-time aide, and the costs for in-home care were exorbitant. He thus moved into an assisted living facility, where he has a nice apartment located directly across the hall from the nurse's station. He wears a pendant to call for assistance, and the nurse helps him dress and shower, but most if the time he is fine on his own.

The cost? About $80,000 a year - which includes all food, along with social activies, music recitals, lectures from visiting professors, exercise classes, and access to "visiting" specialists. Since there was NO buy-in (assisted living facilities usually have little to none), the $400,000 that he did not have to put down will pay for five years of assisted living (and continue to earn money).

It's just another way to do it.
I agree with you regarding this. My husband’s uncle just passed away at age 95 in the UK, only been at a home for a few weeks before he died. Before that he was living independently. Two years before that he was still driving. I dont know if this is an American thing but moving into CCRC is the last thing I want to do. It’s not the money alone. I’ve seen CCRCs around me with 5 stars rating, it’s like an apartment complex. Frankly I never like living in an apartment or condo. Too restrictive. I wonder if I will extend my life living where I want vs moving into a CCRC, which I would NOT like living in that kind of housing in the first place. This is thinking out loud for myself, not for everyone else.
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Old 11-03-2018, 12:50 PM
 
6,912 posts, read 7,315,105 times
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I'm just trying to make sure I understand...
You said:
Quote:
At 90, his needs required a full-time aide, and the costs for in-home care were exorbitant. He thus moved into an assisted living facility, where he has a nice apartment located directly across the hall from the nurse's station. He wears a pendant to call for assistance, and the nurse helps him dress and shower, but most if the time he is fine on his own.
If he's fine on his own most of the time -- then that's not needing a full-time aide. Those two things are mutually exclusive.
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Old 11-03-2018, 08:08 PM
 
3,511 posts, read 685,648 times
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Originally Posted by selhars View Post
I'm just trying to make sure I understand...
You said:

If he's fine on his own most of the time -- then that's not needing a full-time aide. Those two things are mutually exclusive.
They're not mutually exclusive. I didn't explain it thoroughly:

He needs an aide AVAIlABLE to him on a full-time basis, although most of the time he's sitting in his chair reading or watching TV. Still, at any given time, he will need an aide to help him to and from the bathroom (whom he calls for with the pendant on his neck), and attend to his hygiene needs at night. The aide also comes in three times a day to administer his meds. Finally, he's a fall risk, and has slipped three times in the last year.

So we would have had to hire a full-time aide (24 hours a day at $25/hr) for him/her to basically be at the house continually for the brief times throughout the day that my Dad needs assistance, and just "be there" in case he falls. That's why the assisted level place was such a good alternative. It's half the cost, even though it's still expensive.
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Old 11-04-2018, 07:21 AM
 
29,866 posts, read 34,936,573 times
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Reality is we all have different plans and it is important that we implement the one we feel is best for us. The worse plan is no real plan and not thinking ahead. What ever we do we will be the ones having to live and die with it.
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Old 11-05-2018, 08:22 AM
 
6,912 posts, read 7,315,105 times
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Thanks so much for clarifying. I'm sure that's helpful for those thinking about these kinds of issues.
Your clarifications make the situation completely different from what was stated initially. Again, thank you.

My mom had Alzheimer's, so I understand that the nuances of care levels are very important -- especially in mid stages.
Often that's what so challenging (and frustrating) at times when shopping for and deciding on services and care levels for loved ones.

Glad you've found what's working for you and dad.
I'm confident you've helped people by sharing your experience.
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Old 11-05-2018, 08:48 AM
 
14,025 posts, read 7,477,867 times
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Quote:
Originally Posted by selhars View Post
Thanks so much for clarifying. I'm sure that's helpful for those thinking about these kinds of issues.
Your clarifications make the situation completely different from what was stated initially. Again, thank you.

My mom had Alzheimer's, so I understand that the nuances of care levels are very important -- especially in mid stages.
Often that's what so challenging (and frustrating) at times when shopping for and deciding on services and care levels for loved ones.

Glad you've found what's working for you and dad.
I'm confident you've helped people by sharing your experience.

There's not much in the way of nuances. What matters is how big a pot of gold you have to fund it. With dementia, an assisted living place will normally keep you until you're unsafe. You're then ejected to a memory care facility where they will keep you until you need real skilled nursing. You're then ejected to a nursing home. In a CCRC, this is all one big campus and also includes independent living. CCRC go out of business all the time and there were a bunch of casualties at the Great Recession. Personally, I wouldn't sign over my life savings to a CCRC with a leap of faith that they'll be in business if and when I need them.



My mom is 7 months into the memory care phase of all of this. It's only a challenging decision if she runs out of money along the way.
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