Information on Selecting a Care Community

With the recession many residents of continuing-care developments are receiving some unexpected news. The promises of lifetime care are not being met because the developers are faltering financially.
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So before committing consider the following:
  1. Read the fine print regarding what happens if your finances crater. Some contracts allow the developer to try to recoup the funds from your estate and with interest.
  2. Consult websites: www.carf.org to see if the development is accredited and download several reports/publications; http://www.leadingage.org/ (LeadingAge) whose consumer hub offers information and support to help people make the most of the aging experience. This includes a directory of not-for-profit organizations committed to meeting people’s needs and preferences as they age
  3. Ask for a copy of the audited financial statement. If they drag their feet, cross them off your list. If you can’t interpret what they give you, take it to your tax person.
  4. Check out the facilities days of cash on hand line item, which is the number of days the facility can operate with existing cash on their books. The cash to debt ratio should be around 35%.
  5. Ask for their ratio calculation compares with other facilities nationally. Those doing well rank in the 75%ile or higher.
  6. Don’t commit to a development that depends heavily on investment income/donations.
  7. Look at two buy-in options carefully. The Type A life-care model is an upfront deposit of several hundred thousand dollars plus a monthly fee which remains the same no matter how much care you need. The deposit it typically forfeited. Type B plan is where you pay smaller amount upfront and larger monthly fees - if you use the next tiers of care. Make sure you can afford the higher costs or do you need to consider long-term care insurance? Also find out how and when the deposit is refunded. When sold? If the developer has other new units coming on, they might not actively show your unit and your heirs will be responsible for monthly fees until it is sold.
    Adapted from WSJ article Searching for Security

What is Assisted Living?

Assisted Living Facilities offer many different housing options for seniors who want to live autonomously, 
but still require a little extra help to fully enjoy life. Of course, different people require various levels of care,
 ranging from communal housing to socializing to intensive medical intervention. 

There are also many options to help pay for assisted living. Whether the situation requires a little companionship, 
help with taking the proper medications, or more rigorous forms of support, you are sure to find an Assisted Living 
option that will be a perfect fit!

Assisted Living Facilities by States & Cities

Find information by state to educate yourself on options. Choose your state for more information. 
(once you reach this page screen down to find this information)