Tip #2: Consider a CCRC
A conversation that began with consideration of the purchase of long-term care insurance, as part of their retirement preparation, took a surprising detour during a recent meeting with clients Dan and Grace. They indicated that even if a long-term care insurance policy paid for large, unexpected health-related expenses, they would still feel worried about what the future held.
Dan and Grace wanted to ensure not only that their retirement economics would be in good shape, but also that they could choose—while healthy—where care (if needed) would be provided to them; they wanted to know more about CCRC’s.
CCRC’s (Continuing Care Retirement Community) are retirement communities designed to meet a number of elder-care needs within a single residential or community campus. A variety of health care needs are met by providing different living options, including independent living, assisted living, and skilled nursing care.
Two pricing options may be available: 1) Pay for what you need model; 2) Level pay as you go model.¹
Ultimately, Dan and Grace decided they liked the certainty of the CCRC “level pay as you go” model. This permitted them to map out their expenses more precisely before taking action. And they liked knowing that upon moving to a CCRC, the community would continue to assist—even if their personal funds someday ran short.
You may wish to learn more by joining us for our three-part series of presentations regarding the benefits of the CCRC lifestyle.
¹Balancing Act: Wealth Management Straight Talk for Women, Joslyn G. Ewart, 2016, p.112, Chapter 6: Delineate a Retirement Plan