Moved into CCRC today

[nwsteve]

We live in a Type A CCRC (Heron Keys) one of the few Type A outside of the Seattle/Bellevue Metroplex. After Covid we went from around 80% occupied to 98% occupied as of last month. Because of Covid when we had no move-ins for over a year, the operator probably lost 18-24 months of active interest. Last week we had 6 move ins. You only have to look at the demographics to see how quickly the first wave of boomers are now looking to CCRC living.

Our property is now full after losing two years of sales from Covid. From no waitlist to waitlist in almost a blink of the eye post Covid. We moved in our early 70's to get closer to DD and grands and had no interest in moving twice. My research turned up one analysis that convinced us that an "early" move-in was a good strategy as it delivers a lot of the benefits while you are most likely to have the health and vigor to get maximum benefit.

No one IMHO considering a CCRC should do so without due diligence of the property's financial health. If numbers are not your thing than hire a qualified resources. Due diligence includes careful inquiries of current residents around their sense of operations effectiveness and any signs of deferrals of repairs and long wait periods for repairs. Our property is about 7 years old and original appliances are starting to fail. Our dishwasher failed along with several other apartments. Maintenance discovered original contractor made a poor choice of valves. Since we are a multi-story property, valve failure impacts at least two units so Mgtmt has quickly deployed moisture alarms to all units.
Nevertheless, after initial discovery in our unit failure Thursday night we had a new unit installed the following Tuesday. I shutter to think how long we would have waited for a tech if we still in our house.

Finding YOUR preferred CCRC is way harder than moving to a new town. But the beauty is that when done, it is likely to be the last time.

 

[braumeister]

We live in a Type A CCRC (Heron Keys) one of the few Type A outside of the Seattle/Bellevue Metroplex.

That's a good one. One of my friends had his parents move there in their early 80s and they were really happy with it. Stayed until they died in their 90s.

You can't emphasize enough how much research you have to put into finding the right CCRC. Financial stability, geographical location, number of residents, type of facilities, amenities, etc., etc. Never rely on recommendations -- check candidates out in person, multiple times. Most of us have never lived in such a place before, so our preconceptions may be way off base.

 

[bmcgonig]

Galloway Ridge and Heron both display pricing on their website. Probably ones with high occupancy and waiting lists do that because it’s easier than handling cost enquiries. They’re not in a rush to convert a call to a sale,

 

[Jerry1]

You only have to look at the demographics to see how quickly the first wave of boomers are now looking to CCRC living.

Which brings a thought to mind. When is the right time to get into a CCRC based on the demographics. Is it too late because the baby boom will be hitting that industry hard? Is it a perfect time because to new inflow for the next decade will give them a good base? Will it be too late when the tail end of the boom (me) starts using them as the “supply” dwindles. Wondering where we’re at on the curve.

 

[harllee]

Here in North Carolina you can go to the NC Department of Insurance website and find Disclosure Statements for all the CCRCs in North Carolina. The Disclosure Statement includes all the fees for the CCRC, occupancy rates and the CCRC's financial statements.

 

[harllee]

Which brings a thought to mind. When is the right time to get into a CCRC based on the demographics. Is it too late because the baby boom will be hitting that industry hard? Is it a perfect time because to new inflow for the next decade will give them a good base? Will it be too late when the tail end of the boom (me) starts using them as the “supply” dwindles. Wondering where we’re at on the curve.

In my opinion the good, highly desirable CCRCs, especially the Type A kind, will always have long waiting lists. At my CCRC the residents live much longer than the average life expectancy, probably because they had to be healthy to get in and also because we have good medical care, fitness center, nutritious food and socialization. We have many residents over age 100, a couple at 104. Because residents are not dying very often there are less units becoming available. We currently have about 650 people on the wait list, but only about 30 to 40 apartments (out of 360) come available each year. Many of the people on the wait list will not live long enough to get in (or will not be healthy enough when they finally get the call). Personally I was on the wait list for 10 years before I got in. One nice CCRC in my area has quit taking names for the wait list because they have more people currently on the list than can ever get in.

 

[lemming]

OK you have convinced me to call and check on the places I am interested in . I don't want to move today but if the wait list is for two years that is about right. I don't look forward to assisted living shared room but a nice apartment on one level sounds wonderful.
I am sorry I didn't find a condo 10 years ago. Now the condo would not do anything for me except get rid of the stairs.

 

[explanade]

How do the entrance fees work?

I found this list:

https://health.usnews.com/best-senior-living/ccrc/california

So I check the website of one of them and they have a range of Entrance and Monthly Fees.

It's a huge upfront outlay (low to mid 7-figures!), so it would require a large redemption as well as taxes to pay for it.

It is a very high-cost real estate area. I guess higher interest rates, which have kept prices high or increased may also play a factor?

 

[harllee]

Entrance fees for CCRCs vary a great deal and depends on location and the type of CCRC. My CCRC is a Type A (monthly fee stays the same if you have to go to a higher level of care) and the entrance fee here is higher than nearby fee for services CCRCs (but in the long run a Type A CCRC is less expensive than a fee for services CCRC for most people). At the CCRC where I live you have 2 options regarding entrance fees--no refund and 75% refund. The 75% refund is not a good deal financially unless there is an early death so hardly anyone uses it. My CCRC discourages people from using the 75% option--that is a long term obligation the CCRC has to carry on their books. If you are looking at a CCRC that has a lot of future refund obligations look closely at the financial statement to see how this obligation will be paid in the future, this is what causes some CCRCs to go bankrupt.

 

[explanade]

Thanks for the overview.