A proactive approach to planning for your later years
For those who are in the middle stages of retirement, usually beginning in the early-mid-70s, now is the time to make future plans, especially for your later years — while you are active and able. Delaying important decisions about tomorrow’s needs may leave you and your loved ones facing difficult, and often costly, situations in the future.
One of the more important – and complex — decisions you need to consider is where you will live. Do you wish to remain in your home as long as possible or move to retirement living community? What are the long-term care options in each of these scenarios? How will you pay for such care? Understanding the various alternatives will help you and your family to make better-informed decisions and provide more peace of mind about your future.
While most people say they would prefer to stay in their home as long as possible, an increasing number of retirees are considering Continuing Care Retirement Communities (CCRCs or “life plan communities”) like Topeka Presbyterian Manor, as a viable alternative. Many consider it the proactive approach to planning ahead.
There are almost 2,000 CCRCs in the U.S. and Kansas is among the top 10 states with the most CCRCs. Such communities are appropriate for retirees who are independent today- and often still quite active- but who want to have a plan in place for their future housing and care needs. A majority of CCRCs are owned by non-profit organizations like PMMA (Presbyterian Manors of Mid-America®), the parent company of Topeka Presbyterian Manor.
The distinguishing factor between a CCRC and any other type of retirement living arrangements is that the retirement community contractually provides residents with a continuum of care- most often including independent living, assisted living, and long-term, skilled nursing care.
• Independent Living:
Independent Living is for seniors who are ready to give up home maintenance and other household chores for the freedom to choose how to enjoy their life. Many independent living communities provide at least one meal per day, and other services like housekeeping, interior and exterior maintenance and security and emergency assistance. Independent Living residents at Topeka Presbyterian Manor also get priority access to other levels of care.
• Assisted Living:
Assisted Living is for those who can still live independently but need help with some daily tasks such as with bathing and dressing or managing their medications.
• Long-term Care:
Long-term care is intended for seniors who need more medical attention, provided by skilled and licensed staff. At Topeka Presbyterian Manor that includes individualized care planning.
Pricing and financial models vary greatly from one CCRC to another, and understanding the differences is critical to make the most informed decision. You should always carefully review and understand the contract details and financial implications of the decision.
Unlike most other housing settings, where you may eventually need to move again (or even a third time) as your healthcare needs increase, moving to a CCRC should be the last residency decision you ever make. Don’t be surprised to learn that you’ll more than likely need long-term care at some point. According to the U.S Department of Health and Human Services (HHS), almost seven in 10 older Americans will need it at some stage in life.
That’s why it’s important to put a plan in place now, while you’re healthy and active. Otherwise, you risk leaving these important lifestyle decisions up to someone else.
Topeka Presbyterian Manor can help guide you through the decision-making process. Contact Danica Loftin at dloftin@pmma.org to get more information.
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