Can I afford to move to a CCRC?
June 3, 2020
From selling your home to making use of long-term care insurance, there are several ways to pay for a CCRC, a continuing care retirement community, like Abernethy Laurels. Your strategy will likely depend on your individual preferences, assets and insurance.
“Years ago in a CCRC model, people turned over all their assets to the CCRC. That is not the case now,” says Rob Hartsell, Marketing Director at Abernethy Laurels. “The truth is that the typical CCRC resident sells their home to pay the entrance fee. Some have cash sitting around and others don’t. Another method is to pay an entrance fee, with a certain amount repayable—not refundable—based on if and when the CCRC resident passes away or leaves. This is often an attractive option since it ensures money to be left for children or grandchildren.”
Many communities, like Abernethy Laurels, can work with a prospective resident and develop a plan that helps with expenses temporarily during the time of you moving into the community and the selling of your home.
Long-term care insurance generally won't kick in and cover residential living expenses, but some policies cover assisted living and some home care services. Every policy is written differently. Rob encourages folks to check into their policies to see what is covered. This can help put your mind at ease when looking at the financial portion of moving to a CCRC.
Finally, Medicare, and at times Medicaid, can be used to pay for some services, and many CCRCs like Abernethy Laurels accept either Medicare or Medicaid. But while Medicare usually doesn't cover long-term nursing care, it does cover services that a CCRC resident might receive, like physician visits and hospital stays.
To learn more about the affordability of CCRC living at Abernethy Laurels, call Rob at 828.465.8519.