I concur!
You can read my 44+ page document on this. What happens in old age, what is CCRC, Types of CCRC, Long Term Care Insurance, Info about the CCRC where we live etc.
https://docs.google.com/document/d/1TkRo92IWiiSWGh6QrfqN-YDpq0ge34HLmz0-zvkYnU4/edit?usp=sharing
My 84-year-old cousin just moved to the Type-A CCRC where we live. For his ~900 Sq ft one-bedroom apartment he paid $140K non-refundable entrance fee (actually prorated at 2%/month, so after 2 years if he moves out he gets 50% back but none after 4 years). There are 33% and 90% refund options at higher entrance fee cost.
His monthly is ~$2,100 without meal plan or ~$2,400/month with meal plan. This covers loads of amnesties in 210 acres (2,400 residents) like 11 restaurants, 2 cafés, 4 two hundred seat auditoriums, one 500 seat modern theater, 2 indoor and 1 outdoor pool, 5 smaller gyms and one large gym, 6 lanes bowling alley, tennis courts, badminton, pickle ball, volleyball courts, two ballroom dancing halls, three banks, billiards, indoor and out door shuffle boards, giant barn for parties, golf simulator, 2 pharmacies (home delivery), 24 hr Registered nurse - will come in 5 minutes if you pull the cord from any of the rooms or bathroom, Arcade, three large wood shops, Art Studios, craft rooms, Card game rooms, more than 100 clubs to keep you occupied, nightly movie at 8 PM, 2-3 music program/week including Lancaster Symphony or other musical groups from Jazz to Rock, to Classical music, Educational programs including One Day University course, - and more,
all included in the monthly fee.
No property tax, no HOA fees, no utility cost, no outside maintenance from landscaping to pest control to snow removal, no home insurance cost (renter's insurance required as well as Medicare and supplemental/advantage plan) etc. Appliance repair, changing bulbs twice a year filter change, battery change for alarms, recharging/replacement of the fire extinguisher, etc. all included.
Subsidized 3 hair salons, 9 hole golf course, free shuttle to local medical doctors and shopping, fully paid travel for the qualified residents to participate in the Senior Olympics and more. Our petrol cost in 2019 was $300 - mainly for trips to NJ (2020 was a waster year!).
PLUS your (if needed) Personal Care (Assisted Living), Skilled Nursing Care (Nursing Home), Dementia Ward, and Hospice -
ALL[/B] included in the monthly fee regardless of the cost in the outside world and no matter how long. Subsidized in-home care. There are five medical facilities with ~500 beds.
Cable ~$35/month, Internet (100/5 Mbps) ~$32/month, landline phone ~$30/month (who has that anymore - everyone has cell phone or VoIP phone like Ooma or Vonage), Housecleaning ~$30/hr., Handyman service
~ $37/hr., personal trainer ~$20/hr, etc.
Part of the Entrance fee and part of the monthly fees are considered as Pre Qualified medical expense, so we can itemize to get a tax break. PA does NOT tax Pension, Social Security of RMDs for IRA. It does not have estate tax, but does have inheritance tax (~4% for lineal heirs to ~15% non-lineal heirs).
Our auto insurance dropped drastically compared to NJ.
Last year in April they announced 88 new villas and all were sold by September before the construction started. Now they are creating 120 new apartments. They just announced two major construction projects. 20-story apartment building in downtown Lancaster to be completed in 2-3 years, followed by a European style "open space" Dementia facility in 4-5 years.
It is NOT for Profit Private CCRC with A rating from Fitch,~99% Occupancy, and does NOT take Medicaid patients, has 5 star from CMS. Newsweek chose it number one in PA (PA has the highest number of CCRC 33/2000 in the USA)
PLEASE READ MY DOCUMENT TO GET MORE DETAILS.
I think your friend or any of us are good candidates. Age requirement is 55+, younger crowd come for the amenities and guaranteed medical care in old age. They work locally or remotely.
If there is any neurological symptoms (Dementia or Parkinson) then this or any other CCRC will not accept, but once you are in and develop these then no problem,
The beauty is that whether you take a Studio ($99K Entrance fee) or a $700K Villa, EVERYONE gets the same amenities and medical care.
The regrets from everyone is that why didn't we move earlier!
Hope this helps you.
Thanks.
Love
Jay Shah