Continuing Care Retirement Communities number almost 2000 now. Hard to believe because this is an industry that is relatively new in the world of humanity.
But I’m a big fan of them. They offer lots of amenities, lots of services, and the comfort that once you’re in, you can’t be put out…at least most of them do.
However, there are some things you need to know and we go over those in this episode.
Questions To Ask
How much does it cost to get in?
And how much can you get back if you decide to leave? Or if you die, is there any refund for your heirs?
What’s the monthly fee and what does that cover?
Food? Lawn care?etc.
How often has the monthly fee increased over the past 10 years?
What are projections for increases? What if increases are more than you can afford to pay?
What are the finances of the facility?
Do they have their books audited? What do the auditors say? (remember folks, their refund guarantees are only as good as their financial situation).
What Is The Occupancy Rate?
High occupancy is not a good thing unless there is an explicit reason for that.
How Long Is The Wait List
A high wait list is a good sign. The more people want to get in than they can accommodate
Can you tour the facilities?
To include the varying degrees of care being provided?
Okay, there are a million things to ask. This is just for starters. I’d absolutely ask around to current residents as well as the children of residents too, if at all possible.
See some younger guy sitting around in the waiting lobby, maybe strike up a conversation with him as he’s probably waiting for his mom. See how he feels about the place. He’l provide an honest answer. Are they taking good care of mom?
A couple links below for you to do more research. I’m trying to interview a couple folks for my podcast too. I’ll let you know when i get that going.