Topic: long-term care
In this podcast episode, and the next two forthcoming episodes, Kristin McHugh, Lead Advisor with Brighton Jones, asks Lisa Mayfield, our principal and founder, answer some audience questions about Proactive Planning. …
Financial planning. Whether it’s for yourself or for your parents, having an understanding of assets in the context of when you’re retired is essential. You’ll need money for your basic needs, money to maintain the lifestyle that you want to live, money to still travel if that’s a priority, and for charitable giving, if that’s a priority.
You will also need money to cover medical expenses and eventually for long-term care. The care that we’ll be talking about today and the money that you have saved needs to be able to cover these expenses as well. …
One of our favorite tools for getting a baseline on long-term care costs is the Genworth Cost of Care Survey. Enter your city, state, or zip code for the median cost of care for a variety of care settings (including your home) in your location.
We stress median costs, as our experience as geriatric Care Managers is that LTC costs more than the median reflected in the survey. But again, it’s a great place to start to get a realistic picture of costs, options, and levels of care. …
Memory care is specifically designed to provide a safe, supportive, and structured living environment, be it a stand-alone community or a separate unit within assisted living or a CCRC. …
Some assisted living communities require a one-time community fee and that could be quite a range. A community fee for month-to-month assisted living is different than a buy-in fee or an entrance fee with a CCRC. This is a one-time fee. We typically see these as low as $3,000 and in some of the newer, higher-end buildings as high as $40,000 to $50,000.
In terms of the monthly fixed costs, it depends on the community you choose and the type of apartment you select. Make sure you ask what, specifically, is included. In most communities, food and beverage, housekeeping, Wi-Fi, laundry, some transportation, and activities are included. …
In this podcast and over the coming weeks, Nicole will provide a general overview of different housing options for long-term care: Continuing Care Retirement Communities, Assisted Living, Memory Care, and Adult Family Homes
Today she looks at Continuing Care Retirement Communities (CCRCs), also known as Life Plan Communities. “This is really an option for people who are at a stage in their life where they’re proactively planning ahead. Maybe they’re ready to downsize. They’re attracted to that retirement lifestyle, relatively healthy and independent.”
You move in to a CCRC as an independent resident and if you need more support over time, there are different levels of care within that building or campus that can support you over a continuum.
CCRCs typically include Independent living, Assisted living, Memory care, and Skilled Nursing. Some include Short-term rehab.
CCRCs are usually high end communities with lots of amenities. They require a buy-in or entry fee. In our area, that could mean a range from $300,000 to $1 million. This is in addition to your monthly maintenance or service fee. Each CCRC offers different contracts. It’s important to understand the type of contract, what is covered, and if cost will increase as your needs change.
Additional Reading and Resources:
Interested in exploring and planning for long-term care housing and not sure where to start? We can help! Schedule a free get-acquainted call today to learn more about your situation and to determine together whether our services are a good fit for your needs.
This podcast is part of a longer conversation between Nicole Amico Kane, Director of Care Management at Aging Wisdom, and Brenda Dodd, Director of Training and Special Projects at Áegis Living.
Do you have a plan for the time when living at home is no longer safe or supportive for your parents, your spouse, your partner, or yourself?
Every situation is different, but there are common signs that it may be time to move. Understanding the landscape and planning for what’s to come can save a lot of stress and heartache in the long run. …
When we meet with families and start to talk about care and housing options, it’s not unusual for them to ask if Medicare covers what we are recommending. Typically, the answer is no. …
You are not alone on this journey! Often families and individuals don’t realize they can save time, energy, money, and heartache by engaging the right professionals and knowledge experts along the way.
If you’re starting to think about moving yourself or moving someone in your care, it’s important to connect with a professional to help make sure that you’re not overlooking something, and that you are aware of what the available options are so that you can make a solid, informed choice. …
Last week we looked at tips for navigating long-term care options to support living at home. Successfully managing care at home depends on many factors, including finances, health status, transportation, mobility, a supportive physical environment, a willingness to accept care, and having a realistic view of the care needs.
There may come a point when the person in your care can no longer be safely and adequately cared for at home. For example, when your parent has a progressive health condition such as Alzheimer’s disease or Parkinson’s, there may come a time when the care needed at home exceeds your capacity to support them safely.
Be prepared for this reality; it’s never too early to research, visit, and reflect in preparation for a possible move. It’s always best to be proactive. …
Navigating Long-Term Care Options (in greater Seattle) Part IIRead More »