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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My plan for when I hit retirement is to buy a small unit with lifetime continuing care in a retirement complex and a second house or condo somewhere either for winters (six months in Florida) or coastal New England (five months in spring to fall). When the time comes, I can sell the second property and upgrade the unit to a bigger 2-bedroom and live there full time. But I will have a foot in the door so they can't kick me out if I suddenly start declining, physically or cognitively. I am single, will always be single so no spouse to help take care of me. I want the guarantee of lifetime care no matter what happens. Yes, expensive, but I can make it happen. This plan is based on what good friends of my parents have done.

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CCRCs are the way to go---good goal to be able to get in.  If you can afford one, it's the best way to know you will be well taken care of.  Paid entry fee to get my parents in (they have enough to qualify minus the entry fee).  Best thing we ever did.  They are a distance from us and refused to move closer.  This way they are well taken care of and should they need more than independent living, it will seamlessly happen, and will not cost them (or us) a penny more---that's what the huge entry fee is for.  Best part is, even if they "run out of money", the CCRC will still continue service---you are guaranteed to live your life there and they do NOT touch your monthly SS.   Most who have run out of money are women over 95---there are 4 of them currently living there who pay nothing each month, husbands have long since died.  2 are still in independent living, the other 2 are in assisted living.

If you plan well it can happen---my parents are not wealthy.  But made it happen. [/quote]

Do you have any numbers to share?  Which CCRCs are you talking about?  What's the entrance fee? monthly cost? etc.[/quote]

I'm not the PP you quoted, but I posted earlier, naming Collington in Bowie and Riderwood in Silver Spring.

There's a chart on this page with some sample pricing for Collington:  https://collington.kendal.org/living-options/pricing-information/[/quote]

They don't detail the "entrance fee."  And you don't get all of that back.  So, the monthly fee looks low because it isn't including a portion for the entrance fee.

Also, I noticed that the service level for "memory care" does not include assistance for daily grooming and toileting.  That doesn't count as an amenity until you are in long term nursing care.  The details on the website are lacking and of course they want you to think it's a good deal...to get you in the door.

If it diunds too good to be true, it probably is.[/quote]

The entrance fees are on that chart.

My mom is currently in independent living there, so I don't yet have firsthand experience with the assisted living areas, but so far we are really happy with it.  She wasn't to the point of needing help every day, but she would have recurring incidents (for instance, a UTI causing momentary dementia) that were hard for me to keep tabs on alone.  Collington does things like wellness checks if you haven't opened your front door in 24 hours.  Not to mention she's made tons of friends, who check in on her as well.  The residents are well-educated (former) professionals for the most part, and there are tons of seminars and concerts and activities to keep people engaged.  Very happy with it so far.  [/quote]

If you have two parents sharing a 2bd, for example, would you have to pay just one entry fee for the unit and two service packages?  Or two entry fees even though sharing a unit?[/quote]That's a good question, and I'm sorry, I don't know the answer.[/quote]

[b]For my parents (not in DCUM, but a bit outside), they paid one entry fee ($450K) plus the 2nd person add on ($85K).  Then there is the monthly rent (~4500) for first person plus the 2nd person addition (~$1500)[/b].  For a 2bed/2bath, ~1200 sq ft.  The entry fee "value back" declines by 2% each month for the first 49 months (4 years)---so if you die/no longer live there, you get an amount refunded accordingly during that time.  After the 4 years, you get nothing returned.
  
If one person goes to nursing care, assisted living, or dementia care within the CCRC, the prices do not change drastically for the couple and the other gets to remain in the same 2 bed/2 bath.  If one person dies, the other gets to remain for just the $4.5K monthly rent, but can choose to downsize to a smaller unit to save $$ if desired.  The only price increase is for 3 meals/day cost that are provided in assisted living/nursing/dementia care, as in independent living you have $360/month per person which gives you easily dinner everyday and another 2-4 meals per week, possibly more depending which restaurant you choose to dine in.  So you likely will pay an extra $200-300/month for meals and that is it.  The added care levels is included in the entrance fee you paid (the $450K+ for the couple).  [/quote]

This is a crazy amount of money and not financially prudent for obvious reasons.

I know someone who makes bad financial decisions and his parents do too.  Sure enough he’s moving his able bodied parents into one of these communities and thinks it’s a great deal.  These places are businesses and out to make money.  [/quote]

You can't take your money with you when you die.    I don't need any inheritance from my parents.  My parents worked hard for their money and deserve to be happy and safe.  This is by far the nicest they have ever lived in their lives and all it took was $225K from me.  Since they wont move closer to me, this was the best way to ensure they are safe and well taken care of.

If you can afford it, how exactly is in not financially prudent?  You are paying for being well taken care of in your old age.  I know people spending $15K/month to have round the clock care for their elderly parents in their home (because that is what you pay to have good qualified care).  They still have to manage this from a distance and worry constantly of what happens if the next aide/nurse does not show up/calls in sick and the one on duty needs to leave.  And they still have the costs of maintaining the home and all that goes with that, often in an older home, one they constantly have to improve to make it safe/ADA accessible.  
$15K-6K is 9K/month.  4 years of that and you are near the entrance fee to the CCRC. But oh, you might still have to put a new roof on your parents home or new water heater, or there's a leak so $5K to fix that and all the damages, etc.

My parents pay their monthly fee, apt is fully ada accessible, was newly refinished when they moved it,  there are pull strings in shower, toilet, and bedrooms and kitchen.  They have a devices to carry/wear they can push a button and someone will come to them in 2-3 mins or less anywhere on the property and help with whatever issue, all while still in independent living.  No extra costs for appliances breaking, a leak, etc.  No utility bills, cable, phone, etc.  All included. Also there are tons of activities for them to keep them social and active.  Evening performances, game nights, knitting clubs, you name it if old people do it its happening.  My parents are more social now than when they lived alone in a SFH.   That's a good thing for mental status as they age.

If your family is not nearby, do you know how difficult it is to manage when an elderly parent takes a fall, has a heart attack, needs surgery, etc?  If I have to drop everything I am doing and fly there whenever something happens, it will cost me a lot, not to mention I have a job and obligations at home.   I can't easily just go live with them for 6 weeks if they need care after a surgery. Or for longer.   If you are not already in a place like this, finding one when you need it could take a few weeks or more and that place might be 30 miles from the other parent and may not be the best facility, just one that has space and able to take you at that point.  
 
If my parents "run out of money" they will still remain there with the same level of care needed, and SS income is not available for the CCRC to collect.  I know this for a fact since there are currently 4 in their 90s widowed women who are doing so (it's normally the women who hit this point, as there are not that many men in their late 90s).  My parents only expenses are $150/month for extra food/groceries/toiletries, their car and medical. Everything else is taken care of.

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