Assisted Living vs. Continuing Care Retirement Community
Article submitted by Theresa Wallace, Regional Marketing Manager, Genesis Health Care.
For more information, she can be reached at 800-699-1520.
Have you been wondering what type of community offers you the better option? Perhaps you're unsure how one is distinct to the next. Read on to become more familiar with your retirement options.
Let's first recognize that all assisted living communities are not created equal. Assisted living communities are regulated by the Department of Public Welfare, but may range in size from 15 to 90 or more residents. Smaller facilities may be called personal care or boarding homes. A larger community would more often be referred to as assisted living. Elders are supported according to individual needs for bathing, dressing, housekeeping, meals & medication management. Social programs promote wellness-bringing meaning to the community life for the elder. The amount of help received is based on individual need & fees are structured accordingly. As level of care changes within the assisted living scope of practice it may not be necessary to move from one apartment to another except if the individual requires a secure unit as may be the case when an elder suffers from dementia & presents with a safety risk.
Some facilities can subsidize so this is a good question to ask when considering one community to the next. Individuals who have long term care insurance are often able to utilize their policy to offset costs. Some assisted living communities charge an application &/or a community fee. Upon moving into assisted living it is customary to pay room & board as well as a security deposit of 1-month room & board upfront. You may want to consider choosing an assisted living community that has an affiliation with skilled nursing as priority may be given to a customer who is already a resident of the community. Communities that offer assisted living & skilled nursing can provide peace of mind for the changes an elder may experience in their elder years.
A Continuing Care Retirement community offers several housing options and a range of services for the person who is independent with a future need of assisted living and/or skilled nursing care. It is a very expensive option. Many amenities are afforded to the elder through a large entrance fee and a monthly service fee, which may be on par with that of an assisted living community. Entrance fees might range from $100,000-$600,000! Monthly fees are adjusted according to level of care here as well. There are three types of contracts extensive, modified and fee for service, which set forth, conditions of care & fees for care. Additionally, as a level of care changes it may be necessary to move from one location to another within the community to receive care.
An elder living at either community may be entitled to tax benefits by deducting a percentage of fees as a medical expense. It is strongly recommended that you consult with your accountant regarding this tax benefit.
Many communities promote Respite or short stays to try out the community. Utilizing a short stay allows one to experience the community and gain a comfort level. This way an elder can determine if the community is the right fit for their preferences & needs. Many who have utilized the Respite stay prior to committing to long term care have found it to be valuable in putting to rest the fear associated with the experience in changing their living arrangement. Ask if this option would be available when you are considering a specific community.
Never before have there been so many options in retirement living as what we experience today. No matter which type of retirement living arrangement one choose it is wise to visit at length to gain a sense of the community's philosophy. Determine if the employees have a sense of pride in carrying out the services of the community. If they do you will know & be able to move into the community with confidence in the care & services promised to you.