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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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