Reply to Cost—yikes!

Forum Index » Eldercare

Reply to "Cost—yikes!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, make sure you see if the CCRC has any sort of safety net for when people run out of money. I was looking into a few options for my parents, and the communities had a special fund for exactly that. It's one of the reasons I plan on buying into a CCRC when I'm older. I don't want my kids to have to worry about moving me if I outlive my money.[/quote]

My parents CcRC functions like that.  The huge entry fee covers you if you “outlive” your money.  You live for free and they don’t include ss in it.

[/quote]

You aren't living there for free.  You are prepaying.[/quote]

Yes, you are "prepaying" for higher level care.  However, my parents are in a "luxury CCRC" and have the plan paid for where they do NOT pay anymore for care above Ind Living (except for 3 meals a day versus 1 currently). So currently they pay about $7K total for the 2 of them to have 1-1.5 meals a day and a 2bed/2bath apartment with cleaning, utilities, all maintenance included.  If one goes to "advanced care" they only pay for the extra 2 meals per day.  The other gets to stay in that apartment (or can downgrade, but not required).  If both go to "advanced care of anytype" they will still only pay for the extra meals per day (so $300-500/month).   Once they are both determined to be in advanced care and not moving back (ie not nursing care after a surgery or fall), then they have to give up the apartment.

And if they "run out of money", they will get to live there for free (and run out means spend down your investments---they won't touch your SS payouts, so you use that for medical expenses and basic living expenses (hair cuts, toiletries, etc).    And if you have LTC insurance, they are not forced to "pay that to the CCRC" that is their own money.  (my parents both have a 24 month policy with about $250/day payout.) [/quote]

How much did they prepay in advanced?  It had to be a huge chunk of money so if they are paying $7K on top of that for one meal and an apartment that's not a great deal.[/quote]

The 7K/month is the monthly fee.  That includes 1-1.5 meals per day for each person (depends upon how you spend it---they typically do dinner for 2 at a buffet daily and then my dad has 12-15 breakfast/lunches at the snack bar/quick meal place per month with rest of money).  They have an aparemtn furnished with high end appliances, nice LVP, quartz counters, bimonthly cleaning and all utilities/maintenance is included. If something breaks, it's repaired quickly.  Had a fridge break 2 years in, had a new one the next day installed by management. 
It includes all activities and the large facility and grounds the CCRC has.  
And yes the entry fee was over $400K.  Obviously it's high.  Because they don't pay more if both are in memory care or nursing care for another 10+ years.

Yes, they could get an apartment for a lot less. But if you can afford this it's great. And you get so much more than just a basic apartment.  You are paying for the facilities, the shuttle rides everywhere, the activities, the indoor pool heated to 88, the pool classes/exercise classes, the shows and performances brought in for residents, etc.  You are paying for even in Independent living they wear/carry a pager at all times.  You hit that pager and someone is talking to you in 30 seconds and to you wherever you are on property (even if you can't talk) in 3-5 mins.  
That is extremely useful, especially at 2am when one parent needs a ride to the ER, and the followup PT that was required for 6 months---well they have PT/OT on staff, so while you have to "pay" for it with your medical insurance, they accept medicare and you don't have to travel 2-3 times per week to a PT clinic---my parent just walked 5 mins and was at their PT appt.  
They shuttle you to grocery stores and target/walmart multiple days per week.  You can arrange a shuttle ride to doctor appt---a 5 hour roundtrip cost $30.26 (they stay at the appt in the parking lot so ready when you are ready to go).  It's the ultimate in care.  
But my Lower income parents managed to save to afford this (minus the entry fee) and I for one am thrilled they are spending on themselves finally and enjoying their golden years.

All it will take is 2 years in advanced care and it will financially be worth it.

Also, there is no price on knowing that if they need a bed in "advanced care" it will be available immediately after paperwork is filled out (proving you meet the needs for advanced care).  The other parent can walk to see the parent in advanced care, all without going outside.  Or they can be pushed their in a wheelchair if needed.  The apartments are handicap accessible, all bathrooms have the pull chains, just like a hospital.  So if they every get stuck/fall, help will come quickly.  No sitting on the floor for 10 hours after a fall until someone realizes they cannot get ahold of grandma
  [/quote]

That doesn’t seem worth it when you you can get that for $4 and Walmart has an income program that delivers with no tips. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics