myLifeSite Blog Archives

Robert Willett of Raleigh, North Carolina based News & Observer, recently wrote an eye-opening article highlighting the work of researchers at the AARP Foundation who are citing social isolation as a key factor that can ultimately have dire consequences for retirees who live alone. Many lack an adequate support network, as well as the resources, ability, or will to get out of the house regularly. This is a reality that could impact millions of seniors in the coming decade and beyond.

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A few weeks ago I wrote a two part series titled “Understanding the Impact of Long-Term Care Insurance in CCRCs.” One particular point of focus was on those retirement communities that offer a type A contract, sometimes referred to as “full life care,” and whether or not there is a need for a resident of such a community to own private long-term care insurance. I shared the post with some of the groups I belong to on LinkedIn and received a couple of very good comments, which point to yet another reason why it could sense for prospective residents of full life care retirement communities to maintain coverage.

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Choosing a continue care retirement community with senior services is a significant lifestyle and financial decision so how do you know if one is right for you?

Indoor saltwater pools, hydro-massage rooms, Napa Valley’s finest wines, sushi chefs….all the characteristics of a five-star hotel, right? Actually, these are the types of amenities you will now find at a growing number of retirement communities across the country.

Indoor saltwater pools, hydro-massage rooms, Napa Valley’s finest wines, sushi chefs….all the characteristics of a five-star hotel, right? Actually, according to any Senior Living Guide these are the types of amenities you will now find at a growing number of retirement communities across the country.

Today I will focus on exploring how long-term care insurance could have an impact on residents of CCRCs offering a contract other than a Type A contract. Generally speaking any other type of contract offered by a CCRC will involve some level of increase in the resident’s monthly fee when care is received.

As I talk with families and financial advisors about continuing care retirement communities, or CCRCs, we often get asked about how long-term care insurance fits into the picture and whether such coverage is needed by those who move into a CCRC.

At LifeSite Logics we are passionate about seeing families, and their valued advisors, plan proactively for healthcare and long-term care expenses they may encounter over the course of their retirement years- particularly in the later phases of retirement. A recent study points to at least one key reason why more people don’t take a proactive approach to planning for such expenses.

To better understand the true financial impact of receiving care in a private-pay health care facility versus a Medicare-certified facility it is important to first understand what a Medicare actually covers.

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Prospective residents of a continuing care retirement community(CCRC) are sometimes scared away when they learn that the facility is not Medicare-certified but the financial impact may be less than initially feared.

www.lifesitelogics.com

info@lifesitelogics.com

877-699-2272