Improving your Brain Health Virtual Interview – May 14, 2020
10 Ways Baby Boomers are Reshaping Senior Living
10 WAYS BABY BOOMERS ARE RESHAPING SENIOR LIVING
There are 74.9 million Baby Boomers, which represents almost 40% of the nation’s population. As this group starts to age, senior living communities are adapting to the cruise-ship mentality of this generation. Here are some of the ways:
1). FLEXIBLE DINING SERVICES
Many senior living communities now offer flexible dining hours, a variety of dining venues (casual to formal), chef presentations and vouchers which can be used to purchase meals, liquor and even groceries. Menus are heart healthy and many offer gluten-free choices, freshly grown herbs, organic vegetables, grass-fed meat, free range poultry and sustainable seafood. “To go” menus are available for those who desire to dine in the comfort of their own residence.
2). ABUNDANT FITNESS / WELLNESS PROGRAMS
Baby boomers want to stay active and healthy. Tai chi, yoga, Zumba and even Pilates are now norms at some senior living communities. Fully-equipped fitness centers with personal trainers, lap pools, tennis, pickleball, bocce and even golf are often available. On-site spa services are common which includes a variety of massages, facials and pedicures.
3). LARGER APARTMENTS / UPSCALE FINISHES
Today’s senior community residences are no longer designed for a single elderly individual, but instead are more suited for couples who want large open floor plans with plenty of closets and ambient lighting. Kitchens have modern stainless steel appliances, granite or quartz counter tops and upscale cabinetry. Bathrooms are luxurious but also have safety devices so residents can age in place.
4). CONNECTIVITY
Baby boomers are internet savvy and spend many hours of their day on the computer. Senior living communities now offer internet cafés and personal residences are wi-fi compatible. Some communities actually provide a tablet to each resident so they can reserve seats for entertainment or see the daily menu.
5). CONTINUING EDUCATION CLASSES
Continuing Education is huge for today’s baby boomers. Senior living communities offer programs either online or live with university professors. There are even some senior living communities located on campuses of major universities so residents can attend classes to further their education.
6). ART INSTRUCTION / CULTURAL ACTIVITIES
Access to creative types of programs is important to today’s Baby Boomer. Many senior living communities offer painting classes, photography, pottery and wood working. Cultural programs either on-site or nearby are frequently available to the residents of the community. Investment clubs, wine tastings, book groups and card playing are enjoyed.
7). HIGHER ENTRANCE FEE REFUNDS
Senior living communities now offer entrance fee refunds as much as 90% to provide residents the flexibility to move out, leave to their estate or to a charity of their choice. Baby Boomers are philanthropic and leaving a legacy is important to them.
8). VOLUNTEERISM
Baby boomers want to remain active in the local community through their place of worship or local charity. Senior living communities embrace these folks by hosting on-site events, providing transportation and contributing to many local organizations. Residents can also volunteer to serve on several resident council committees or be a welcome ambassador to new residents moving in.
9). MAINTENANCE-FREE LIVING
No longer being concerned with home maintenance and repairs allows today’s residents more freedom to enjoy their life and pursue traveling, taking up a new hobby or perfecting an existing one. Not wasting time waiting for a repairman or being concerned about the cost of the repair are major benefits of living in a senior living community.
10). ACCESS TO ON-SITE HEALTH CARE
Being proactive and pre-planning is in the DNA of a baby Boomer. Knowing that there is health care available provides peace of mind. Baby Boomers do not want to be a burden their spouse or to their children as they age. Some senior living communities even offer on-site physicians services which adds another level of convenience.
In summary, Baby Boomers are reshaping senior housing. The age wave is here and these changes to the senior housing industry will have long lasting effects.
To find a senior living community that meets your needs and preferences, call 239-595-0207 or visit our website at www.seniorhousingsolutions.net
Understanding Continuing Care Retirement Communities
Understanding Continuing Care Retirement Communities (CCRCs)
In Southwest Florida, Continuing Care Retirement Communities (CCRCs) also known as Life plan communities are very popular. There are many quality CCRCs in this area and because of this, much is needed to increase your understanding about what is a CCRC, and if they are right for you.
These resort-style communities require a significant up-front investment and on-going monthly fee. The basic premise of a CCRC is to allow you to age in place within the community. You move to an independent living residence when you are healthy and active and should your health decline, there is a contractual commitment to provide care and services for you as your needs change. Normally, this care is provided on-site. People select a CCRC since they want the peace of the mind of knowing that they have planned for their future health care needs while enjoying a vibrant lifestyle.
Peace of Mind for your future
People move to CCRCs for the peace the mind of their future. Once all the “what-if” scenarios have been solved, residents are able to enjoy a life filled with friendships, social activities, fitness and cultural programs. Many couples choose to live in a CCRC since they know they are protecting each other should their health change. Lifelong friendships are made since the people living at a CCRC are less transient than other types of senor communities. Since the continuum of care is located either within the main building or on the campus, couples are easily able to be with each other as their needs change. There a feeling of community within a CCRC. Residents can be part of resident council committees (finance, dining, programing, health care, etc.), social groups or sporting activities. Residents also maintain an active life in the greater community as well.
There are CCRCs on large campuses or within single or multiple buildings. Floor plans range from one bedrooms up to spacious three bedrooms. There are even free-standing homes at some CCRCs in the area. Many people elect to personalize their own residences with upscale finishes and appointments similar to what they currently have in their homes.
Better to be 5 years too early rather than 5 minutes too late!
Since CCRCs are obligated to provide care for their residents, CCRCs require a medical and financial assessment for acceptance to the community. Unfortunately, there are times when someone waits for a crisis to occur before deciding and in many cases, they are not accepted to the community of their choice. As I always say, “it’s better to be five years too early rather than five minutes too late.”
Similar to applying for life insurance, the CCRC will require detailed medical information about you. In most cases, a one-one meeting is conducted with the community’s nurse to determine a risk factor. Medical criteria do differ from community to community. Again, the key is to not wait for your health to decline before applying for residency.
A financial application is also required. The CCRC wants to make sure you can sustain yourself financially for many years. The general rule is you should have at least 2 to 3 times in assets of the entrance fee and annual income of the monthly fee. Many communities have a benevolent fund established to help someone should they deplete their assets and can no longer pay the monthly fee.
CCRCs require an upfront entrance fee and an on-going monthly fee. Depending on the specific community, a percentage of the entrance fee could be refundable upon death or when the residency agreement is terminated.
The entrance and monthly fee at a CCRC are based on the residence size and the number of people under the contract. Couples pay an additional amount for the second person. Depending on the community, services and amenities included in the monthly fee vary. Typically, they include meal plan, housekeeping, social programming, transportation and maintenance services.
Office of Insurance Regulation (OIR) Oversight
CCRCs in the State of Florida are strictly regulated by the Office of Insurance Regulation (OIR) through Florida Statute Chapter 651. Within this Statute, there are requirements refund provisions, liquid reserve requirements, financial disclosure, resident rights and reporting guidelines. All residency agreements must be approved by the OIR. The OIR is the consumer watchdog to make sure the CCRC is fulfilling its obligations to its residents. For more information, go to: https://www.flsenate.gov/Laws/Statutes/2018/Chapter651
Types of Residency Agreement
There are different types of residency agreements within CCRCs. The Type A contract is most traditional type. The Type A contract stipulates that should assisted living, memory care or skilled nursing be needed, the monthly fee will remain a constant and not be increased due to the care being provided (ancillary services and products as well as two additional meals will be extra). Normally, the Type A has the strictest medical criteria to move in. The Type B contract either includes assisted living and memory care or provides a discount on care when needed. In the Type C contract, all care-related charges are out of pocket with no discount provided. The Type C has the least medical acceptance criteria to move in.
Refund provisions at the CCRCs vary as well ranging from a 0% refund up to 90 and even a 100% refund. Normally, the higher percentage refund equates to a higher entrance fee. It is important to note that a CCRC contract is not a real estate transaction, therefore you do not have equity in the community. The fees you are paying are paying for care and services over your lifetime.
Because CCRCs are not real estate, there are no HOA dues or assessments, closing costs, or the worry about your estate selling your residence. In most cases, real estate taxes are paid by the community and not individually.
Possible Tax deduction
A portion of the entrance fee and monthly is considered a pre-paid medical expe
nse so the IRS does allow you to deduct this percentage providing you itemize your taxes. The percentage varies from community to community and year to year. Each CCRC should be willing to share with you the percentage so your accountant can plan accordingly.
As mentioned, the continuum of care is main component to a CCRC; therefore, much due diligence needs to occur to understand which health care components are available should care be needed in the future. Not all CCRCs are the same in this regard.
Demographics vary from community to community. There are CCRCs that are not for profit religiously focused and others that are managed locally or through national corporations. Finding a CCRC where you can live with ‘like-minded” people is an important part of the research process.
Senior Housing Solutions
As Senior Housing Advisors, we understand the differences and the complexities of this decision and educate you on which plan best fits your needs. For more information, go to. www.seniorhousingsolutions.net
Seniors Blue Book
The Seniors Blue Book is Southwest Florida’s most comprehensive and reliable source to find and compare Senior Housing such as Retirement Communities, Assisted Living, Memory Care, Skilled Nursing. Health at Home options like Home Health Care, Non-Medical Home Care, Hospice and Senior Resources.
Mission Statement
The mission of The Seniors Blue Book and SeniorsBlueBook.com is to provide seniors, caregivers and senior professionals a comprehensive source of services, senior housing options, resources and information that enrich the lives of our elder population while affording those businesses and individuals serving that population a unique medium to present their products and services
Our History
The Seniors Blue Book was first published in 1983 by Clifton Chadwick. At the time Cliff was 69 years old and enjoying his retirement when his wife experienced a debilitating stroke. Cliff became her full-time caregiver, a job he cherished, but he was distraught that there was no place to turn for a comprehensive list of resources and services. It was from the love for his wife and commitment to his community that the Seniors Blue Book was born.
It wasn’t until fifteen years later in 1997, when Cliff was 83 years old, that Gil & Marion Hersch crossed paths with Cliff and the Seniors Blue Book. With a history in publishing and Gerontology Gil & Marion were very impressed with the publication Cliff had nurtured along and wanted to become a part of it. After Cliff was certain that Gil & Marion had enough integrity to take over the guide and keep intact the many free listings and helpful editorials that he had published, Gil & Marion took over the Seniors Blue Book and soon joined forces with their children Oliver & Samantha. SeniorsBlueBook.com was launched soon after their arrival in 1999.
Today
In 2009 Gil & Marion went into “semi-retirement” and the majority of the day-to-day operations are now controlled by Oliver. The Seniors Blue Book and SeniorsBlueBook.com has grown from a small 40 page publication serving one market into serving 27 markets throughout the United States. Our largest guide, South Metro Denver, is now over 300 pages. We print over 2.7 Million Senior Blue Books annually and SeniorsBlueBook.com receives over 500K page views annually. The Hersch family truly appreciates and values the opportunity we have had to work with and help the many communities we serve. We are looking forward to continued growth and providing this incredibly valuable resource to more communities in the future.
Senior & Caregiver’s Resource of Choice
The Seniors Blue Book and SeniorsBlueBook.com is the resource of choice in every market we serve. We are committed to providing the most complete and comprehensive resources available and are constantly working on compiling new information, expanding our distribution and enhancing existing categories. We list over 70 categories of information, most of which are free resources that support the community. We understand that there are many valuable services available, whether they are paying advertisers or not, and we are proud to support the communities we serve by listing all options available to our readers, not solely based on advertising. Seniors and Caregivers also love our senior activities calendar where they can find out about local events and activities, many of which are free, all of which are worthwhile.
Professionals Resource of Choice
The Seniors Blue Book understands the value of having a strong relationship with the professionals that serve the senior population, particularly with Case Managers, Social Workers and Discharge Planners. We now publish a special printing, just for Case Managers, Social Workers and Discharge Planners, that not only lists the comprehensive comparison grid information they have become accustomed to, but also lists address and fax #’s to help make their jobs a little easier. Additionally we offer a professionals networking calendar and a job opportunities page as well.
For more information, go to www.seniorhousingsolutions.net
Advice from a Senior Living Expert
ADVICE FROM A SENIOR LIVING EXPERT
Selecting a senior living community is not an easy task. These are common questions we get asked.
My children live up north, should I move to be with them?
As a son whose mom lives nearby, I truly understand the importance of having family close. Fortunately, we both live here in Southwest Florida, and we can be part of each other’s lives. The idea of moving out of state to be nearer to children is a big decision that involves many factors and changes. First and foremost, is the question of whether you are ready to give up your current lifestyle? Do you have friends or a social network in their area, or will you be depending upon your children to provide you with the socialization you need? Will you live with them, or will you find a place of your own? You will need to think about changing your primary care physician and specialists, your bank, and your church. How comfortable will you be driving during winter conditions? Will the winter weather hamper your activity level and lessen your independence? Are your children committed to continuing to live in that area, or could their careers take them to another location? What happens if they retire, will they want to stay in that location? As you can see, there are many factors involved in deciding to move closer to your children. I would recommend before making that decision, to visit the senior living communities in this area. You may be able to fulfill yours and your children’s desire for security and peace of mind without such a drastic change.
If I move to a senior living community, do I need to change doctors?
When you live at a senior living community, you can continue the relationship you have with your primary care physician and specialists. As a convenience to the residents, many communities do have relationships with physicians and these doctors maintain clinic hours at the senior living community. You are under no obligation to use these doctors; however, residents find it time saving and worthwhile to establish a relationship with a physician on site. If you decide to keep your physician, most senior living communities provide transportation to and from your medical appointments to make life a little easier for you.
I want to move to a senior living community, but my husband does not. What should we do?
It is very common for one spouse to not be on the same page as the other when considering a senior living community. Many times, it is hard for someone to think forward and contemplate scenarios when they are less independent. Most likely, your current residence will not be suitable as you advance in age. It is not sensible to believe your health will remain as it is for the rest of your life. Share with your husband that not putting a plan in place now would place the entire burden on your shoulders if something should happen to him in the future. It is easier to make the move when you are both able to select a community together, sell your home together, pack and move together, and make new friends together. Hopefully, he will recognize the importance of protecting you and creating a life which you both can continue to enjoy for many years.
There are so many senior living communities to consider in our area, where do I start?
Locating a senior living community that meets your needs and preferences is not easy, especially if you try to do it alone. As a senior housing advisor, this is exactly what we do. We get to know you and discuss which options best fit your needs and preferences. We are familiar with all the options in the area and the nuances of each. We help you narrow down the search and create a road map of places that meet your requirements. We are also familiar with the new communities on the horizon and have much insight about a community’s operational history. If desired, we can join you on your tour and ask questions you may not know to ask. We help you understand the terms of the contract and even negotiate the fees, as appropriate. Trying to do it alone is a monumental task. The last thing you want to do is move somewhere and be unaware that the community is experiencing financial or operational issues. Taping into a knowledgeable resource will help you avoid these pitfalls.
Please explain how the refund programs work at Continuing Care Retirement Communities (CCRC)/ Life Plan Communities?
CCRCs/Life Plan Communities offer a variety of entrance fee refund programs – 0%, 50%, 75% and even 95% refunds. The entrance fee is typically earned by the community at a rate of 1% to 2% per month. There is usually a 2% to 4% administration fee earned during the first month. Each month that you live at a CCRC, a percentage is deducted (earned) from the entrance fee that you paid. If you select the 0% refund plan, your entrance fee refund will decline over 4 – 7 years until your refund reaches zero. On the other hand, if you select the 50%, 75% or 95% plan, your estate will have a set amount refunded. If you opt for a higher refund program, you will pay an “up charge” for these plans as compared to the 0% refund program. Basically, you pay more upfront to be guaranteed a higher refund.
Some communities will offer different refund programs based on their health care plans. For example, a community might offer a 95% refund, but you would also be responsible for paying for higher levels of care as needed. It is wise to consult with your attorney and financial advisor to determine which plan best fits your needs.
Are there resources available for low income seniors in our area?
Collier Senior Resources at the Golden Gate Senior Center has funding to provide financial assistance to low-income seniors in need. Call Maritza for more information at 239-252-4550. The Area Agency on Aging for Southwest Florida is another valuable resource. The Area Agency on Aging is committed to connecting older adults and adults with disabilities to resources and assistance for living safely with independence and dignity. They can be reached at 239-652-6900.
Are there any upcoming educational seminars for area seniors?
The Leadership Coalition on Aging (LCA) is conducting their Empowerment Series Panel Discussion on Sept. 13 from 1:00 p.m. to 3:00 p.m. at the Collier County South Regional Library. The topic will be Advanced Planning – Getting your Affairs in Order. It will feature an attorney, a physician, an accountant, and a real estate professional. The event is free. For more information, please call 239-595-0207.
To have your senior housing questions answered in a future article, please submit your questions to: [email protected]
Senior Housing Expert and Advisor Bruce Rosenblatt is the owner of Senior Housing Solutions.
www.seniorhousingsolutions.net