Senior Housing Options To Explore and Understand

FamilyElderly Care

  • Author Randalynn Kaye
  • Published November 18, 2007
  • Word count 707

As America ages, more and more elderly people every year are faced with the need to make a lifestyle change. However, many are reluctant to face this change because they are operating on an out-of-date paradigm, typically envisioning a musty, run-down "old-folks home" as the only option.

And 50 years ago they might have been right. But retirement communities are much different now… and they aren’t the only alternative either. While the senior housing market is vast and ever changing, below is a brief summary of the most common options for people to understand and explore as they thinking about making a lifestyle change.

==Make no changes, stay in home==

This is a viable option and needs to be carefully evaluated. Some people will put a qualifier to the decision, e.g. until I need assisted living, until I can’t drive, until my spouse dies. Even if you or your parents decide this option is best, re-evaluate it periodically as changes occur in life to be sure it is still the best and safest option.

==Downsize to smaller home==

Another option to explore may be to simply unload the larger home and downsize to a smaller home, apartment, condominium or townhouse. Carefully consider age and how many more times you or your parents want move.

==Move in with family==

My experience has been that most people in this day and age would prefer not to do this, yet it is an option that many families embrace. It may need to be seriously considered for financial reasons. Others accept this as part of their cultural or family traditions. Today’s hectic pace of family life can present challenges for both young and old, especially if both spouses are working and there are young children in the household.

==Move to an Active Adult Community==

Active Adult Communities for ages 55+ are popping up all over the country. As the first wave of baby-boomers turn 60, they hope to capture this massive wave of aging America. An Active Adult Community will be the same as traditional real estate, but with access to senior-oriented activities and without teenagers or toddlers living next door.

==Move to a Retirement Community==

The differences in retirement communities will be around how they are paid for and what, if any, future long-term care services may be included. The setting will be designed with the aging process in mind—grab rails in the tub/shower areas, no stairs, wider doorways for walkers, wheelchairs or scooters, etc. The community may include apartment homes, townhouses with all living and laundry on one floor or variations of the lifestyle called villas, cottage homes, duplexes or the like. The verbiage may change but the concept remains the same. The most common types of Retirement Communities are:

~~The Rental Retirement Community~~

The resident pays for the cost of living in the community on a month-to-month rental basis. The community may have just independent living or it may also have assisted living and/or long-term care. The defining factor here is that the resident pays rent.

~~The Continuing Care Retirement Community (CCRC)~~

"Continuing Care" means there is Independent Living, Assisted Living, and Skilled Nursing care all on the same campus or in the same building. Most frequently the consumer will find the CCRC requires an up-front investment, often referred to as an Entrance Fee, and a recurring Monthly Fee that includes services and amenities. This option involves various types of contracts referred to as "Residency Agreements" and is usually the most complex for the consumer to grasp.

~~The Retirement Community with limited services~~

There continue to be many new versions of the retirement community lifestyle springing up in the market with variations on the how the resident pays and what they get for what they pay. Many times they will look and feel similar to the models mentioned above, but simply have fewer services. This may include some enhanced common areas but perhaps no 24-hour security, no staff or transportation on weekends, no health care components, etc.

Whichever option seems right to you, be sure to evaluate your own risk and value judgments, and discuss the change with those you love and who will most likely be your support network as time goes on.

This article was submitted by Randalynn Kaye, author of Senior Housing 101 and founder of Elder-Transitions. For more information or to contact Randalynn, visit www.Elder-Transitions.com.

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