So, you have decided you want to move to a CCRC. What’s next?
Health status
Most CCRCs have a minimum age requirement, usually 62, and some may have a maximum age requirement. Most CCRCs require that a resident be in good health and be able to live independently before signing a contract or agreement and entering the facility. Most CCRCs require physical examinations by either the applicant's doctor or one the CCRC selects. Typical requirements may include a medical exam, physician’s statement, cognitive testing to demonstrate mental competence, and interviews with medical staff in the community.
CCRCs seldom accept applicants who are already debilitated by stroke or Alzheimer's disease. CCRCs; however, do not necessarily deny admission to all applicants with serious health concerns. CCRCs will often accept people with health problems but require them to pay extra for nursing care that arises from health conditions they had at the time they entered the CCRC.
Healthcare documentation
You will need to provide documents to demonstrate your wishes for future health care, such as a durable power of attorney and/or a living will. If healthcare decisions may need to be made in the future, these documents will help ensure that your wishes are carried out.
CCRCs usually require both Medicare Part A and Part B and Medicare supplemental insurance with medication coverage; some may require long-term care insurance.
Financial requirements
The main requirement for being accepted into a CCRC is providing financial documents that show you have the assets to cover the costs of living at the CCRC for an extended amount of time. How many assets will be required depends on your choice of plan, your choice of housing unit, and the requirements of the CCRC? Some CCRCs require your monthly income to be 1.5 to 2 times the monthly maintenance fee of your housing unit and they will also look at your assets to ascertain if they will be sufficient to pay for extended stays in assisted living, skilled nursing, or memory care.
The CCRC admissions staff will analyze your finances to determine if you can afford to live in the CCRC for the rest of your life. CCRC actuaries use mortality tables to estimate how long you are likely to be living in the community and what care you are likely to need and then calculate the odds that your financial resources will be sufficient to cover the costs.
For many CCRCs, providing support for residents who run out of funds is viewed as a fulfillment of the organization’s mission and purpose. Therefore, once a person is accepted as a resident, most CCRCs have a foundation or endowment that will cover the monthly costs if a resident runs out of money. This means the person will be assured of a place to live and be cared for, for the rest of their life.
Gifting is considered the dissipation of assets and may void the lifetime care guarantee. A typical CCRC agreement will state that, if a resident gifts a large part of his or her assets and is thereby unable to satisfy his or her payment obligations, that it will be considered dissipation of assets and could disqualify the resident from assistance from the community.
Application
The first thing you will need to do is apply for admission. The application requires your name, address, contact information, medical insurance information, financial information, and may require references and family contacts. Some CCRCs are affiliated with specific religious, ethnic. or fraternal organizations so membership in these groups MAY be a requirement. The CCRC may perform a credit bureau check. Most CCRCs require a non-refundable application fee of $100 to $200. The application must be approved before you will be put on the priority list or offered a housing unit.
Priority/waiting list
A priority/waiting list reserves you a place in line for the type of housing unit you desire. Some CCRCs require an application with preliminary financial information that must be approved before they will put you on their priority waiting list. Most CCRCs require priority a list deposit, which may range from $100 to $1,000. The deposit is usually refundable, less any interest it may have earned and, if you sign a contract or agreement for entry, it is used toward paying the entrance fee.
When a unit becomes available and you are next on the list for that type of unit, the CCRC will contact you and allow you to reject or accept it. If you reject it, they will offer it to the next person on the list and you will wait until another unit of that type becomes available. Priority lists move faster than the number of people on them might imply. The reasons this happens include:
- Some people are on multiple lists and another CCRC may have an opening first.
- Some decide to wait longer to move.
- Some pass on a unit and decide to wait for another unit to open.
- Some find another CCRC they like better.
- Some are not able to qualify for independent living due to health or financial reasons.
- Some die.
Now you wait
Depending on the CCRC, the wait for a unit with your desired floor plan may be from weeks to years. The CCRC sales office will be able to tell you the average wait time but, unless they are aware of some special circumstances, they don't know when the floorplan you are seeking will be available.
Now is a good time to start making plans for what you must do when the call comes from the CCRC that tells you that there is a vacancy and–you are the first one on the waiting list.
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