lucky penny
Full time employment: Posting here.
- Joined
- Jan 23, 2010
- Messages
- 735
I've seen some Type A contracts with an extra lifecare fee (in addition to the entrance fee), but never based on one's age, and much more than $5,000.
At a CCRC I'm considering, the life care fee, payable along with the entrance fee, is $125K.
I went through helping my mom evaluating and moving into a CCRC 5 years ago now. I have a couple thoughts:
I also consider a CCRC as a likely destination for me, but my take on when revolves around delaying until it's absolutely necessary - but I'm still able to medically qualify. The monthly rent is considerably more than just a comparable apartment and the opportunity cost of the bond locked away adds up over time. My mom is still doing well and happy in her CCRC 5 years later. But it is expensive, and so far my mom has received very little benefit other than a nice apartment rental for what is a rather high price. Hindsight would be my mom would be better off moving into her CCRC today - at age 93 - and pocketing the previous 5 years expenses, but we didn't know that at the time of course. For my decision, I will play it by ear, but I don't foresee moving into a CCRC before/around age 80 or later in my plans. Hopefully much later. Nothing would please me more than moving into a nice CCRC independent living apartment at age 90 (25 years from now).
I've been considering CCRCs for a couple of years & can definitely relate to your rationale. At 77 & in great health I've not been in a hurry to relocate. In the past month though, I was diagnosed with a serious health condition & the prospect of needing future care hit hard, & now I'm wondering if I'd even qualify for a CCRC. Reading your analysis of your mom's situation, I was startled when you said she moved in at 88. I wonder how many that age could qualify for a CCRC! The extra cost of living there essentially pays for long term care insurance, & if it turns out she never needs the extra care, no regrets, she was very lucky. You said she's happy there, & both of you have peace of mind. That's worth a lot.