Reply to How much are you budgeting for long term or elder care?

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[quote=Anonymous][quote=Anonymous]If you move into a continuing care retirement community and can pay the monthly rates, then you are effectively taken care of, no? The one near me is quite nice as such communities go and a 1-bedroom starts at, I believe, $6k a month for a single occupant after you've bought into it, and as long I or my estate can keep paying the 6k plus whatever normal annual increases, the community has to take care of me regardless of what happens? Even if I move in completely healthy and five years later develop alzheimers? That's my understanding. Correct me if I'm wrong!

[/quote]

At a properly run CCRC that is correct.  My parents live in a very nice one.  There are currently 4 widowed women in their 90s who have "run out of money".  That means they have less than $30K left.  When that happens, they stop having to pay their monthly fee and get to live for free.  That is what the $500K+ entrance fee is for to cover people who "use up their money or people who end up in anything beyond independent living".  And the CCRC does not touch your LTC payouts---if that happens, the money goes to the resident if you have LTC insurance.

Basically the only added fees once you go beyond independent living is $300/month per person for meals, since your full 3 meals a day is now covered.

As stated, my parents are living this and know the 4 ladies who no longer pay anything.  It's 100% accurate and they literally pay nothing anymore to the CCRC to live there.  Their standard of care/lifestyle is the exactly the same.  The CCRC knows how to calculate the Entrance fees so they end up on the positive side of the $$$ plan 99% of the time.  
For example, my parents will be 94 and 95 before they "run out of money" at the earliest.  And should either end up any situation where LTC insurance is triggered, that will last a bit longer with those payouts to my parents.  [/quote]

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