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I've looked into several but came to the conclusion that you'd have to be reasonably wealthy to even consider it for more than a handful of years.
I'd hate like hell to be kicked out in my 80s.
They usually have a intensive financial health check hurdle to get over. They do that to make sure you don't run out of money. It isn't just a matter of handing them a check for X dollars and move in. You need additional left over capital and monthly income well in excess of the monthly fee.
They usually have a intensive financial health check hurdle to get over. They do that to make sure you don't run out of money. It isn't just a matter of handing them a check for X dollars and move in. You need additional left over capital and monthly income well in excess of the monthly fee.
Yeah, I guess that makes sense...not to be accepted in the first place.
The one that looked best to me here had a $90,000 buy in with an percentage option of 'buy backs' (or money for heirs) plus fees of about $5000 a month.I wouldn't doubt that the monthly amount gets higher the higher the percentage you choose .
I suppose they use some rigid actuarial schedule to assess how long your assets might last and go from there?
Yeah, I guess that makes sense...not to be accepted in the first place.
The one that looked best to me here had a $90,000 buy in with an percentage option of 'buy backs' (or money for heirs) plus fees of about $5000 a month.I wouldn't doubt that the monthly amount gets higher the higher the percentage you choose .
I suppose they use some rigid actuarial schedule to assess how long your assets might last and go from there?
If you can find a nice one for a $90k buyin, that's a steal. The ones we've looked at require around $500k buy-in. We also are on a wait list. We're still in our early 60s, but they said they have about a 10 year wait list. We were told some families are putting their children on the wait list when they are born. They'll just skip over you if you aren't ready to enter.
We've just started to look into these as an alternative in the future. (DH is 76, I am 63.) I'm interested in getting input in what is experienced by those Who are actually living in these communities. And those who dealt closely with relatives in CCRC'S.
(Note I am NOT talking about assisted living facilities. We are looking at campuses that offer a continuum of aging care needs—from independent living, assisted living, and skilled nursing care can all be met within the community.)
My godmother (we are very close and talk about once a week) bought into one about 15 years ago. She has no complaints and I know she appreciates not worrying about being relocated in future if/when her health deteriorates. Several of her friends there have needed more advanced care but didn't seem to have transition issues. Overall I'd say she's quite content.
Yeah, I guess that makes sense...not to be accepted in the first place.
The one that looked best to me here had a $90,000 buy in with an percentage option of 'buy backs' (or money for heirs) plus fees of about $5000 a month.I wouldn't doubt that the monthly amount gets higher the higher the percentage you choose .
I suppose they use some rigid actuarial schedule to assess how long your assets might last and go from there?
Yes, it will probably be a ratio of up to 200 percent the liquid assets needed to get in and 1 1/2 times the monthly fee in monthly income or a adjustable ratio between the two. Usually a multiple page financial disclosure form along with credit scores etc.
There are additional models beginning to emerge along with buy in fee oriented and no buy in but much higher monthly fees and combinations of. Newer models offer a concierge service where you purchase the level of additional services needed on a monthly basis. That enables you to stay in independent living longer with the services coming to you if needed. It depends on how your assets and insurance are structured as to which is better for each of us.
I would offer a word of caution that one could go into a cost model that is popular now but replaced down the road by a different newer and more popular model. Hard to sell and get your money back for you or your heirs.
The ones run by established churches seem to be the most stable. However, the cost to buy in is still substantial, several hundred thousand dollars depending on facility and age, and the monthly fee is often significant.
If it doesn't work out. Say you don't care for the new staff people, or the new management approach, or it is just not the right fit for you, I don't think you get your money back.
Marriott runs a number of CCRC across the country. They have two deposit options. One is 90% refundable after you leave, once others have put down their deposits.
We know several couples without children who have moved into a local CCRC. They seem to like it and are glad not to have the worry of running out of money and not being able to afford care.
We preferred to buy our own condo in a 55+. It is actually a duplex with a private enclosed patio/garden area. There are more young people here and more active activities. AND, our condo has doubled in value in 5 years. We prefer to choose our own doctors. My aunt bought into a CCRC , was happy there, and lived to be 95. None of her kids lived close by though, whereas ours are close. My husband is early dementia now and will require Memory Care at some point, which I'm not sure a CCRC would provide.
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