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Posted by Positive Aging Community on 03/03/2023

Understanding the Costs of Life Plan and Continuing Care Retirement Communities (CCRC)

According to the Age Well Study by The Mather Institute, residents of life plan communities reported more healthy behaviors and scored higher on positive measures of emotional, social, physical, intellectual and vocational wellness than did older adults living in the community at large The costs and entry fees of these communities create confusion! Join us for a live & interactive discussion to better understand the costs and benefits and a tech solution for evaluation! 

Tripp Higgins, President of myLifeSite

  • m: 716.200.3564 
  • w: www.mylifesite.net 
  • e: tripptripp@mylifesite.net

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Questions Asked

  • Have you found any significant differences in quality of services delivered by for-profit versus non-profit Communities?
  • Thank you so much for sharing your bright guiding light star journey of managing your family season of change. Transformation of room with linoleum floor, breathing more life into the room is such an inspiration. Abundant gratitude, thanksgiving, peace, wholeness.
  • How do the communities get on your site? Are there any site visits to ensure quality?
  • Have CCRCs found it difficult to find help, like most places?
  • If a CCRC only provides one meal a day, how do residents get their other 2 meals?
  • If residents to CCRC places, how do they find new doctors to replace the doctors they had in their old home community?
  • Would a CCRC ever eject a resident who runs out of funds?  Is there any medical condition which would require a resisdent to be moved out of a CCRC?
  • Do CCRCs without walls provide anything other than what essentially amounts to long term care insurance? How can I find a list of these communities?
  • My experience as a nurse care manager is that folks living in Independent unit  who decline ( we all decline!) and need private aides are typically asked to go to ALF or skilled care and not remain in  I L .  It takes a fight to remain in your independent apt.
  • I beleive that Leading Age can provide a list of Continuing Care at Home programs across the country.  Note that some states don't allow them.
  • You can email Dee Pekruhn at Leading Age.  She manages the At Home list.
  • I joined a bit late.  How can one access the calculator?
  • I joined late too,  does Tripp’s firm review CCRC contracts? If not, who does he recommend? These contracts are large and can be confusing.
  • how do these contract types relate to the contracts types A< B and C you mentioned?
  • will this presentation be sent to the attendees?
  • most communities will be able to answer your questions and also refer you to other resources if a CCRC isn't a good fit for you.

Chat Transcript

Positive Aging Community Champions - Moving & Downsizing

Positive Aging Community Champions - Life Plan Communities

12:12:02     From  Steve Gurney - ProAging Community : https://mylifesite.net/

12:18:15     From  Cathy Anderson : Does a CCRC allow a person to live independently and as their needs change due to aging allow the person to receive assistance without having to physically move on to a higher level of care?

12:21:02     From  Steve Gurney - ProAging Community : How Do CCRC Payment Structures Work? https://mylifesite.net/blog/post/how-do-ccrc-payment-structures-work/

12:21:18     From  Kathy Beck   to   Hosts and panelists : If a fee-for-service retirement community does not ask a resident to leave even if they outlive their funds, why is a life plan (Type A) community more financially advantageous?

12:21:49     From  Gene Poole   to   Hosts and panelists : Note that part of the entry fee and monthly fees are tax deductible as advance health care expenses.  For us as a couple, the monthly fee deductible portion amounts to over $40K/year.

12:24:59     From  Becki Bees : The community is often also limited as to what type of care can be provided based on their license.

12:27:26     From  Dixcy Bosley   to   Hosts and panelists : With fewer seniors / boomers able to afford LTC insurance , do you anticipate shift in who can fill CCRCs.? Currently, many in DC have vacancies.

12:27:59     From  Kathy Beck   to   Hosts and panelists : Are you familiar with CCRCs without walls or Kendal without walls? Does it provide anything advantageous other than what essentially amounts to long term care insurance? How can I find a lift of these communities?

12:28:39     From  Lisa Wishman   to   Hosts and panelists : What is a typical entry fee?  Is it — as it sounds — a one time fee?

12:28:53     From  Elias Papasavvas   to   Hosts and panelists : That is an excellent point - Financial Advisors and CPAs are often not as well informed as they need to be on the benefits.

12:29:54     From  V Barshis : Are you actually going to EXPLAIN the different models, what the fees are for, how they work? Without that, these questions remain meaningless

12:30:43     From  Lee Malone   to   Hosts and panelists : has anyone else lost the audio

12:31:08     From  Judith Bauer : Agree with VB. Explain

12:31:39     From  Tracy Skalitzky : I noticed on the website that many CCRC's in our area are not listed. How does a CCRC get on the website?

12:33:24     From  Steve Gurney - ProAging Community : My Life Site https://mylifesite.net/

12:33:28     From  Elias Papasavvas : V, Judith, this article here on Tripp’s website walks through the different models in a nice summary-like way.

12:33:29     From  Elias Papasavvas : https://mylifesite.net/blog/post/primer-ccrc-residency-contracts/

12:34:57     From  Elias Papasavvas : The fees for each contract vary by community and community location.  But usually a good way to start the conversation about the fees is to know the basics shared in that blog article just shared on Tripp’s site.

12:36:27     From  Deb Abramson   to   Hosts and panelists : Are all CCRCs in an area included on your site or only those who have paid to be incuded?

12:36:57     From  Elisabeth Robinson   to   Hosts and panelists : Thanks for bringing up the “At Home” Programs.  Most folks don’t know about this.

12:38:00     From  Heather Foote : When you speak of 100,000 "assessments taken," is that simply those who complete the form?

12:43:52     From  Jim Sanders : Quality metrics? How safe? Depending on staffing levels. How do you choose? Does contract protect me?

12:44:14     From  Gene Poole : Huge caution: don’t wait too long to make the move.  Best to be young enough and healthy enough to be an active member of the.  All too often people wait until they are frail, and many of them have to enter health care or die within months of moving in.

12:44:34     From  Paula Stone : Please comment on these two experiences I'm familiar with:

12:44:36     From  Gene Poole : Missing word: community

12:44:46     From  Heather Foote : Will you be talking of other Life Plan options (B & C) such as plan that doesn't make entrance fee refundable.

12:45:53     From  Lisa Wishman   to   Hosts and panelists : How do you find your organization and this calculator?  What is the website?

12:46:37     From  Paula Stone : Please comments on these two experiences I'm familiar with: one person was forced to move when she ran out of money; another person was surprised that service coverage for ADLs was time-limited and she had to pay for private aides to get the help she needed (and ran through her assets)

12:49:24     From  G M   to   Hosts and panelists : Are the backend details also shared online?

12:50:02     From  Jim Sanders : years fee does not with reality. It is not 3% it is 8-12% year to increase this year. Industry valuation assumes steady 10%+ price increases

12:50:37     From  Heather Foote : Following up on issue raised by Jim Sanders, have there been recent studies on how during/post Covid has affected job churn, those who may have worked at Life Plan communities? One CCRC I visited has relied on H.S. students for dining room and those "workers" were now far lower in number.

12:53:19     From  Isabelle MELESE-D'HOSPITAL   to   Hosts and panelists : I suggest you pose your Questions under the Q&A section next to the CHAT, because he’s running through those and NOT the chat questions here….

12:54:03     From  Dixcy Bosley   to   Hosts and panelists : The most important assessment in a CCRC is nursing retention, happy staffing….not granite lobbies

12:54:06     From  Paula Stone : Please clarify your privacy policy. For example, do you save our worksheets? What info that we enter would you share with others?

12:56:37     From  Steve Gurney - ProAging Community : Continuing Care at Home Discussion https://www.retirementlivingsourcebook.com/videos/continuing-care-at-home

12:56:39     From  Elva Roy : Which of your "regions" is Texas in?

13:04:10     From  Steve Gurney - ProAging Community : Dee Pekruhn at Leading Age dpekruhn@leadingage.org

13:04:17     From  V Barshis : This is a promotion of CCC's, not an education about them. Disappointing.

13:05:14     From  Joan Rubin-Kritz   to   Hosts and panelists : There are more and more CCaH programs starting all the time.  Springpoint Choice of NJ and DE has a consulting arm which has helped and continues to help many programs get started.

13:06:16     From  JoAnn Lynn : I appreciate knowing about this tool.  I am presently looking at Life Plan Communities because I know that is what I want.

13:09:16     From  Heather Foote : Repeat question: what is plan type for a "traditional" LifePlan community when there is no refund of entrance fee? (Should be lower cost. Provides same services as Plan A.)

13:14:48     From  JoAnn Lynn : In my experience so far, contracts among homes vary.  My attorney suggests that she read the contract before I sign.

13:21:54     From  Elva Roy : Thank you Tripp. I see that now.

13:25:02     From  Shirley Snowden : Thank you.  Another great session!

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