senior living applications & financial disclosure

[Anonymous]

Anonymous wrote:All you people who are talking about Medicaid paying less-- you do understand that's probably not applicable for a CCRC, right?

TBH, I don’t think clarifying Medicaid regs over and over is a bad thing. There are many folks who are unaware of how Medicaid works and may make decisions jeopardizing their loved ones’ eligibility.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Laws vary a great deal by state. You need a financial advisor in your state who's experienced with seniors and Medicaid.

The point of this is, from their perspective, to figure out how long he can pay his bill for, and how much Social Security and Medicare and maybe Medicaid he'll have when he runs out of his own money. Ideally he doesn't run out, but some people do.

His pension and SSI will cover the monthly payments for senior living. They’re reasonable in his area, around $2,500/month.

That’s why it seemed intrusive to ask for his life insurance, stocks, total assets.

Wow you are very lucky. Places I’m looking at here are 5 figures.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would be fun to list all the assets and immediately transfer them once he is accepted.
But they probably have a clause preventing this.
I would talk to an elder law lawyer

Yes they do. Control is no longer entirely in hands of resident.
Medicaid has look back period too.

Control of finances? Yes it is ! No one gives their assisted living community control of finances.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Laws vary a great deal by state. You need a financial advisor in your state who's experienced with seniors and Medicaid.

The point of this is, from their perspective, to figure out how long he can pay his bill for, and how much Social Security and Medicare and maybe Medicaid he'll have when he runs out of his own money. Ideally he doesn't run out, but some people do.

His pension and SSI will cover the monthly payments for senior living. They’re reasonable in his area, around $2,500/month.

That’s why it seemed intrusive to ask for his life insurance, stocks, total assets.

Offer the information that you want and see if that satisfies them.

$2500 is great but these organizations have seen this movie before. Something happens (a hip, a heart, a brain, an infection) and the roller coaster begins and pretty quickly it can be $25,000 a month. If I were them, I'd want the whole picture, too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Laws vary a great deal by state. You need a financial advisor in your state who's experienced with seniors and Medicaid.

The point of this is, from their perspective, to figure out how long he can pay his bill for, and how much Social Security and Medicare and maybe Medicaid he'll have when he runs out of his own money. Ideally he doesn't run out, but some people do.

His pension and SSI will cover the monthly payments for senior living. They’re reasonable in his area, around $2,500/month.

That’s why it seemed intrusive to ask for his life insurance, stocks, total assets.

Offer the information that you want and see if that satisfies them.

$2500 is great but these organizations have seen this movie before. Something happens (a hip, a heart, a brain, an infection) and the roller coaster begins and pretty quickly it can be $25,000 a month. If I were them, I'd want the whole picture, too.

Pretty much this. I tend to grouse at all this kind of stuff, but these places don't run on love and good intentions.

When possible, find a nonprofit. They're not necessarily run by saints, but are often better managed for patients (how many times did I overhear CNAs talking to each other about what a relief it was to go to the supply closet and find them stocked rather than having to beg management for diapers, etc for their patients).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Laws vary a great deal by state. You need a financial advisor in your state who's experienced with seniors and Medicaid.

The point of this is, from their perspective, to figure out how long he can pay his bill for, and how much Social Security and Medicare and maybe Medicaid he'll have when he runs out of his own money. Ideally he doesn't run out, but some people do.

His pension and SSI will cover the monthly payments for senior living. They’re reasonable in his area, around $2,500/month.

That’s why it seemed intrusive to ask for his life insurance, stocks, total assets.

It rarely ever stays at that amount as you age. Eventually many seniors need medication management, their laundry done, help bathing, etc. They might temporarily get sick and need an aide for a month. All that costs more money.

The place probably won’t take anyone who only has $2500 a month in pension/ssi. They need to see that if you need more help which is usually inevitable, you can afford more.

[Anonymous]

^ forgot to add my mother was paying $2900 for all included meals, 1 bedroom apartment, activities, twice daily wellness checks, etc. five years ago in an independent/assisted living place. Now she is paying $5900.

[Anonymous]

We did this for my mom in Virginia -- for a non-profit CCRC

Sorry to derail but PP would you be willing to share the name of the CCRC? We are looking in the richmond, Williamsburg, Charlottesville, Fredericksburg areas right now but I’m also thinking in the future about what DH and I might do….

[Anonymous]

It’s common for CCC to ask these questions. Most don’t accept Medicaid and are strictly private pay, so they don’t want to have to evict folks who run out of money. It happens.

An independent living apartment in a CCC can be a fairly affordable rent, but as a resident’s medical needs increase, higher levels of care can dramatically increase costs and quickly deplete assets.

That’s why I suggest that any non-liquid assets (real estate, vehicles, furniture & collectibles) be sold and liquidated BEFORE someone enters a facility. It can be a royal pain to deal with later when a relative suddenly needs more cash flow and property must be sold.

[Anonymous]

Anonymous wrote:

We did this for my mom in Virginia -- for a non-profit CCRC

Sorry to derail but PP would you be willing to share the name of the CCRC? We are looking in the richmond, Williamsburg, Charlottesville, Fredericksburg areas right now but I’m also thinking in the future about what DH and I might do….

Vinson Hall in McLean. My mom absolutely loves it and I think it's great (I'm in Rockville MD and am over there frequently). It requires a federal employment connection -- my dad was military and I know the criteria are broader now but I'm not sure of the requirements.

[Anonymous]

Anonymous wrote:I think this is totally normal. We did this for my mom in Virginia -- for a non-profit CCRC, by the way, so it's complete paranoia IMO to say they want this information so they can drain your accounts. No way. They want this information so they can make reasonable financial and actuarial projections about whether your parent will be able to continue to pay their bills for the time that they are projected to live. And like the immediate PP, my mom's CCRC also has a charitable foundation to kick in if someone runs out of money, but that's not a bottomless well of financial assistance.

It's also reasonable for them to ask for physical/medical information as well. My mom had to get a physical and take a cognitive test as well before moving into her CCRC, again because the CCRC wants to make reasonable projections about whether the new resident will be safe in independent living and how long actuarially it might be before the person might need assisted living or memory care.

FWIW, my mom was resistant to moving to a CCRC -- we got the ball rolling in the summer of 2022, and she had been isolated for two years during the pandemic and was well-settled where she'd been living for 30+ years.

OMG -- she loves it so, so, so much. It's given her a new lease on life. She has a huge social circle now, and has a serious boyfriend for the first time since she and my dad got divorced nearly 30 years ago. She's unbelievably happy, and the place is amazing -- great staff and great services. I only wish we'd been able to get here there years ago after she retired, but she's living her best life now and is happier than she's ever been in her life.

Don't delay applying because of financial disclosure requirements.

Great to hear a happy story about moving into senior living. Which CCRC did your mom move to?

[Anonymous]

I'm 12:44 -- she moved into Vinson Hall in McLean VA.

[Anonymous]

Anonymous wrote:Because they are going to drain his accounts. That is what these places do.
They drain you to get you on medicaid.

Only some. Most CCRCs just have a significant buy in. The others will have access to your $$ in case it turns into Medicare. That is why you have to research. For instance, Riderwood is buy in, and the $$ is returned unless the person uses all the services and amount in critical care, if it ever gets to that point. Others assume you will use all your assets in continuing care. I guess if you dont, the remaining goes back to the family. Depends on the place.
For places that aren't continuing care, they do a full financially to see if you can afford the monthly rent.