Author Topic: CCRCs - what's your experience with these? (Continuing Care Retirement Commun  (Read 1720 times)

BlueHouse

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9 months ago, we put my mom into a Continuing Care Retirement Community (CCRC) and I couldn't be more pleasantly surprised by what a wonderful place it is.  She's still on the independent living side of things, but only because they offer so much support to help her stay independent.  The meals, the on-campus stores, the shuttles to shopping, entertainment, excursions, etc (most are on hold now with CV). 

Her apartment is nicer than the condo she was living in previously.  And the combo of her social security + pension pays the monthly fee.  And she never has to worry about running out of money.  It seems like a great value to me.

I put off the possibility of this for years because I envisioned the dreadful nursing home my grandparents had to go to, but this place is so nice I wouldn't mind living there when I'm old enough (10 years from now).  And I'm seriously considering investing in the company because there's only growth potential and as people are healthier into their senior years, they want enriching lives with the security of knowing they won't outlast their money. 

Has anyone else had similar experiences?  Are all of these places as nice as what I'm seeing?  Anybody else have opinions on the value? 





Rhinodad

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I think they are fantastic, but I'm a bit biased as I work for a company that has 3 campuses. One thing I'd say is stick with the not-for-profits, and make sure the one you choose, fits the market you are looking for (high end vs. mid level). If you have any questions, let me know. I'd move my Mom in tomorrow.

robartsd

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Lots of due diligence to do before going in to one of these. They often have a very hefty fee for joining the community; trying one then deciding it isn't a good fit can be prohibitively expensive. Your mom is already in it, so unless you are within a period of time that you're allowed to back out and get a significant portion of the entrance fee refunded, there's not much point to asking the question now. I do think that in a lot of cases these are appropriate options.

LaineyAZ

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I think they are fantastic, but I'm a bit biased as I work for a company that has 3 campuses. One thing I'd say is stick with the not-for-profits, and make sure the one you choose, fits the market you are looking for (high end vs. mid level). If you have any questions, let me know. I'd move my Mom in tomorrow.

+1 on the not-for-profit type.  I have a relative in one of these communities and she really likes it.  If I understand correctly, there is a fee to "buy in" but some part of that is returned if you leave or when you pass away. 
Right now they are under Covid-19 restrictions so the only visitors you can have overnight would be someone you need as a carer, for example; otherwise, it's just like having your own apartment and you can come and go as you'd like. 

Rhinodad

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Correct on the buy in, but most have multiple payment options like a:

A: Large downstroke, lower rent
B: Mid level downstroke, midlevel rent
C: Minimum downstroke (usually first and last month rent), higher rent.

One thing to look at is the refundability, and how soon it's refundable. For us, we refund within 30 days of vacate. Others, they only refund when your apartment is "re-sold", which they can play tons of games with. We refund 90%, we use the other 10% to repaint, new carpet, touch up walls, etc.

Another thing to look for is where they buy their food...do they just use a main grocer for all products, or do they use a produce company for produce, a meat purveyor for meat, etc. This is very telling in how they operate vs. what they sell you on. This is very important. One of the knocks on a lot of these places is that the granite countertops look great, but the day to day operations really suck (lipstick on a pig)

Also, ask what would happen if your loved one ran out of money...what happens then? Do they get kicked out, or is their rent then subsidized?

BlueHouse

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Excellent responses.  I wasn't even aware that there was a non-profit type.  My mom's in Virginia, so she's in one of the Erickson Living communities. 
The meals are restaurants and they get a LOT of good quality food.  there was a large downpayment to get in, but we get 90% back after she leaves.  I do think it's based on when the unit is re-sold, which again, we did not know. 

But I'm seriously considering now that this might be an option for me when I can no longer do a lot of the things I like to do.  So all of these answers are helpful to me in deciding what I want to do in the future. 

secondcor521

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My parents moved into the independent living portion of a for-profit CCRC in about 2006.  My mom passed away in 2016 but my Dad still lives in the same unit.  This CCRC is part of a chain and I think they have maybe a dozen locations spread out across the western US.

The one they're in is on the higher end of things price-wise, but is really very good on the what-you-get-compared-to-what-you-pay.  It has independent homes, duplexes, independent living apartments, assisted living, and memory care.

They did the minimum-downstroke-maximum-rent choice mainly because we didn't want to rely on them to return a $250K deposit in a timely fashion or play games with it.  Financially it was pretty much a wash comparing the rent difference to what that $250K would do in the market.  This choice also made it easier for them to move to a different facility if they didn't like this one, although that turned out not to be necessary.

Rent goes up yearly by 4%-5% like clockwork every January.  The residents grumble but people rarely move out due to the price increases.

The food is really good - they have a full service onsite restaurant and bar.  Food is fresh and cooked to order with lots of choices that they rotate and vary over time.  Also appropriately healthy food, and they'll make dietary adjustments for residents I think.  They used to have a daily soup and salad bar and Sunday buffet, but those went away with the virus.

Lots of life enrichment, although that has also suffered with the virus.  But in normal times, it included movies, bridge, pool, cards, puzzles, games, and outings to theaters, musical events, shopping, restaurants, baseball games, air shows, art museums, etc.  They go to the jazz festival in Sun Valley every year.

Onsite they also have a hair salon, movie theater, par-3 pitch-and-putt golf course, walking path, pond, and fitness center (which is lightly used I think).

They'll shuttle you to doctor's appointments and the airport.  They have a regular weekly schedule to the nearby grocery stores.  There's a pharmacy and hospital within 500 yards of the front door.

You can get home health and home help in independent living.  But if you start to become a danger then the staff will put pressure on the resident and family to move to assisted living - I assume this is due to liability concerns on the part of the CCRC.  My Mom was borderline needing assisted living but went on hospice and passed away quickly enough to where it didn't make sense.  My Dad was close to needing to move for a while but is doing better now.

My Dad is one of the longest term residents there, and the entire staff knows him and treats him very well - friendly, professional, helpful.

They're locked down right now like Fort Knox, but with everyone old and many with risk factors, it would be bad marketing to have a virus outbreak where a large percentage of your residents get sick and die.  So it's understandable.

It's a fabulous place, and other than the high price tag and understanding that you're living in a place that is owned by a for-profit company, there's really not much to complain about.

TomTX

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My aunt and uncle have been in a high-end CCRC in Florida for years now - and they love it. "On campus" has most everything: Multiple gyms, multiple pools, rubberized trails, pond, courts for tennis, bocce ball, etc. Multiple onsite restaurants, rotating entertainment options, clubs, etc. The buy in was large, monthly "rent" is fixed and gets you points for the dining options. The points are enough they could eat out every meal (or have it delivered) - they typically have significant surplus points, so when we visited they took the whole family to the restaurants every meal, including wine with dinner.

The place typically has a multi-year waiting list. My aunt is an accomplished pianist and had been coming over weekly to play for the residents (it was fairly close to their house) - magically once they applied (expecting a 2-3 year wait) a spot opened up within a month and they ended up moving sooner than expected.

tj

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Quote
I put off the possibility of this for years because I envisioned the dreadful nursing home my grandparents had to go to, but this place is so nice I wouldn't mind living there when I'm old enough (10 years from now)

I'm assuming that "old enough" is age 55, but I've heard that the average age in these types of places is in the 70s. Would you enjoy that environment?

BlueHouse

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Quote
I put off the possibility of this for years because I envisioned the dreadful nursing home my grandparents had to go to, but this place is so nice I wouldn't mind living there when I'm old enough (10 years from now)

I'm assuming that "old enough" is age 55, but I've heard that the average age in these types of places is in the 70s. Would you enjoy that environment?
The age minimum is 62. Sure there are a lot of older residents, but there are also hundreds in their 60s who are very active. When I’m there I see a ton of people exercising, playing tennis, dressing to go on the town. It looks more like a cruise ship environment with people perpetually on vacation.

So yeah, I might like it. Maybe not right away, but that’s why I’m asking questions now. And because of the rate increases, I prob can’t afford until I’m closer to a time when I’m not moving around so much.

Rhinodad

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Bluehouse,

I hear all the time here at the CCRC I work that it's like "living on a cruise ship". It's certainly NOT a frugal way of living, but it certainly does help those lead a full and engaging life as they age.