We were pleased to see LifeSite Logics’ Co-Founder, Brad Breeding, mentioned in USA Today this past weekend in an article titled, “Pros, Cons: Continuing Care Retirement Community.” It is a helpful article addressing a topic of ever-growing importance among prospective residents of continuing care retirement communities: financial viability of the provider.
For those considering a Continuing Care Retirement Community there is often some degree of confusion about the ultimate financial impact to the consumer of moving to a community that is private-pay versus one that is “Medicare-certified.” Within the context of long-term care Medicare certification is only applicable to skilled nursing facilities (SNFs), which are licensed in their respective state to offer 24-hour medical care provided by a registered nurse or rehabilitative staff, including procedures such as IV and drug administration, wound care, lab tests, physical therapy, and more.
While I advocate every day for the importance of consumer education and transparency in senior living, I also feel compelled at times to speak up on behalf of the industry. There are three important points that I think consumers should understand as it relates to the article.
Popular types of retirement communities include, but are not limited to, Active Adult Living, Independent Living / Independent Plus, and Continuing Care Retirement Communities (CCRCs), sometimes referred to as Full-Service Retirement Communities.
Senior care centers and retirement communities are not all created equal. Although these two terms are often used interchangeably, there are some important distinctions to be made.
Studies continue to reveal the emotional, physical, and even financial impact of caring for a loved one who requires assistance with the activities of daily living.
Typically, when someone says that Medicare does not cover long-term care they are referring to assisted living services, also called custodial care.
Financial advisors can be catalyst for helping families talk and plan ahead; while also benefiting from the multitude of planning opportunities that may arise, as well as building increased loyalty with clients and their adult children.
LifeSite Logics President, Brad Breeding, was quoted in an article featured in the September issue of Kiplinger’s Magazine, titled “Retire in Style at a Continuing Care Retirement Community.”
My experience in talking with prospective residents is that, from a financial perspective, the question is not so much about “can I afford it” as much as it is “to what extent can I afford it?” Many who are considering moving to a Continuing Care Retirement Community want a better understanding of what the financial impact to their estate could be based on a range of possible scenarios.