Continuing Care Retirement Communities (CCRC)

[502E79]

SEGUE:

A note to say I decided on the Life community (CCRC) mentioned earlier (post #18). Listing my home at the time it presented best (Summer / Fall) and putting up with strangers even during limited hours, isn't good for the old MS.

Now over, apparently sold in a few days but had to honor showings scheduled for a few additional days. Closing to come in 3 weeks, need not be present. Yes! Not over till then, but confidence is high. Funny how that expression use to be more common to me, Hmmmm.

During all this my soon-to-be apartment was under all the havoc Covid-19 spread across the manufacturing industry. Think rugs, cabinets yada-yada....

Currently get to focus on cancelling services, scheduling services and of course, cash flow.

And a move in date a few weeks before Thanksgiving ! ! ! .... Very happy but still much to do with the MS gorilla chuckling at my antics.

Thanking God and a small band of very good friends that this much has been accomplished since the start of this thread.

Will end this thread from the apartment, once I have internet service set up!

[Jules A]

Much appreciate the update!
My plan is also to eventually go to a place like Pennstater described and definitely with a skilled/dementia unit. There are a couple of nice ones around here. It will likely be expensive but that is what I have worked for and fortunately there are no concerns about preserving an estate. I'd like to spend it all and if not the remaining will go to an animal charity.

[robert152]

JER ( if I may call you JER) thank you for the info. My wife is recovering from a very nasty fall which I may post about and we will have to sell our two story house and move but where??? We are considering independent living if My wife recovers as they are predicting so I am just starting to check things out. Again, thank you and best of luck.

[502E79]

I have a couple. Did you have to pay an entrance fee?

Yes.

Does the facility control the money? if yes, suppose they go bankrupt iWas it possible to research if the monthly fees in past years remained consistent without sudden spikes?

No. This facility has existed for 4 or more generations and appears financially sound and socially responsible. As of my approval for residence I was informed of a cost of living increase in the monthly fee above the figure stated in supplied literature.

I don’t mean to be offensive but could you ballpark the entrance fees and the monthly’s and finally what state do you reside? Thank you for all the help you are comfortable sharing.

I don't find it offensive but some may decide not to research at all if I disclosed my findings. This is a mistake, do your research. And a reminder... I enter as independent living. I pray the need for assisted living will never arrive.

[502E79]

Lots of luck Jer. Hope it is a great transition for you.

Thank you also Pennstater.

It's going to be a learning experience for sure but that's a good thing.

Also a side note, I did look into (asked is all), on staff, retention rates, nurses or aides for assisted living section (if or when this transition becomes needed). The answer was similar but reflected a lot of what Covid-19 did around the world. Previous to 2020 their retention rates were average. They felt understaffed in 2020. Honest IMO.

I did consult with an attorney over my LW&T etc, needed updating (my executor passed last year). And I addressed your question of leaving. One can leave at any time. Understand that the buy-in refund declines over time, so after a pre determined amount of years... zero refund.

What happens if you are no longer able to manage your finances? Part of the paperwork needed for entrance is a PoA who in my case can handle medical and financial requirements.

[502E79]

Sounds good, Jer! Hope everything goes smooth for you!

Thanks KoKo, but as we both know... Having MS gives an a priori assumption, nothing goes completely smooth.

[robert152]

I have a couple. Did you have to pay an entrance fee? Does the facility control the money? if yes, suppose they go bankrupt iWas it possible to research if the monthly fees in past years remained consistent without sudden spikes? I don’t mean to be offensive but could you ballpark the entrance fees and the monthly’s and finally what state do you reside? Thank you for all the help you are comfortable sharing.

[pennstater]

Lots of luck Jer. Hope it is a great transition for you.

[KoKo]

Sounds good, Jer! Hope everything goes smooth for you!

[502E79]

Wanted to bring this thread up to date for those who responded to it last year and newbies who may be interested.

It isn't a lock yet, but I found a place that meets all or at least many of my requirements. You can only see so far ahead in life and to extrapolate isn't recommended IMHO. So research is over and I have begun to act.

Timing, patience, a handful of other virtues (think faith) have been at the forefront these past months. A lot remains before I can move, but that said, I expect mid autumn will find me in new digs.

Any questions are welcome... they might come in handy as I dot the "I's" and cross the "t's." The preceding responses to this thread have been addressed, at least as best as I could currently.

[502E79]

If anyone is thinking of protecting assets by hiring a lawyer I recommend having it in place well before you are ready to enter a CCMC.

My research has led to reviewing applications for waiting lists. All of three applications, required that applicant have a will or trust along with a health care proxy in place prior to admittance. And of course proof of sufficient funds to purchase and maintain your choice of residence.

If anyone might need to use Medicaid it takes major acrobatics to get things safe. Everything must be done five years before entering a facility.

This is a different discussion, but my memory regarding Medicaid approvals and home ownership changing hands 5 years previously, was correct in FL in 2002. But also note that the law allows for a spouse to retain the home to live in, regardless of its value. Unless 2001 standards no longer apply.

[Mamabug]

Hi Faith,
...
I'll add them to my prayers this evening Faith. Parkinson's may be a heavier burden....

Jer

Thanks so much!

[Seasha]

If anyone is thinking of protecting assets by hiring a lawyer I recommend having it in place well before you are ready to enter a CCMC. The only way I can imagine that would work is a generation skipping trust. My MIL hired a lawyer to protect her house in case she needed Medicaid. His only solution was for her son to purchase the home just as though he were a third party. If anyone might need to use Medicaid it takes major acrobatics to get things safe. Everything must be done five years before entering a facility.

Thanks for bringing this point up. This is exactly what we've been advised by our attorney to do ad well. Have plans to have one or more of our kids to purchase our home and property when the time approaches.

[palmtree]

If anyone is thinking of protecting assets by hiring a lawyer I recommend having it in place well before you are ready to enter a CCMC. The only way I can imagine that would work is a generation skipping trust. My MIL hired a lawyer to protect her house in case she needed Medicaid. His only solution was for her son to purchase the home just as though he were a third party. If anyone might need to use Medicaid it takes major acrobatics to get things safe. Everything must be done five years before entering a facility.

Mimibug, congratulations on your new title! How exciting! I would love to have a grandchild. My son is still carrying an engagement ring around in his pocket. Just waiting for the right moment. Maybe today. It’s Thanksgiving.

Happy Thanksgiving to all!

[502E79]

An elder care attorney may be able to prevent them from making you sell your home. They would also be able to set up a trust that will prevent you from losing money by allowing them to take your entire check. It is worth looking into.

Hi Sulpher Kennel & kelm10,

Thanks for echoing pennstater and her suggestion regarding legal counsel. Since a new will and executor appointment are in the near future, as I mentioned above, I will ask my attorney his thoughts or recommendations regarding an elder care attorney.

I spoke of swapping my home which is becoming harder to take care of. This would allow purchase at any level into a CCRC apartment. After that, the monthly (maintenance) upkeep would be my responsibility as all general maintenance and staples are mine currently. The potential transition to AL from IL remains, along with pennstater's nurse / turnover / etc reminders... and with kelm10's comments....

I asked the questions regarding Rehab of two facilities on my list! So, kelm10's confirmation that "first dib's" would go to an on campus resident before an outsider was right on, as were her other nursing / PT suggestions.... Cost are another matter entirely. I have no idea what the future holds and expect a CCRC to be limited to general financial comments only.