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Clare Oaks Blog


Who Decides if a CCRC Resident Needs a Higher Level of Care?

Posted: Wednesday, June 27, 2018

By: Clare Connection

Continuing care retirement communities, often referred to as CCRCs or “life plan communities,” provide residents who are living independently today with access to a full spectrum of care services that may be necessary in the future, including assisted living, memory care, and/or skilled nursing care.

But this leads to a couple of questions from prospective residents: “Who actually decides if and when it is necessary for a resident to move to a higher level of care, and what is the process?”

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Understanding long-term care insurance

Posted: Wednesday, June 20, 2018

By: Clare Connection

If you or a loved one own long-term care insurance (LTCI) it is important to understand how the policy works and what it covers so you will be better equipped to incorporate it into your overall retirement plan. Here is a description of the key components of LTCI:

Type(s) of Care Covered

If you own long-term care insurance (LTCI) or are thinking about purchasing coverage it is important to understand how the policy works and what it covers. Adult children should also be familiar with the details of their parents’ coverage because they will likely be involved with coordinating LTCI benefits when the time comes. By understanding the details of the policy you will be better equipped to get the most out of your coverage when it is needed. 

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Helpful Tips for Downsizing in Retirement

Posted: Wednesday, June 13, 2018

By: Clare Connection

One of the main reasons older adults put off downsizing or moving to a retirement community is dealing with all the “stuff” that has accumulated over the years. Yet, if done right, the process of downsizing may not be as daunting as you think. It may even be enjoyable or refreshing at times. A lot of the physical work can be done by others, so your main role is to categorize, organize, and direct.

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Refundable Entry Fees Explained

Posted: Wednesday, June 6, 2018

By: Clare Connection

Entry fees required by many Continuing Care Retirement Communities (CCRCs or “life plan communities) are often refundable if a resident decides to move out or in the event of death. Sometimes referred to as a “return of capital,” refundable entry fee contracts typically range between 50 and 90 percent of the entry fee and, unlike a declining-balance contract, are paid no matter how long a resident lives in the community. Under a declining-balance contract the entry fee is gradually amortized by the CCRC during the first few years after a resident moves in. Once that period of time has passed, no portion of the entry fee is refundable. All other things equal, the entry fee for a return-of-capital contract is higher than the entry fee for a declining-balance contract.

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Summary of Long-Term Care Payment Options  

Posted: Wednesday, May 30, 2018

By: Clare Connection

The term long-term care is generally thought to include services provided on an indefinite basis to help meet one’s daily personal needs, including assisted living and personal care services. It may also include a higher level of medically necessary nursing care. The difference between these two types of care determines what payment options exist.

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The Unexpected Costs of Caring for an Aging Parent

Posted: Thursday, May 24, 2018

By: Clare Connection

According to data collected by the National Alliance for Caregiving, there are over 66 million family caregivers in the United States. That translates to nearly 40 percent of the U.S. adult population…a stunning statistic. This number includes people who are caring for the sick or disabled, but the majority of these caregivers are assisting an elderly family member.

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Is a CCRC / Life Plan Community Right for You?

Posted: Wednesday, May 16, 2018

By: Clare Connection

Continuing Care Retirement Communities (CCRCs or “Life Plan Communities) can be a wonderful solution for older adults who are independent and active today, but who seek the peace of mind that comes with living in a community that can provide assisted living or health care services if and when needed.

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Exploring the Financial Stability of a Continuing Care Retirement Community

Posted: Wednesday, May 9, 2018

By: Clare Connection

When you move into a Continuing Care Retirement Community, also referred to as a CCRC or Life Plan Community, you expect the community to provide housing and health care for life. Therefore, before you make a commitment to a CCRC, you should explore its financial stability, and that of its parent organization, if applicable, to determine if it will be able to follow through on its commitment to you.

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3 Must Ask Questions When Considering a Life Plan Community

Posted: Tuesday, May 1, 2018

By: Clare Connection

Life plan communities, sometimes still referred to as a Continuing Care Retirement Communities or CCRCs, provide peace of mind for many retirees who live independently today but seek the comfort of knowing that assisted living or skilled medical care is available if and when needed.  However, many life plan communities require a fairly substantial entry fee, on top of monthly service fees, in exchange for a commitment to provide lifetime housing and care. Therefore, choosing the right community the first time is an important decision. 

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What are the Odds of Needing Long Term Care?

Posted: Wednesday, April 25, 2018

By: Clare Connection

As described on the website of the American Association for Long-Term Care Insurance (AALTCI), your risk of needing long-term care is either 0 percent (you will never need it) or 100 percent (you will need it). This is an oversimplification, but the point is, you should not base your personal retirement plan on averages because your experience may not align with the average. Also, when considering data regarding long-term care, keep in mind that current data is based on previous generations who, on average, did not live as long—nor need as much care—as current and future generations likely will.

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