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Life carecommunities
- 2. What is a life care community? • Type of continuing care retirement community (CCRC) that provides independent living, assisted living, and nursing home care • Extensive Type A Financial Agreement • Different from other senior housing options – Require a long-term, upfront financial commitment that guarantees housing, services, and nursing care • Large initial deposit plus a monthly maintenance fee – Remains the same regardless of care needs • Applicants must pass health and medical requirements • Many operated by not-for-profit, faith-based organizations that may provide services if residents run out of money
- 3. Candidates and Benefits • Diane Moore, Senior Living Coordinator at Spring Lake Village: – Life care is well understood on the East Coast but relatively rare on the West Coast – People choose extensive, non-refundable entrance fees because it offers predictability and stability – Healthy individuals with no long-term care insurance may find this an attractive option
- 4. Skyline Village • One of three life care communities in the Pacific Northwest • One of three senior housing properties run by the Presbyterian Retirement Communities Northwest • Skyline attracts people committed to preserving their financial estates • Skyline residents pay an entry fee ranging from $400,000 to $1,125,000 • Cost for skilled nursing care in 2010 averages $340 per day • Many feel more secure with upfront costs and steady monthly fees
- 5. Evaluate Finances • A March 27, 2010 Wall Street Journal article, Searching for Security by Kelly Greene, suggests seniors should investigate the financial viability of life care communities • Enlist professionals to scrutinize the facility’s ability to deliver down the road • Ask to see financial reports – What is its positive net worth? – Do operating revenues exceed expenses? – Does it rely on endowments or donations and investments? – Does it have a benevolence fund, insurance? – Are residents involved in the community’s financial planning and decision making?
- 6. SeniorHomes.com • Information in this presentation provided by senior care writer Leslee Jaquette • SeniorHomes.com is a free resource for seniors and families searching for housing and care services • Visit http://www.seniorhomes.com for more information on senior housing
- 7. SeniorHomes.com • Information in this presentation provided by senior care writer Leslee Jaquette • SeniorHomes.com is a free resource for seniors and families searching for housing and care services • Visit http://www.seniorhomes.com for more information on senior housing