Senior Care Live 06.09.18

Senior Care Live
Saturday, June 9th

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Are you caring for an aging parents or are you searching for answers. Yeah senior care line of program dedicated. Providing information education and resource. Become the best caregiver you can beat. I'm your host Steve peca. Hello and welcome to senior care line I'm Steve key current president of senior care consulting. Thanks so much for being here today and tuning into the program you are appreciated the mission here on the programs to provide information. Education and resources for seniors and their caregivers. We discuss important subjects such as how to remain independent in your own home. We'd consider moving premier home to senior care community how to find the right senior care community meeting your exact needs. Then there's the cost how to paint. For the high cost of senior care. We also review legal issues involving older lawn estate planning and we discuss how to care. For the caregiver since you're listening to the radio right now it may be streaming this on line or listening to a podcast after the fact. Again thanks so much for being here I really and truly appreciate you tuning in to senior care life. You need help with placement services from my firm's senior care consulting. If you wanna learn more about the service is provided by one of her very knowledgeable guests. Can always reach a summer toll free number it's 1803316445. Again 1803316445. Can also visit the website senior care lives LA ZE senior care lives. Dot com login information there and you can contact us through the web site as well. All right so I don't give in and I it's it's been. Long time I'm off I we've never. Actually done this I've done parliament but did you really break down. And define and explain. And really review. In depth to continuing care. Retirement. Community. Offering so. What is anything here that the API in one of my commercials like called CC RC an acronym. I had someone actually send me an email who's an editor. That is not an Ackerman acronym that's an abbreviation and I'm like oops. So I shall not Colin an acronym for my editor friend out there this is an abbreviation. CC RC. That means they continuing care retirement community so why is that it's. Well that is safe continuing care what that means is that would indicate multiple levels of care. If entry level mid level high level care so continuing care and retirement community so it's a community so all of these things. All of these types of care either under one roof or. On a campus style settings so. All of them. In continuing care retirement community would include. Independent living and so what their ideas sets an apartment it could be a freestanding duplex or even four plex or freestanding Villa. But it's independent living. Mainly apartments in our area that's the bulk of the inventory. They're pretty spacious they're generally speaking very nice nicely appointed to have your own space you have your own kitchen. And you can still do some cocaine but the ideas to move an independent living. And Carly your hair down and they won't cocoa wine or two meals for you per day. And some of them might even cook all three but at least one. Day. In usually a couple predict seek you can still do some cooking on your own if you'd like to. The concept heiress to sell your home. A hands. And take the proceeds from the sale of your home. And move into a continuing care retirement community beginning that the independent living level. And then the concept is once you've lived there for a period of time. On a year to can be several years. So what's your independent living for a period of time. If you need a little more help. And maybe you're bringing in some home care services and that's not really enough. Maybe it's time to consider moving to assisted living. Which is a social model to help you with your activities of daily living so assisted living. Can help you minimally. The staff there can help you minimally or fully maybe not even at all or minimally all way up so full time care here. I'll help you with your bathing or dressing your grooming. They distribute medications. It's a full slate of activities they do your housekeeping. Laundry. You prepare all meals snacks hydration the transportation to get it to and from. The doctor's appointments. There there there's a lot going on there's a there's a lot of support is just not a medical model. To social model you still have your own apartment. Is generally smaller than your independent living apartment they still have your own space. So you re do you share space the whole lot more help and support. So if you're an independent living. You need a little bit help. And it's time maybe a lot of help it's time to transition. To assisted living you might be. Transitioning. To a spaces that's down the hall. Literally just right down the hall if it's a campus style setting. You might be transitioning to a building that's across the lawn. Maybe even down the street to solo whites. But the point is that your were either. Under one roof so you're you're within the same. Confines. There's something is really comforting about that. Or if you're across the lawn or down the street a little ways you're still within the same organization. They've got you covered. So then you live and assisted living. For a period of time. The average length of stay in assisted living is 2.4 years. So you're receiving help minimally or fully with your activities of daily living. He every here almost an acronym again. JPM and gets a million trouble with my editor friend begin here. On an acronym Steve it's an abbreviation eighty else activity. Of daily. Living so. Receiving help with your bathing dressing grooming medication. Is dispensed for use that you get it accurately and on time. Housekeeping. Laundry is done here meals are prepared. Full slate of activities at Sutter out. And therefore. Tutu and a half years one year for years. And then one of your declining indeed become. A lot more frail and you have some medical needs now. Then you can have the peace of mind. Knowing that you can transition again down the hall or within the campus style setting crossed the wandered down the street. Do the long term care. Skilled nursing center. And that again a lot of people still refer to this says the nursing home level my friends in the business do not like. The term nursing home that is an evil word because it carries a lot of negative stereotype in some baggage with it. It frankly Indian. The end. The vast majority the general public still think of it as it called a nursing home so that's why I say both so long term care. Slash nursing home slash skilled nursing and rehab or health center park. And that's where you can receive. Basic medical care all the way up to. Some pretty intense level of medical care to person transfer they can help you if you have a feeding tuber. A pig to IV therapy. It you can. You need a C pap overnight you have CO PD or some other issues that cause you to. Require breathing treatments throughout today there there's just so they can help you in this is the highest level of care. So that is say continuing care retirement community now. Some of them are firm memory care would get into memory carrier and a little bit. Let many of them do not offer memory care so. You cannot if you make an assumption that's gonna get you know what to say about assume I. So is so they don't they don't do not assume that. A lot of continuing care retirement communities do not. Offer. Memory care they do not offer a separate memory care program. Or I've been part of the building has been designed. For memory support. Supporting and caring for a residence with cognitive impairment. Alzheimer's dementia can be many types of forms of dementia etc. You have cognitive impairment and that's a special type of care. So well we're just gonna move into this set CCR seat. If we need memory care later in the end although I'm sure they got discover they have everything while they may not have everything. They can not all places I was the same most all places and care foray. Very resident who has cognitive impairment. Up to a certain level. Up tick that's the key phrase. Up to a certain level. But once you exceed that threshold and some of these places and they do not offer a very specific. Memory care program. Memory care portion of the building. You would have to leave. Neck and it defeats the whole purpose. Of that continuing care retirement community which is your ability to age in place. So when you moved to a continuing care retirement community the point is you sell your home you'd downsizing moving independent living. At some point you can transition to assisted living infant when needed. Then at some point you can transition. To the long term care slash nursing home part if and when needed. You don't have to change your address street don't have to move from the same organization and and you can age. In place so. After the break. Minutes start to breakdown entrance fees some of the different pricing models some of the costs that you can expect. When considering a continuing care retirement community that first senior care life question of the week. How many CC RC's continuing care retirement communities are there in Johnson County Kansas in Jackson County Missouri. 85. 21. We're deep 28 feet answer right after the break. You're listening to senior care lies on the senior care broadcasting network. For more information call now toll free 1803316445. Operators are standing by 1803316445. I'll be right back. Welcome back. You're listening to senior cure lives. On the senior care broadcasting network. For more information about the services offered on this program and how we can help you in your family collar toll free number at any time that's 1800. 3316445. Operators are always standing by C you can call literally 24 hours today. We answer our phones with real people how about that 180331. At. 6445. Don't forget you can stream this program to any electronic device it's very simple to do go to senior care live dot com click on the the big microphone that was symbolized by and give me a few seconds to connect in the middle start streaming to your phone or tablet your. Laptop your PC what every house and it really is that simple it works well and lots of people streamed the program every single week. All right back to the senior care line of question of the week how many continuing care retirement communities are there. In Johnson County Kansas in Jackson County Missouri. Here are your options a five. Beat sixteen. C 21. Or. That's right we have sixteen there are seven in Jackson County nine in Johnson County then when you start to add to. All of the others up and all the other counties and there are a lot the CCR ceased to choose from. Guess what dad does include some that are being built right now as we speak. There are being built or going to be out online and available. Later this year so there's a huge demand for this and with senior care consulting my firm. We're getting more and more calls. From. Couples and individuals who are wanting to downsize from their home. And then have that piece of minds. By moving into a continuing care retirement community knowing that you you can dump all the homeownership. You know you don't have to worry about skipping snow although we haven't stooped too much. In the last few years but but trust me it's comment. By its anyway see you have to worry about that are. Does your sump pump work or leaves in the gutter or the that HTC repair or. You're replacing the carpet and whatever it is at its center etc. I also don't pay utilities you know you'll pay taxes. You just move then that you pay a monthly fee. They usually includes at least one meal per day it could include two some have meal plans that you buy separately but the bottom line is you can move then. That part or most in May be all of your meals are provided for you. And you can just relax. Housekeeping is provided. Their laundry ET that you want your own laundry in your own apartment or. At the laundry facilities there on the on on sites. And this kind of like your hair down just relaxing you don't have to worry. About the stresses of home ownership. So that's that idea. In independent living and the net peace of mind knowing hey if I need little more help. I can move to assisted living. And it's right here in the will be coordinated it'll be a seamless smooth transition. From into my independent living apartment to my sister living apartments. And I'm with the same group and they know me they've known me for a period of time I'm comfortable with them. They're comfortable with me and I can I've got that peace of mind knowing that they've they've gotten they've got me covered. And then I can also have the peace of mind. This is where I think it's even way more important. That if I'm an assisted living and I'm becoming frail and I have more medical issues. And I mean even higher level of care and support that I can seamlessly and smoothly. Transitioned to the long term care. Skilled nursing services and nursing home whenever you wanna call it. And they've got me covered. That's a tremendous. Peace of mind. It's phenomenal. Now I how a lot of people say yeah out with those places they've got these huge huge horrible. Fees up front and I don't know if I should do better not not know how they work. And so let's talk about that. Some places are rental only they don't have upfront fees. It's just like going out renting an apartment. It is the first month down he pays security deposit and in your off to the racist. He don't but many places do not have. That upfront fee which is called an entrance fee. By many of them do guess what some of them have both you have the option. You can pay an entrance fee in this is what it is in these are the benefits and this is how that. Networks and this is how looks. Or you can skip all that and just pay a monthly rental. And so while most of places with entrance fees the standard. The standard agreement that I see the standard contracts. Very common is you writes the checks from the entrance fee. Somewhere around a 100101000. Dollars. And it can get really expensive depending on the place and how nice annuity is and then how large it is semi if you're gonna ram one of these brand new villas. There are just a better way nicer than my house. There that entrance fee could be upwards of 600000 dollars. Most entrance fees that I've worked with with my clients it senior care consulting. Helping them sort through all of this. Have been anywhere from a 10050000. To about 300000. So and that mid 200000 us. There are a lot of options and there are a lot of really good options. Out there. In the and they get the whole concept is that you sell your home. And then in and most people at that time either have a 100% equity they own it free and clear where the majority. Of the home's value is is equity maybe with a small mortgage. So the idea is just sell your house and then you take. That lump sum of money and then you invested into. Continuing care retirement community into this entrance fee. The standard contract and I see is in 90%. Contract with the ideas is that if when you move. Or upon your death upon your passing. 90%. Of that entrance fee is returned. To your states. So we repeat that again. The most common entrance fee. Agreement that I have seen this in 90%. Returned. To your estate upon your death there are some 80%. Contracts that are returned. Maybe even a few 70%. Contracts out there again returned to your estate upon your death. What happens what's the difference in your body and soul right Ambien had a myself so that entrance fee. There's a large upfront sum that most people use the proceeds of the sale of their house to pay for or talk. The fund that. And then you'll have an ongoing monthly fee. On top of that. So that the 90% return. That's the best that's the highest return to you. Your monthly fee. Will be higher. Then that 80%. So you get less Mac you know what are you getting for that you're getting us a lower. Monthly rental fee if you only get 70%. Back. In their keep and thirty then your monthly fee is even lower. So in the change of the percentage you're receiving back that will impact your monthly. Out of pocket cost debt monthly ongoing. Rental fee that covers covers everything an independent living. So 70%. Your monthly fee will be lower 80% a little bit higher 90% a little bit hot a little bit higher than that. He's so I hope I I hate talking about numbers on the radio sometimes it doesn't translate. I am a whole lot more do you need to we were talking today about continuing care retirement. Communities tummy right. You're listening to senior care lives on the senior care broadcasting network. For more information call now toll free 1803316445. Operators are standing by 1800. 3316445. I'll be right back. You're listening to senior care alliance. On the senior care Bruck. Casting network. For more information go to services often on this program and how we can help you in your family. Call our whole free number at any time it's 1803316445. Again 1800. 3316445. Don't forget if you ever miss an episode of the program. If you wanna share that episode with a friend or family maybe just wanna go back and listen to it again no worries at all this year care Liam. Dot com click on the podcast tab and that is where you'll find all. The previously aired episodes and they'll be in chronological order. Then they'll also be just a little a brief description of what we talked about on that particular program so. A few feel free to help yourself with stats and again that's available Tom line it's 24 hours and thank. All right back to do a breakdown that. Of the continuing care. Retirement community. If you just joining us. If you brief recap you sell your home move in the independent living where you have your own space. Have one or two meals per day prepared for you know. And we have no maintenance you do when your own thing you're living independently your keep your you're on your own that you're not alone I mean there are a lot of people around you. On things to do. A bit more back carefree less stressful less stressful. Let's less hassle. That type of lifestyle you don't have to worry about your traditional homeownership words. And then if you need more help transition to assisted living they can help you with here activities of daily living including distributing your medication. If you need more help connecting you can smoothly transitioned to the long term care slash nursing home level where you can get full care. So the concept is to age in place. And and have that peace of mind knowing that you are covered you don't have to ever move again. That's the whole concept we're talking about entrance fees in that last segment again the standard contract. You write a check for a 10050000. A tune of about 600000. That would be on the high end around here. I've done some research for clients living in California. And wow that went up to about two million dollars. Self written relatively. Oh affordable here it's also kind of expensive but a relatively formal here in the midwest. Most of my clients fall into that may 10050. To about 300000 you can get a great place in the mid 200 thousands a concept you sell your home. Use the proceeds for your home to fund that entrance fee. The most common contract I see is 90% is returned to your estate upon your death can be 80%. Or 70%. In with less returned. To your state that means that you would receive a lower. Monthly fee in the monthly fees the end depending on whether this 11 person or 22. People in the apartment. Around 3000. To maybe 4500. Is a distant really solid number that would cover most of the places available. Here in the Kansas City metro area has some people say 03000 dollars or twenty meter 3400 that sounds like quite a bit. Well it ended in it is it is bad at the same time what do you comparing it to compare it to living at home. Well we have our mortgage is paid for and that's great that's great start adding up every thing your paying for right now and you will be stunned. How much money. It costs you to live at home. Even if your mortgage is paid up. Mean if you do have a mortgage than this becomes kind of a no brainer. You'll be very surprised if they're very similar and maybe even less expensive. Moving to independent living. Inning and then aging in place. So then. Another. Another type of agreement or contract in it and then continuing care retirement community. Called a life care contract and this one's very interest. This is a good fit for a lot of people sometimes frankly maybe it's not a good fit. It is as all things there is an a one size fits all is just different for each person and each situation. But let's say that there's one place here in town. Dad you'll pay an entrance fee. I've seen a couple of 10200000 dollars. What happens is you don't have the 90% returner eighty or 70% returned. To your state upon your death what they do is they amortized 2%. Her months. So over fifteen months or 200000 goes down. By 2%. Men in fifteen months there is no refund. It has fully transferred to. The senior living community here that the continuing care retirement community. So what do you get for that what is a life care contracts. They guaranteed. To take care of you for life. Period is a contract. It is in writing. So how does that help me financially. I just literally transferred. Over fifteen months I transferred 200000 dollars from my account to their account what do why gets. On the one particular place and I'm I'm taking about here and some of the places offer this as well. This feed that you pay. ST independent living level. Is your flat fee. For the entire stay. For the rest of your entire life. Regardless. Of what level of care you're living. So here's how that might work I just recently. Went through this entire search is selection process. With a very nice couple. Selling their home pretty village area known by the way that's a really really hot it's hot area. For a selling selling homes and then folks are moving in there and putting building great big house is on these lots. And people really cashing out and really privileged right now until very hot market over there real estate market. So they cashed out. They are going to move into a continuing care retirement community. Most of them husband and wife they're gonna move into independent living. The apartment that they chose really nice apartment two bedrooms a beautiful since been completely redone their views great. They have two meals per day Mel makes their own breakfast. And they're going to pay 3200. Dollars a month for for the both of them that's a total. In the independent living. Now one's spouse has some health concerns. So it's kind of predictable unless something happens kind of predictable that the one's spouse. Will need to move to assisted living at some point probably sooner than later maybe in the next year or so year and a half couple years. In this kind of predictable that the other spouse will remain an independent living. Once thus may even need to skip over assisted living and go straight to long term care. Because they have some some growing medical issues that are gonna require. Some pretty heavy care. So what happens when one spouse remains an independent living in this scenario the other spouse let's say. They skip assisted living and they move straight to the long term care class nursing home level. How much do they pay. Oh yes why in this scenario they pay 3200 dollars. Period. One of the first spouse now has some health concerns in minutes to a system living in LA have won an assisted living in one in the nursing home park. They're total monthly. Expenses. 3200 dollars. They really like that their cash flow. There income per month is higher than 3200 dollars it's around 4000. They're gonna sell her house. They'll use the proceeds. To write to upfront check. They're locked in for life no matter what even if both of them are in the nursing home level. Which by the way would normally be about twelve to 151000. Dollars for two people who live there. There monthly. Outlay expense 3200. Dollars. So that's why your buying on this particular style of a life care contract. Amortized 2% per month over fifteen months what you're doing. Is your essentially prepaying. For future discounted health care. It's. Really frankly it's similar to long term care insurance policy you're you're paying X dollars. And then your costs. Is covered and it's held down. To your independent living level. 3200 dollars in this particular case. That. For them. That is an amazing opportunity. It is a fantastic fit. And I'm running some commercials right now saying that finding it continuing care retirement community is he most complex of all of the search and selection. Process sees that you can get into. There's there's so many variables like this one and a lot of other variables. That's why so many people are contacting. Senior care consulting. To help them sort through this and part of my. Borrow my advertisement says. Don't make the six figure mistake when searching for the right CC RC. So if you choose the wrong one it could cost you six figures my clients and get it right. We choose the right fit they choose the best fit. And they're able to sort through all of that in literally just a few. Hours. If you're thinking about your considering. Moving in the near future or maybe down the road just a little ways and your interest did. In senior care consulting helping you sort all of this out to determine your absolute best fit in your top options. Call me. Right away I'll get chin on the books we offer free consultation. 913945. 2800. The senior care consulting 913945. 2800. Ports online senior care consulting. Dot com hold on I'm gonna come back with even more information don't go away. You're listening to senior care lives on the senior care broadcasting network. For more information call now toll free 1803316445. Operators are standing by. 1800. 3316445. I'll be right back. Welcome back. You're listening to senior care lines on the senior care for. Casting network. For more information about the services offered on this program and how we can help you and your family. Color toll free number at any time that's 180331. 6445. Again 180331. 6445. Talking about continuing care retirement communities today. Just want to. That piggyback on some of the benefits of that life here contracts. Now what I wanted to talk about this financially. So in my example have real clients 3200 dollars a month. Total regardless of which level of care each spouses and so deaths are independent living. Cost when they enter the continuing care retirement community. And if one of them should have to move to assisted living which is very predictable here for sure. Assisted living normally costs 5000 to 6000 dollars a month. So there's 3200 dollars a month plus 5000 that's 8200. Dollars a month. That with out this life care contractor agreement. They have to pay. That much money they're only paying 3200. If one spouse is an assisted living let's say 5000 dollars. In another spouse. Is speed and long term care. In a private room. At 8000 dollars. Let's set total tests thirteen thousand dollars a month. That they would normally pay thirteen thousand a month. The both receiving great care. They're both fairly nearby vacancy each other every single day. With the life care contract for life care agreement there's still only paying 3200. Dollars. OK so for the cash flow that is an. That it it's it's a great it was really great deal for them you just have to do the numbers you have to run the mask and dumb. And see if that's a good fit it's not a good fit for everyone and in different. Circumstances but the right circumstance it is an amazing. Fit I didn't talk about memory care. If you should need or if you think you may need memory care. At some point. You better make sure memory care is available and I mean at the right level. Some places offer memory care the assisted living level. And maybe only at the assisted living level. Some places offer memory care at the long term care slash nursing home level. Some offer memory care at both. Levels. In some places do not offer memory care at all. So if you're doing this on your own you definitely had you need to get a hole that went for sure absolutely. For sure. And and again if you need help. Our clients. Our clients are are just ranting and raving about senior care consulting and how easy we make this decision. For them. 9139452800. We also check out online at senior care consulting. Dot com. Now there are some places. That have two of the three levels of care. They don't have all three so they're not true. CC RCs are continuing care retirement communities. So some places have independent living and they also offer assisted living which is great that's that's great for a lot of people. They. May even offer memory care at that assisted living level. The data is not continuing care retirement community. A lot of people warn about this place that's a CC RC right yeah memory care. Well yeah they do have memory care but at what level. And they don't know how to answer that their memory care at the assisted living level of care. And again the assisted living level of care is a social model that helps you minimally or fully with your bathing dressing grooming they distribute your medications. Do your laundry your housekeeping. Full slate of activities they make all of your meals for you. Transportation to the doctors. Two doctors appointments. It's not a medical model so there are limitations. It is not. Just because an assisted living facility has a long. Excuse me. Because an assisted living facility has a memory care unit does not mean they have the nursing home or long term care level of care. They do not. So there are some limitations. There are also several places that offer assisted living and long term care. But do they offer memory care. And again if you don't need memory carrots is not an issue and that's that's great. If you if there is early dementia or signs of cognitive impairment. Then you might wanna make sure that they are for memory care. Four when you may needed down the road I'd rather have a available and not need it. Then knee didn't find out who they don't have memory can now I have to move again added that's painful. That is painful and then also before America around the whole consumer alert sounder and all that but I just want to. I just want to throw out just kind of kind of a warning. Little more of a lower key consumer alert or warning. Be careful when you go out looking an independent living communities. That say always do everything that assisted living. Well no no they don't and they can't. Independent living is not a licensed level of care period so they cannot. Now some independent living communities have. On site home care that can help you with some of those activities of daily living but the bottom line is that's a separate service that is not assisted living. If you had to pay for 24 hours of that plus your independent living cost you indeed at least. At least. Double. Your cost and of of assisted living she buys will move to a system look. So and then and then the other side that is many many assisted living communities. We'll say all over an agent place community your mom or your dad will never have to move. Well that is. Boy that's a dangerous statement to make. Because I get the calls I get lots and lots of phone calls saying they were told that that exact. Age plays community. Mom you're down never have to move they sit three months later I got to discharge notice or six months later nine months later they're kicking this out here because they can't meet. The needs to daylight to make. Now right now leave me out of that I wasn't there but what I call that is following squarely into the bucket of over promised and under delivered you have to just go win. It's a very. Eyes wide open realistic. Here's the national statistic. 59%. Of assisted living residents require a higher level of care period I don't think. Our Kansas City area I do think that we. Go above and beyond and go further than a lot of other me on other cities and assisted living. I think we're probably closer to thirty or 40% of the national statistics 59%. So you can solve all of that just by moving to a continuing care retirement community. We're again and you move into independent living. You Asian place you can transition to a system living in need more help each place transition to long term care when need be more help and literally agent place. If you need help identifying. The best fit context senior care consulting. 9139452800. We offer a free consultation custom nothing fresh fit together and visit 913945. 2800 and we can definitely definitely help you sort through all of this and get it right the first time. Hi Terry I'm listening I'm so honored spent part of your day tuning into the program thank you very much. I'm your host Steve kicker and I wish you grace in peace. May god bless you and your family on this stage and always we'll see you next week right here on senior care lie.