This organization will send home health aides if you can’t do just one activity of daily living, which is pretty liberal.
But @HImom, based on your question, I just did the math. The initial fee will be 6.3% of our current assets, not including our house. And the monthly fee will be 6.1% of our gross monthly income.
That makes me feel better. The monthly fee is not nearly as big as I had feared.
I need to reconsider.
Sounds like you can well afford this, even if fees increase in future. Best of luck sorting through all the pros/cons.
When my mom needed 24/7 companion care, it cost $25,000/month! Yes, it was 24/7 but that was what she needed. She was in an independent unit at a CCRC. If we had switched her to assisted living, she’d have to have a stranger sharing her room and the CCRC would decide if she needed to transfer to ever higher levels of care, against family & patient wishes. She had to buy-in at the CCRC for $1mm plus pay a costly monthly fee which covered weekly washing of bedding and light vacuuming, plus some meals.
That sounds like a good price. Only 6.1% of your income for the monthly? Wow!
@VeryHappy — what is covered for your fee? That’s important to clarify. What will be charged in addition?
Iya, Japan – pretty remote
We were cycling for a few days before. Absolutely lovely. First time using e-bikes. Very good for our age.
Makes sense. Our first quote for this trip was $800 and for another trip was $1200. I had to ask a few companies.
At $300, it is not that much more than the train fare for three people (and maybe less). So, I can’t complain.
I have the slides from their presentation, and I can call the guy with any questions I have. It looks pretty all-inclusive. As I think I mentioned, my 88-y.o. friend has this, as did her 94-y.o. husband, and it covered everything she has needed so far as well as everything he needed. I’ll have DH sit through a presentation as well and determine what else I need to know.
This organization has existed for 50 years as a facility, but they only started this “continuing care community” program 14 years ago.
Marilyn, I am spending several months at the end of the year in SD with S and family. Will get in touch. No friends in SoCal. Haven’t been on CC much in the last year or so for various busy reasons.
I have to say in my life - neighbors, friends that I’m close enough to - I don’t hear anyone talking or preparing for a AL or otherwise community. Is CC a unique bunch this way??
Everyone I know may be making plans to downsize or right size (like all one level) for later years but the hope is always that they/we can stay in our homes as long as possible.
I’m 65 and H is 69. He would think I was NUTS (as well as our extended family) if I suggested looking at AL places to live. I’m not saying anyone who is is nuts. It’s just not something in our wheelhouse!
It seriously depresses me to think about it. Am I alone in these feelings or that this is just not a consideration at this time?
I know things can change on a dime. I understand not wanting to be a burden. And I’m not dissing anyone here and I know we are at different stages of life - and money - here on CC.
I just had to say that all “out loud” as reading this thread was starting to affect my mood, lol!
@abasket a lot of folks in my circle are looking at CCRCs which include independent living (houses and/or apartments), assisted living, rehab, skilled care, memory care…a full range of things…so when they move, they never have to leave that community again.
I am 70, with many friends a few to 10 years older. In my area, the quality independent to AL and more communities have around a 10 year waiting period for entry. Many of my friends have looked and are on the lists for entry. I am active and strong, but have had periods of orthopedic injury that have made me consider looking and getting on a list. The ability to defer when your name comes up is crucial. Given family members experiences, I figure in 10 years or so there might be decisions to be made. It was hard to contemplate initially, but having spent a career working with the elderly, well understood.
There are three large CCCs in our town. Many people move here from outside the area to retire there, after waiting for several years. H worked at one and you would have to pay me to live there. The “entry” facilities, where he worked, were beautiful. As one needed more care, the quality of the facilities and the care declined. Mom frequently said if that was the only available option, please smother her with a pillow (which thankfully wasn’t necessary). We referred to it as the country club. It’s extremely cliquish. The two other CCCs would be preferred but I would lose my mind if I had to live in one of them. H needs to be close to UVA for the foreseeable future and until we have a better idea of D’s future, I wouldn’t want to commit to one outside of a fairly small geographic area.
My parents..denial til 84 and 92. 5 years ago my sister flew across country and we cleared out their 3 floor townhouse and moved them to an apt near me a week before the shutdown.
They don’t have enough money for assisted living, so me and my husband are their continuing care. Yes it’s depressing and as time goes on, we’ll have to pay for some nursing etc. The main issue though is money! No real plan for us at 65 and 67 cause money!
I do appreciate all the viewpoints and learning about the options but also knowing that others may feel as me that it feels like a last resort or that money would/could be an issue!
As I said I know things can change on a dime but also I want to say “check back with me in 10 years!”
On cc it is often my point of view to show the other point of view - the point of view often that people may be thinking but afraid or unsure to say. 
I have 2 friends who are 86. One woman, always single, with just one sister that had been living in Florida for many years. She decided at 75 or so to move into a CC community. I think she’s regretting it now, because the costs have gone up so much since she’s been there. She did “luck into” the option to scale down from a 2 BR to a 1 BR, and she took it. Her sister and BIL moved back from Florida, and they moved into a CC community also. She is the one who pointed out when you move into those communities you own nothing, it’s just cash outflow/an expense every month, and it just keeps going up.
My other friend moved from their big house to a smaller, one level house in a 55 plus part of a larger community. His wife will be 70 this year, and she’s the one who really pushed for the move. I suspect he was too unsteady on stairs, and simply couldn’t keep up the maintenance on their old house.
Husband and I are in our 60s, and have not thought of moving to one of those communities. I have considered an active adult community (mostly 55+ but not required to be 55+), but I think we are too young for those also.
I believe most people think this way, but this is what has caused the crisis my dad and his wife are now facing. The decision to move to AL needs to come before the “check engine light” comes on. It’s when the visible slowdown appears that action toward a new living arrangement needs to begin. Waiting until some serious event or hospitalizations occur is too late, IMO.
So, I think it’s a good idea to start scoping out the options available where you live to dispel fears of what these CCRCs look like. In AZ, there are so, so many options, and most of them are highly desirable and look nothing like what many picture in their minds. The IL in these communities looks just like where you’re living now, so no degradation in quality of housing, activities, social life, etc. Had my dad and his wife decided even a couple of years ago to move into the IL option of their current community, they could have transitioned to AL almost seamlessly as well as be assured of quality memory care, if needed, all the way to hospice. Instead, they had to pay an upfront buy-in of $5,000 for the “distinctive AL” property they are moving to with a monthly all-inclusive fee of $7,600/month. And, they will need to carry the cost of their house as well until they realize this move is permanent and they need to sell. Once the house is sold, we’re pretty sure their funds will not outlast them but, should they deplete their funds, they will have to move to a Medicaid facility, whatever that looks like, and they understand this.
None of us (brother/SIL or me/DH) will be paying for anyone’s care or taking anyone into our homes. We have LTC insurance and will be moving in to a CCRC when the appropriate time comes. This is all on us, not our son as he has his own life to live with no obligation to provide for our care.
So, it’s very important that we are prepared to transition to a CCRC while we are still able to live independently. I do believe that’s a long time down the road, but who knows? We enjoy looking, though, as I consider it just another type of house hunt which is one of my pastimes.
When I looked at LTC in my early 50s they said I was too young to start paying and come back later, when I checked later it was much more expensive and doesn’t look like it covers that much. Are the options just a set $$$ to cover only when going into nursing or memory care not for assisted living care? It also only covered XX number of months/years and then stopped? Everytime I looked at the idea of it it seemed I would make more money just taking that monthly payment and putting it into an index fund? Maybe there are all different kinds of packages you can buy but they just didn’t make financial sense if they cut out before you pass on.
My aunt and uncle, now in their mid to late 80s, secured a spot at a luxury retirement facility two years ago. Although it’s only about 10 miles from their home, they haven’t moved in yet because they’re still able to manage on their own. Their goal was to ensure they’d have a place ready if either of them were to fall ill. So many people face illness and end up having to “settle” for accommodations that aren’t ideal. Fortunately, my aunt and uncle can afford to maintain both residences, and I know they occasionally visit the facility for meals, which are included in their monthly fees.
WSJ had an article on the facility they chose.
https://www.wsj.com/real-estate/luxury-homes/wealthier-americans-are-paying-millions-to-age-in-luxury-campuses-b0dbdeb2?st=z5cHQb&reflink=desktopwebshare_permalink
I believe LTC options are more limited now, so it may make more sense to build your own LTC fund.
