Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
With both, you typically pay an entrance fee as well as monthly fees. Both types provide a continuum of care, including independent living, assisted living, and skilled nursing. The difference is that in Type A, additional care -beyond independent living- is provided at no additional charge (additional meals are extra). With Type C, assisted living and skilled nursing is typically charged at the current (perhaps with a slight discount) rate at the time it is needed. This could potentially pose a problem for those who cannot afford extra care when/if it is needed. The entrance fee and monthly fees for a Type C are usually a little lower than a Type A. When deciding between Type A and C, factors such as these should be taken into consideration.
From my research I have found that "life plan community" is another term for CCRC.
Type A is also known as ‘life care’. What I see as a major issue is some think they’re getting type A where they will be taken care of for life, when in fact it is a Type C. When they need assisted living or skilled nursing at a later point, the cost may be prohibitive and out of reach. So, make sure you know what you’re getting.
The contract types is the first thing people look at. What is interesting that Sensible Financial stuff doesn't find room for one sentence on how safe your entrance fee is. For what purposes is the fee used? Do they have sufficient reserves? What happens if the facility is sold or the level drops significantly? Is the CCRC regulated by the state in any way? Depends upon the state - for instance, Alabama, Alaska, Colorado, Hawaii, Mississippi, Montana, Nebraska, Nevada, North Dakota, South Dakota, Utah, and West Virginia have no specific CCRC regulations. California, Florida, Illinois, Ohio, New York, Pennsylvania, Texas, and Wisconsin have financial and consumer protection oversight. An informed prospective customer needs to consider not only what's on offer now but how that offer might change in the future.
The contract types is the first thing people look at. What is interesting that Sensible Financial stuff doesn't find room for one sentence on how safe your entrance fee is. For what purposes is the fee used? Do they have sufficient reserves? What happens if the facility is sold or the level drops significantly? Is the CCRC regulated by the state in any way? Depends upon the state - for instance, Alabama, Alaska, Colorado, Hawaii, Mississippi, Montana, Nebraska, Nevada, North Dakota, South Dakota, Utah, and West Virginia have no specific CCRC regulations. California, Florida, Illinois, Ohio, New York, Pennsylvania, Texas, and Wisconsin have financial and consumer protection oversight. An informed prospective customer needs to consider not only what's on offer now but how that offer might change in the future.
It’s critical that a thorough financial analysis of the CCRC be done before you commit. You should ask for a copy of the disclosure statement, which contains financial data. For example, what is its ability to pay current obigations, does total assets exceed total liabilities, etc. I know a couple of people who’ve bought into one that is on shaky ground financially. This is really sad as theyr’re basing their future on a financially unstable institution. I would look for a CCRC that’s been around for a number of years and is accredited.
At the one next door to me for an average unit the buy in is $327k nonrefundable, 474k 50% refundable, and 589k for 90% refundable. No monthly increase when you need a higher level of care. 3% increase per year in monthly fee. The fee for that unit is $4620 a month for a single and $6170 a month for a couple.
I did not notice any type C on their site. They do have B.
We live in a CCRC and chose the type C plan as cannot see what amounts to pre-paying for a higher level of care that we might never need.
Our CCRC, like others I am familiar with, has an endowment fund to help cover people who end up needing a higher level of care so that no-one gets kicked out after their funds are depleted.
Of course, when applying to a CCRC, one's finances and assets are considered.
Depending on the situation, some residents continue in independent living with outside help coming in as needed.
A local well-respected long-established CCRC now has an extensive independent-living-at-home program that offers a Type A guarantee of care, if selected. Many have enrolled, at least as many as the number now living in the two CCRC campuses.
The question I have is this: How will the CCRC provide enough beds in the AL, memory care, and nursing home components to cover in-coming demand from those in the newer living-at-home program who will age into needing them?
Before the at-home program began presumably the number of high-need care beds available roughly matched expected demand by their current in-home residents based on long experience. (Unoccupied beds were open for short-term? outside pay for, at least, the rehab center.)
My concern would be the CCRC contract contains clauses that allow an outside facility to be 'substituted' when beds are not available - a facility that may well not match the quality of the highly-reviewed main CCRC. And that this will be happening extensively if the CCRC does not add beds to meet that future demand.
Not that they won't try, but it is one more financial calculation that the CCRC must make and depending on how well they do it can impact residents down the line. A friend is enrolled in the living-at-home program and I'm not impressed by how heavily the program was seemingly sold to her with the promises she'd be receiving 'concierge services' at home simply not happening.
Last edited by EveryLady; 10-15-2023 at 09:53 AM..
The contract types is the first thing people look at. What is interesting that Sensible Financial stuff doesn't find room for one sentence on how safe your entrance fee is. For what purposes is the fee used? Do they have sufficient reserves? What happens if the facility is sold or the level drops significantly? Is the CCRC regulated by the state in any way? Depends upon the state - for instance, Alabama, Alaska, Colorado, Hawaii, Mississippi, Montana, Nebraska, Nevada, North Dakota, South Dakota, Utah, and West Virginia have no specific CCRC regulations. California, Florida, Illinois, Ohio, New York, Pennsylvania, Texas, and Wisconsin have financial and consumer protection oversight. An informed prospective customer needs to consider not only what's on offer now but how that offer might change in the future.
Quote:
Originally Posted by EveryLady
A local well-respected long-established CCRC now has an extensive independent-living-at-home program that offers a Type A guarantee of care, if selected. Many have enrolled, at least as many as the number now living in the two CCRC campuses.
The question I have is this: How will the CCRC provide enough beds in the AL, memory care, and nursing home components to cover in-coming demand from those in the newer living-at-home program who will age into needing them?
Before the at-home program began presumably the number of high-need care beds available roughly matched expected demand by their current in-home residents based on long experience. (Unoccupied beds were open for short-term? outside pay for, at least, the rehab center.)
My concern would be the CCRC contract contains clauses that allow an outside facility to be 'substituted' when beds are not available - a facility that may well not match the quality of the highly-reviewed main CCRC. And that this will be happening extensively if the CCRC does not add beds to meet that future demand.
Not that they won't try, but it is one more financial calculation that the CCRC must make and depending on how well they do it can impact residents down the line. A friend is enrolled in the living-at-home program and I'm not impressed by how heavily the program was seemingly sold to her with the promises she'd be receiving 'concierge services' at home simply not happening.
I would be leery of this setup. In order to be viable, CCRCs need people to pay relatively large entrance fees and monthly fees. Typically, people use all or a portion of the sale from their homes to pay the entrance fee. If it is allowing people to live at home without paying an entrance fee or paying a small fee, this is a red flag. Also, most CCRCs include some meals; not sure how this works with people living at home. Curious about ‘concierge’ services. Furthur, you raise a good point about having the necessary assisted living and skilled nursing beds; this would be a concern of mine. The promise of paying for people to go to a comparable facility could be a dealbreaker as many other facilities may not be of the same quality. I would be careful here. However, would need more specific details to do a thorough assessment.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
