Anonymous wrote:Just starting to look for my dad. Is it common to have a $500k - $1m buy in?
I've been researching all this on behalf of my aunt and uncle. This is for independent living. There are a couple of different models. One model that Greenspring/Erickson follows is a large buy-in amount, then a more moderate monthly fee. These places will provide care to end of life. So if you need a higher level of care and then can't afford it from your monthly income, they can use the buy-in amount to pay for it. If you move out or pass away without having touched the buy-in fee, you or your heirs get it back, either in full or a high percentage, like 80% or 90%, depending on the contract.
Another model is what Brightview follows, which is a higher monthly fee, but there's no buy-in.
There's different levels of living. Independent is when your parent is basically able to live alone without help for the "activities of daily living" (ADLs, look them up, they're a thing). Assisted Living is when they need some help to manage those ADLs. Skilled Nursing is when they need medical help. Then there's memory care, for those that develop dementia.
Typically these places discussed here take people in when they can go into independent living, or need a small amount of assistance. Many of those places will offer continuing care when it is needed. They are called CCRCs, if I'm remembering correctly. If your parent can afford it, they can be great places and far superior to trying to "age in place".