Smart Senior: Choosing a senior community that offers all levels of care

Dear smart senior,

Can you help me identify some good senior living communities that offer all levels of housing and care, from independent living to nursing home care? I’m in my late 70s and know I have to downsize from my current home, but I want my next move to be my last.

One move Maria

Dear Mary,

If you want your next step to be your last, an all-inclusive retirement community – also known as a continuing care retirement community (or CCRC) – is a good option to consider. Here’s what you need to know, along with some tips to help you find one.

What are CCRCs?
CCRCs differ from other types of senior housing because they provide all levels of housing, services and care in one convenient location.

By Jim Miller

Although the appearance and services of CCRCs can vary widely, most offer apartments or sometimes single-family homes for active, independent seniors. In addition, they also provide on-site assisted living for seniors who need help with basic living tasks such as bathing, dressing or using the toilet, and nursing home care for residents when their health declines.

CCRCs also offer a variety of resort-style amenities and services, including communal dining areas, exercise facilities, housekeeping and transportation, as well as many social and recreational activities.

But keep in mind that all these services come at a high price. Most communities have entrance fees that range from less than $100,000 to more than $1 million, plus ongoing monthly fees that generally range from $2,000 to $5,000 for singles ($3,000 to $6,000 for couples), depending on the facility, services and contract option used. you choose.

With more than 2,000 CCRCs in operation across the U.S., finding a facility that fits your lifestyle, needs and budget will take some work. Here are some steps that can help you move forward.

Make a list: To find CCRCs in the area where you want to live, visit MyLifeSite.net and Caring.com, which provide online listings. Once you’ve found a few, you can call them to find out if they have any openings, what they charge, and if they offer the type of services you want.

Take a tour: Many CCRCs encourage potential residents to stay overnight and have a few meals in their dining room. During your visit, pay attention to the facility’s maintenance and talk to current residents to see how they like living there. Also explore assisted living and nursing facilities, and learn how decisions are made to move residents from one level of care to another.

Do some research: During your tour, find out who owns the CCRC and receive and review a copy of their most recently audited financial statement. Also discover their occupancy rate. Unless it’s a newer community that’s filling up, an occupancy rate below 80 percent could be a signal that the facility is having financial or management problems.

To investigate the CCRC’s long-term care services, you can call the National Long-Term Care Ombudsman (see LTCombudsman.org), who can tell you if the assisted living and nursing care services had any complaints or problems. You can also use the Medicare nursing home comparison tool at Medicare.gov/care-compare.

Understand the contract and costs: Most CCRCs offer three types of contracts: Life Care or Type A contracts, which have the highest entry price but cover all levels of long-term care if necessary; Type B, or modified contracts, which have lower access prices but limit long-term care services in the initial reimbursement; and Type C, or “fee-for-service” contracts, which offer the lowest access prices but require you to pay extra for long-term care if you need it.

You have to discover it too: what annual price increases can you expect? How much of your registration fee will you get back if you move or die? And what happens if you outlive your financial resources?

To help you sort all this out, it is best to consult your financial advisor or lawyer before making any decision.

* * *

Send your senior questions to: Savvy Senior, PO Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of the book “The Savvy Senior.”