I’m always on the lookout for nontraditional elder care options. As we face a growing elder population, we are going to need some out of the box thinking and smart innovation to meet the high demand for elder care and elder-friendly housing.
A recent New York Times article highlighted one such option: continuing care at-home, an offshoot of the more well-known continuing care retirement communities. The NYT refers to the at-home option as a CCRC without walls. The goal is to keep people living comfortably and safely in their homes for as long as possible and for as long as the person desires, but with the option to move into assisted living if needed.
Instead of moving into an independent living apartment on a CCRC campus, people remain at home. Members are assigned a “care navigator” who monitors their health daily living needs. This hybrid aging at home with the option for supportive home care services and residential care could be attractive to baby boomers.
However, there are some downsides. The main one is cost. While the at-home version of the CCRC is cheaper than the traditional format, it’s still requires a hefty entrance fee (typically tens of thousands of dollars) plus monthly fees. In many cases, elders sell their home and move into more affordable housing in order to cover the costs. This is not a financial option for everyone.
There are also medical requirements to enter such programs, with a dementia or Parkinson’s diagnosis, among others being disqualifiers.
So it’s not for everyone, but it could be a good compromise for those who can afford it and want to remain in their homes as long as possible.
2 responses to “Continuing care at home: Pricey but intriguing elder care option”
Our son is a financial consultant for a very large company that has dozens of retirement communities in several states. They are really beautiful facilities that range from independent housing to memory care and they specialize in the continuing care contracts. I believe that the entrance is about $250,000 with a couple of thousand a month ongoing. If the in home care is only in the tens of thousands range for entry then it is much more affordable though still in no way cheap. The other thing people need to check is just how good the long term care facility they are being offered should they need to move into that. Thanks for sharing. Blessings
This is good information to know, thank you.