Real Estate - Senior Living Options


 This diagram displays the most common levels of care in specific Senior living environments along with possible cost from the highest to the lowest.

Continuing Care Retirement Community (CCRC) typically requires an entrance fee that could be from $50,000 up to in excess of $500,000 depending on the luxury of the property and the portifolio of long-term care services provided. The entrance fee is not the only fee, there is also a monthly fee that is in part determined by the size of the unit or home you choose. The non-monetary associated requirements to be accepted involves the state of your health, which has to be relatively good because once you enter a CCRC, you are able to remain there and have an expected cost of your care as you age and have need for more care and supervision. The benefit of this type of option if you can afford it, is it's similar to waking up at a Resort everyday and associating with like-minded Seniors that are still actively participating in life-activities of their choice. The community has many amenties on site such as you would find at a Resort. Part of the cost of the monthly fee affords you a "maintenance free lifestyle" meaning when something needs repair in your unit or home, you simply pick up the phone and call it in for someone else to take care of for you. Some CCRC monthly fees include the cost of meals and are at quality and service level much like you would experience at a fine dining restuarant. 

Retirement Community (RC) is designed much like a Master Planned Developement or is part of a Master Planned Development, whereas you typically purchase a unit or home at varying purchase prices depending on location and amenties of the community. Your monthly cost depends on mortgage, taxes, insurance and Home Owner Association fees. Most RCs are in highly desired living areas with access to great shopping, dining and other recreational activities.Your living in a RC is not determined solely on your health condition, but more on your ability to afford the purchase and monthly expenses. If your health care level increases you will have to be able to afford the cost of that care while staying in your home or living somewhere else outside the community such as Assisted Living or a Nursing Home.

Assisted Living Facility (ALF) can be found in some CCRC communities, but are also found in the greater community. This option is when more medical attention and supervision is needed and can be provided in a home-like setting. There are two types of facilities that are primarily distinguished between being able to accept and accommodate residences that are able to walk with or without aide (such as cane, walker, etc) on their own without assistance, while the other type accepts and accomdates residences that requires assistance from a person to be mobile. In both cases the cost of this option generally does not carry an entrance fee, but does have a monthly fee that can range from $1,500 and up. This cost is determined by the area the facility is located , it's amenties and services which genearally meals are included in the monthly fee, and the level of care and supervision needed. Some ALFs have Dementia/Memory and Alztheimer care on-site. One of the best benefits of an ALF is on-site skilled nurse care is included in your monthly cost along with your housing. 

Senior Independent Apartment living environment is very closely related to traditional apartment living. The primary difference is the apartment complex is designated for Seniors (55+ years old or 62+ years old) who can live on their own with no to minimal on-site medical attention. Whatever level of on-site medical attention you need is an extra expense and is generallyprovided by an outside healthcare professional of your choice. Like traditional apartment living when you pay rent the repair maintenance is provided at no additional cost. Only a few on-site planned activities are provided on some properties, however, you are on your own for anything else you may need. Some properties provides an on-site Social Worker at no cost to you that helps residence identify their needs and assist them in coordinating those services. This type of housing option is located in different areas that have corresponding affordability rental rates. If and when you come to a time that you require an increased level of care and supervision you will have to re-locate to another living environment  that accomodates your health and medical needs at your expense. Usually a 12 month lease is required with a deposit (in some cases the application fee is waived) and due to their lower cost compared to the cost of other options there could be wait-list up to a year or longer for available units depending on the most desired apartment complexes and for those with a lower rental rate. 

In-Home Senior Care (IHSC) is provided in your home regardless if that home is the one you live wherever it's located. The cost of this care is determined by your health condition and medical supervision required for your health condition. As you can see in the diagram above, this type of care crosses all living enviroments. The cost of it can be provided as part of what you pay in a monthly fee which is likely included at a CRCC or AFL option and is an additional expense in the other living environments.

AFFORDING YOUR CHOICE- Determining what option is best for your situation and lifestyle is the first step to discovering if there are benefits and financial options you may be eligible to access. Everyone's situation and circumstances can be different, so if you need our assistance to help navigate your options and possible resources to pay for your choice, please call us at 281-677-6544 or contact us