MN Wills & Trusts | Should You Move into a Continuing Care Retirement Community (CCRC)?

Moving from one location to another is frequently stressful, regardless of your age. However, as we grow older, particularly after age 55, moving can cause an even bigger upset.

During our later years, major changes often remind us of how little time we may have left in our lives. Moving to an assisted living center can also force us to part with prized furniture and possessions.

If you’re an unusually sensitive person, each move may make you wonder if you are entering the last permanent place you’ll ever live before passing away. For these and other reasons, every senior move must be handled very carefully.

What Exactly Is a CCRC?

A typical CCRC continuing care retirement community — usually offers prospective residents the opportunity to move in and make transitions into different levels of care within the same general community as ones medical problems change or worsen. Therefore, you might enter and choose an independent living unit first and then later move into an assisted living wing for a long period of time.

Sometime later on, you may want to finally transition into a nursing care facility on the property that greatly resembles a public nursing home. Obviously, residents can choose which entry level best suits their individual needs.

Whats Most Important to Individuals and Family Caregivers About These Facilities

The basic flexibility of CCRCs that let a person move into different levels of care (in various living quarters or units) on the same general property appeals greatly to most individuals and their families. Everyone likes to minimize all future moves. However, few things are simple or perfect in life and learning how CCRC contracts and finances work can be difficult.

You may well need the assistance of your Minnesota estate planning attorney, along with a financial professional to help you properly interpret the legal and financial contractual provisions. Problems can often arise in regards to refund provisions that are supposed to kick-in either when you try to move away from the community or after youve passed away.

When visiting any senior care facility, try to visit at different times of the day and ask if you can speak privately with current residents about their experiences. Also, inquire about the quality of medical care thats available on-site, including all rehabilitation therapy services.

Many older people fall a lot and your loved must be able to easily obtain the healing therapy s/he may need to become fully mobile again. Also, ask if theres a nutritionist on staff who can create special menus based on specific medical conditions. You should also find out if the housekeeping assistance offered is both dependable and thorough.

The list below sets forth many other factors youll want to bear in mind while considering several CCRCs. Whenever possible, try to choose a place that clearly explains how it handles unexpected move outs due to a wide range of reasons. This list also provides a few reminders for things you should do both before and during your CCRC visits.

Specific Concerns Tied to Moving into a Continuing Care Retirement Community (CCRC) or Assisted Living Center

• What are the financial costs involved? Its not unusual for some CCRCs to require a prospective resident to deposit a large sum of money in order to move in although some just require other payment methods. As a recent New York Times article puts it, Some [CCRCs] may require a deposit of up to $1 million, while others may charge only monthly fees;
• Always visit several of these communities before signing any contracts. At present, there are about 2,000 CCRCs in America. (In comparison, there are about 16,000 traditional, for-profit nursing homes in our country.) There were apparently more CCRCs prior to Americas major economic problems that began back in 2008. Always ask to review all cost increases during the last few years and request to look at least five years of financial records if the facility is willing to share them with you. Be sure to establish what youll be allowed to review in advance so you can decide whether to take your personal accountant with you;
• Be aware of who runs these types of facilities. Roughly 80% of CCRCs are run by nonprofit and religious groups. While such entities may be preferable to a number of commercial for-profit companies that run a number of private nursing homes its still wise to carefully inspect how each group conducts its activities and interacts daily with all of its residents;
• Decide if a buy-in arrangement is best for youor a fee for service facility. Both types of arrangements usually require highly detailed contacts that your Minnesota estate planning attorney can help you interpret properly prior to signing. Be aware that the fee for service facilities may still require some type of rental deposit. They often request this so theyll have additional funds of yours already on hand — should you ever run late with a new months fees;
• Always determine if the stated fees are reasonable. According to one LeadingAge (senior services group) expert, a CCRCs entrance fees usually have a direct relationship to local housing market prices . . . [So], residents usually pay much more to join in the Northeast and on the West Coast than in the South and Midwest;
• Are the different levels of care of equal value? Check to see how different parts of a CCRC may have been ranked according to applicable state regulations. However, be aware that the independent living sections rarely have rigorous oversight . . . [Also], the nursing homes in some CCRCs are not Medicaid certified;
• Get a thorough medical check-up prior to deciding which type of facility might be best for you. No matter what your age in life, you can always have a previously undiagnosed medical condition. When youre thinking about entering a retirement community, first let your internist (and any required specialists) fully document your current healthcare conditions and needs. This will help you make the best informed choice possible.

Finally, since moving can be expensive and it often has a major emotional impact on most of us, be sure to discuss your different options very carefully with your spouse or most trusted family members or friends before taking any action.

Never act on a whim and just sign up with the first place you visit without taking enough time to carefully review all of the required paperwork. Also, keep in mind that you may soon be embarking on another pleasant chapter of your life. It can also save your relatives the potential pain of financial problems or a possible probate estate.

Minnesota Estate Planning Attorney

Contact the Flanders Law Firm today. The firm offers free estate planningconsultations to all potential clients. Call (612) 424-0398.