The One and Done Appeal of a Life Plan Community

Here's a checklist of questions if you're considering a CCRC: http://www.carepathways.com/checklist-ccrc.cfm
Source: Care Pathways
The Commission on Accreditation of Rehabilitation Facilities (CARF) accredits CCRCs (www.carf.org).
Because CCRC contracts can be fairly complex, it's a good idea to review them with a financial planner, an accountant, or an attorney. And, you or your "money person" should look at the financial statements of the CCRC, too.
If you're in poor health when you enter a CCRC, you could be paying a lot of money for a little time. But for those with the financial means, a CCRC can provide great peace of mind.
Jan Cullinane, author, The Single Woman's Guide to Retirement (AARP/Wiley)

We are looking at CCRCs in Charlotte. Considering Plantation Estates and Aldersgate. Both are attractive. Comments appreciated.

As we are just in our early 60s we don't feel we are quite ready to pay all the monthly fees, nor utilize all the services that are common in a CCRC . It is, however, our goal to eventually end up in such a place since our children are spread out across the country and we will be on our own. There is only one place, that I can think of, in our area now and it is not for us - so we plan to relocate. My parents live in an Erickson community and it is like living on a cruise ship! We would LOVE a place like that and plan to position ourselves in the area of several so when we DO decided it is time, we will have a choice. Plus, we won't have to change all our Doctors and friends - again.

Jan, thank you for the checklist. I visited several such communities in St. Petersburg, FL and was favorably impressed by The Fountains at Boca Ciega Bay. I will continue my due diligence, and would be grateful for any information others can share regarding this community.

My mother chose to live in one of these communities after selling her home because it was too big. For the first few years it was great. She had a cottage, then moved into the main building and had assisted living. She started showing signs of dementia even before she moved into the community so I have always admired her foresight. All went well until the ownership and management changed hands. Then there were thefts and the resident's care deteriorated. Both my brother and I lived at some distance so it was hard to monitor. We eventually moved her to a nice nursing facility closer to my brother.

So, my important advice is to involve your extended family in the choice of facilities. And have them monitor the business end of the place. Also, chose one close to family, if possible. You are anticipating health and ability deterioration over time so someone will need to pick up the slack for you. Make it easy on them!

flatearth6 -- not to try to push you (it's a tough decision in your early 60s to commit a large investment and the rest of your life to one place), but some of these facilities may well have all that you might want. I am only very familiar with one CCRC, Galloway Ridge, which is listed in this article's second paragraph. They are affiliated with the Duke Center for Living which includes a full health/exercise center with coaches, counselors, physical therapists and excellent facilities. They are located adjacent to (walking or golf cart range) of Fearrington Village with shops, restaurants and a beautiful campus, have additional amenities such as a full woodworking shop, etc. and special events such as a Christmas craft fair. We live only a few miles away and seriously considered Galloway Ridge for its great promise and because we love this area of NC just south of Chapel Hill. The cost is high (though probably at a norm for CCRCs) and in the end, we decided that our home plus our excellent long term care plan remains a better alternative for us. And it happens that just a short drive can make some of the facilities available to us.

I provide this info in partial answer to your concern and because there are numerous other on Top Retirements that have been interested in this area. I would also like to reiterate the opening sentence of this article: "One of the best pieces of advice we have heard about retirement is to take the long view, rather than just focusing on the early years." When we were considering Galloway Ridge , we were like you -- in our early 60s. Just 5 or 6 years later we still are happy with our decision, but changes in our health and physical condition have caused us to make changes to our budget in order to allow someone else to help maintain our home. Age related issues don't just creep up on you -- they can happen in leaps and bounds.

This is really only an option for wealthy people.

Kathy, Being rich or wealthy very much depends on your point of view. For example, we are doing fairly well, but we have to carefully follow a budget to have a hope that our savings will last. Like many retirees, we have a house that is paid for that would have to be sold before we could consider any CCRC possibility. And budgeting would still be part of our lives.

On the other hand, those who are retired and living only on their Social Security would likely indeed feel that we are wealthy. And there is a wide range between Soc Sec and far extending above our income level (and,, unfortunately, below the Soc Sec level).

If people have a house to sell and adequate savings to live out their retirement, then they could consider a CCRC -- many of those would definitely not feel they are wealthy. Those with such wealth that they do not ever fear being without can certainly consider a CCRC. Such wealth is definitely beyond me.

Those who make up Top Retirements span a wide range of "wealth". I would hate for anyone to simply cast off potentially reasonable CCRC options, simply because they thought it was only for the "wealthy". But without question, buying into a CCRC requires resources -- and that was stated in the original article.

CCRC's offer great potential, but there are several big risks.

First, the CCRC services and facilities can change over time with new management or weakened finances. We have friends who loved their CCRC when they first moved into it, but with a change of management, they think the services and facilities have significantly deteriorated over time. With the one-time, non-refundable entrance fee for life care, they feel stuck in a place they no longer enjoy.

Second, although most CCRC's allow residents as young as age 62, I think the average entrance age is typically somewhere between age 75 and 80 so the average age of residents is often well into the 80's. I think it is important to fit reasonably into the age of the residents of a CCRC.

Third, a CCRC is sometimes likened to a monastic way of life, not because of austerity since most are quite nice, but because one is committing to live with a group of people for the rest of our lives. So, it is important to make sure that we can fit into the "culture" of the residents for what matters to us (religion, education, political views, activities, military, etc). It can be hard to live as an outsider.

Again, CCRC's appear to be a beautiful possibility for aging, but we need to perform our own due diligence to minimize the risks associated with CCRC's.

Thank you, Everette. Critically important.

update: we have been on the CCRC search for a few months. we are currently renting a townhouse in WAKE COUNTY NC. we visited TENN, MISS & GREENVILLE S C. going to Charleston SC in APRIL, with a return swing to GEORGIA. pretty obvious COST is a MAJOR factor for most people. many are VERY NICE & others not so much. food quality varies up & down the scale. at this point in time, if money was not an issue, we have 2 we thought covered all of our personal checklist items: 1. THE FORREST AT DUKE ( 5 stars) in DURHAM NC 2. THE WOODLANDS AT FURMAN (5 stars) in GREENVILLE SC. the search continues. good luck to all.

Davef

In Greenville make sure that you visit Cascades at Verde. One of our top choices. In Charlotte check out Aldersgate and Plantation Estates. All,good choices.

Rich....I find it ironic that you should address being "rich!"

FIL and MIL moved to one of these "promising" communities about 10 years ago, that was supposed to grow with more amenities offered. When the economy failed, the management and tenants couldn't fulfill the said intentions. They had to let college students rent to make ends meet. FIL's failing heath required more services, so they moved to a more expensive and absolute dream facility with the amenities already in place. Save the fact, that there is no indoor swimming pool and it's located in freezing Fargo ND.....it is where I would love to be during my later years. FIL now deceased, after needing their acute care wing for a few months. MIL doing okay , still in her apartment, yet says that the most difficult thing about being there is that all her friends pass away the longer she lives. I suppose.......

My kids tease me, that they get to pick my nursing home. I tell them......I have already picked it! It is the nicest facility in our home town, and it is beautiful. It already has all the amenities, including an indoor pool, in place. Yeah....it is too expensive, but aren't they all?
Mom is in assisted living and doing well. When we asked dad if he wanted to go there and be with her........he said "Why should I pay to sit up there, when I've already paid to sit here at home!" Well, we found him an in-home nurse to care for him during his last 3 months of life, for much less money.

MY daughter is only 55 but had stroke in 2009 that left her paralyzed on left side, right side works fine-she can stand up but can't manage life alone her mind is good. I am 74 and need a rest from her. I have been taking care of her and do not wish to put her in nursing home where everyone is 80+ - are there no alternatives for younger folks in SE Texas.