Four key factors to consider when choosing a senior living community
Continuing care retirement communities (CCRCs) like Topeka Presbyterian Manor are a popular living choice among older adults. They allow you to continue living independently while providing peace of mind that extra care is available if and when you need it.
Choosing the right community can be a complex process but it can become easier if you know what to look for.
Four key factors to consider:
1. Contract details
There are a number of different types of residency contracts available. Most continuing care retirement communities require an entry fee and monthly fees. These fees are impacted by factors such as the size of the home or apartment, location, available services, and other amenities.
Learn more about Topeka Presbyterian Manor's fee structure
Some residency contracts state that your monthly fees will remain relatively level over the course of your lifetime, except for increases based on inflation, regardless of whether you are living independently or require care services. Other residency contracts may require a smaller entry fee and possibly even lower monthly fees, but if you ever require care services, your monthly fees will increase to reflect the market cost of care at that time. Still yet, there are other contracts that are essentially a blend of these two.
In addition to the types of residency contracts available, many providers also offer refundable entry fee contracts. These contracts essentially pay back some portion of the entry fee if the resident moves out or at death.
The trade-off: entry fees are almost always higher for a refundable entry fee contract and may be contingent on the resale of your residence.
2. Financial stability of the community
The financial stability of a senior living community and its parent company will determine if it is in position to fulfill its long-term commitment to provide housing and health care to residents for life. Do your research to learn about the community’s occupancy ratio, history of operations, financial ratios and the experience and expertise of its management.
A detailed actuarial study performed every few years is also a very effective way for management to project long-term liabilities and avoid unexpected fee increases in the future. Consult with a financial or tax professional for additional guidance.
3. Lifestyle
To ensure that a community is the last residency decision you make, ask yourself whether you'll be happy living there. Consider the setting and culture, services, amenities, and mission to ensure these align with your personal preferences. Inquire about staying in the community for a night or two to get a sense of what living there might be like. Try the food and talk to current residents about what they enjoy about living in the community. Be sure you can continue to do the things you enjoy.
4. Health Care
Although most people are attracted to continuing care retirement communities because of the independent living features, the ultimate reason for considering this type of retirement community is the peace of mind that comes with having priority access to healthcare when you need it.
Here are some key questions to ask:
• Does the community appear to take pride in the care available to residents?
• What sets the community’s health care neighborhood apart from other providers?
• If there is a record of complaints against the community, can you review it? If skilled nursing care is offered in a Medicare-certified property (versus private pay only), consult the CMS star rating online.
• Has the health care part of the community received any special awards or special recognition for quality of care?
• Ask about staff turnover in the health care area. A high turnover rate may indicate an unhappy staff, which could translate into poor care.
All the above factors should help you determine whether a senior living community is right for you. The main key, above all, is to do your research.
The above article was written by Brad Breeding of myLifeSite and is legally licensed for use.
