Are You Ready for Retirement?

I remember when I was a child how time seemed to drag on.  Summer was forever and of course the school year was forever as well.  Now, Summer breezes by; Fall leaves quickly, Winter thaws swiftly; and Spring flowers rapidly.  I suggest that if we were to slow down and stop doing, we could just be with the seasons. 

As we age, we should enjoy each season.  Planning for our retirement is a part of enjoying the seasons of our life.  Have you saved enough money?  Is your money invested safely?  Have you been able to eliminate all debt or at least most so you can live on less?  If you have not been able to answer yes to these questions, then now is the time to focus on what matters most, your retirement years. 

We help you plan for the future by reflecting on your past accomplishments, celebrating your present moments and enjoying the prospects for your future.  Contact us at http://www.ythlaw.com/

Continuing Care Retirement Communities, Here to Stay?

The Continuing Care Retirement Communities (“CCRC”) offer a blend of housing complex, activity center and health care system. They consist of independent living, assisted living, and nursing care as well as other programs and activities. Some offer specialized Alzheimer’s memory care units and programs.

However, in recent times, some CCRCs have begun to experience financial instability and therefore have attracted public concern and national attention. In Pennsylvania, at least 3 CCRCs have been impacted by bankruptcy filings. Even though there have been no complete closures to date, there have been significant changes impacting residents. Such changes include increases in service fees, elimination of some services, reduction of staff and changes in personnel management. These concerns generally result from change in ownership and persistent financial problems.

What is the answer to this growing concern? Residents have sought legal guidance, regulatory oversight and investigative reporting. It would appear that if CCRCs are to continue to be a viable option for the elderly all of these avenues most be adequately utilized. In addition, those on the front line of the issues, the residents, must continue to be vigilant in their own advocacy for self-representation. If governing boards of CCRCs do not have resident membership, then such should be sought after by the residents for better knowledge of and control over the financial viability of what has become their home.

Contact us at http://www.ythlaw.com/

Continuing Care Retirement Communities - Healthcare Options

The Continuing Care Retirement Communities can offer independent living, assisted living and nursing care. Many offer all three levels of care or services, though there are some that do not include nursing care as part of the covered continuum or which offer nursing care at a separate location. There are three primary types of health care options:

First type provides an individual with the ability to move from independent living to assisted living or nursing care without any significant change in their monthly payment. For example, if a resident was paying $ 3,000 for a one bedroom apartment but now requires round the clock skilled nursing care,- in this type of community, the monthly fee would remain at $ 3,000 with some additional charge for three meals per day that are required by long term care regulation to be provided in the nursing setting. This first type of community tends to have higher entrance fees and higher monthly fees than the second and third type of communities.

Second type communities are sometimes referred to as modified fee-for-service communities. There are various forms of these communities, but essentially life care is not offered. The resident does not have to pay the full cost of the higher levels of care, either because they receive a discount on the per diem or monthly costs for the higher levels of care (i.e. assisted living and nursing care) or receive an agreed upon number of days within the higher care levels, without additional charge to their independent living unit monthly fee.

Third type communities are frequently referred to as fee-for-service communities. The monthly fee in particular (but also entrance fees) tends to be lower than the fee at other type communities. The reason for this is that there is no insurance like component to the third type community. If an independent living resident requires assisted living or nursing care, they can access that care but will be charged the full cost of the care. There is no discount or free days.

While the advantage of the first type communities is that they offer residents and families the ability to define and pre-plan the expenditures that will be made for current and future care, these communities, of course, tend to be more expensive. The third type community recognizes that not all residents will require higher levels of care; therefore, the resident is only charged for the actual care that is received.

Share your experience by leaving a comment or contact us at www.ythlaw.com

Continuing Care Retirement Communities - Payment Options

Before Michael Jackson's death and all the estate planning issues raised by his death, I had been covering the Continuing Care Retirement Communities. Picking back up with it today I will look at the payment options available in those communities.

Another key distinguishing characteristic of CCRC is the refundability of the entrance fee. The four basic types of entrance fee approaches are as follows:

Non- Refundable: The Entrance Fee is non-refundable in the event of the resident’s death. Non-refundable entrance fees are generally lower than the remainder of the Entrance Fee options described below.

Amortized: An amortized entrance fee generally offers the resident or the resident’s estate the ability to recoup a portion of the entrance fee paid during an agreed upon period.

Refundable: The term Refundable entrance fee is typically used to describe an entrance fee that offers the resident or the resident’s estate the ability to always obtain a specific refund amount – as a minimum.

Equity: Though less common, it is another payment option for some CCRC. The Equity approach represents entrance fee refund plans that offer the resident or the resident’s estate the ability to obtain a refund that reflects a portion of the appreciation of the resident’s living unit or apartment.

What are your thoughts regarding CCRCs? We would like to hear from you. Leave a comment or contact us at http://www.ythlaw.com/

Continuing Care Retirement Community - Services Provided

The Continuing Care Retirement Communities are diverse in the services that they provide. The services or programs are either included within the monthly fees or may be separately purchased or accessed on-site for an additional fee.

Examples include the following:
· Meals - This changed over time to reflect preference for more flexibility. Today, most CCRC’s either include a meal per day or some number of meals per month (such as 15 to 20) or offer a monthly dining allowance which can be used whenever the resident chooses.
· Housekeeping - weekly, bi-weekly, monthly, or as needed
· Transportation - on a scheduled basis to local shopping and other sites. Transportation to personal appointments and medical services may be offered as needed for an additional fee
· Activities - recreational options including fitness programs, aquatics, arts, crafts
· Other - emergency response or emergency call

It is best to visit any community prior to making a final commitment. Let us know about your experiences by leaving your comments or contact us at http://www.ythlaw.com/

Continuing Care Retirement Communities

Continuing Care Retirement Communities (CCRC)
We talked about assisted living facilities yesterday. Another supportive housing alternative is the Continuing Care Retirement Communities. These communities offer a blend of housing complex, activity center and health care services. They can consist of independent living, assisted living, and nursing care as well as other programs and activities. Some offer specialized Alzheimer’s memory care units and programs.

There are various types of CCRC types. They differ in the nature of services included or that are optional, the payment structure, the refundability (or non- refundability) of the entrance fee, as well as the physical design features of the accommodations. The three major areas that can be used to assist in defining the types of CCRC’s are services, healthcare options and payment options. Over the next 3 days, we will elaborate upon these three major areas.

Feel free to leave your comments or contact us at http://www.ythlaw.com/

Services (other that health care/nursing care)
Most CCRC’s offer a series of services or programs that are either included within the monthly fees or may be separately purchased or accessed on-site for an additional fee. Examples include the following:
· Meals - This changed over time to reflect preference for more flexibility. Today, most CCRC’s either include a meal per day or some number of meals per month (such as 15 to 20) or offer a monthly dining allowance which can be used whenever the resident chooses.
· Housekeeping - weekly, bi-weekly, monthly, or as needed
· Transportation - on a scheduled basis to local shopping and other sites. Transportation to personal appointments and medical services may be offered as needed for an additional fee
· Activities - recreational options including fitness programs, aquatics, arts, crafts
· Other - emergency response or emergency call

Health Care Options
CCRC can offer independent living, assisted living and nursing care. Many offer all three levels of care or services, though there are some that do not include nursing care as part of the covered continuum or which offer nursing care at a separate location. There are three primary types of health care options: