Many older people reach a time when they no longer want to live in the big family house, yet they don’t need the support provided in an assisted living setting. Younger retirees often move to communities for residents age 55 and older in Arizona and Florida. But those who are older and no longer want to cook, drive or maintain a home may opt for an independent living community.
“When you see the edges fray and you’re still healthy and independent … that’s a wonderful time to do it,” says Emily Saltz, CEO of LifeCare Advocates, which works with families to find care options for older people. “Being part of a community can be a huge advantage.”
Seniors who have lost spouses and friends often feel isolated. “With the isolation comes depression. All of these things can lead to a downward spiral for somebody that’s just not necessary,” says Sue Johansen of A Place for Mom, which refers families to independent and assisted living options. “It can add years to their lives as well.
Many independent living complexes share a campus with assisted living facilities. The two major options for independent living are continuing care retirement communities, where elders pay a lump sum upfront with the expectation they can stay for life, including when they need a nursing home, and rental communities, where tenants pay by the month.
According to A Place for Mom, independent living apartments average $1,500 to $3,500 a month, compared with $2,500 to $4,000 for assisted living apartments, though Saltz says prices for both are considerably higher in the Northeast. Continuing care retirement communities ask for a lump sum (typically $100,000 to $1 million) and charge a monthly fee. The heirs get a percentage of the initial payment back.
The advantage of a continuing care community is the knowledge that residents won’t have to move (though they may move to a new residence within the complex) if their health deteriorates. But only seniors who pass a medical and financial screening are admitted.
“You must be functionally independent and there are some pre-existing conditions you may get disqualified for,” Saltz says. “You really do have to think ahead; do it sooner rather than later.”
Rental communities usually charge an initial $1,000 to $2,000 nonrefundable fee, but residents are free to move any time. Those who need more help can hire aides or move to assisted living. However, someone who runs out of money will have to leave unless he or she can find one of the few Medicaid beds available at the community.
Whichever option you choose, it’s important to plan for how you will handle issues that arise as you age, says Chris Orestis, CEO of Life Care Funding, which specializes in converting life insurance policies into long-term care funding. “Are you looking at an environment that will let you age in place?”
Each community is different, and it’s important to do some investigating to find the best fit. Many will let you stay a few days to try them out, and some let you bring pets. “Independent living and assisted living is as much about a lifestyle as it is about care,” Orestis says.
“It really is a very personal choice, much like buying a home,” Johansen says. “Most people don’t understand the breadth of options today.”
Here are nine questions to ask when looking for an independent living community:
Do you want to live in a communal setting? If you’ve lived in your own home for about 50 years, moving to an apartment-style complex will require an adjustment. While some will welcome the chance to be surrounded by people in retirement, a few may not. “Even the most beautiful places feel like facilities to a lot of people,” Saltz says.
Where do you want to live? Some people choose a community near their longtime home so they can stay in touch with friends and family and continue their favorite pursuits. Others decide to move closer to adult children. Some independent living chains allow residents to spend part of the year in one city and part in another.
What meals are provided and when? Most independent living communities provide one or two meals a day, with kitchens available for those who cook. Ask about the meal hours, whether seats are assigned, what options are available outside meal hours and how the community accommodates people with any dietary restrictions you may have. Once you narrow down your choice to a few communities, eat a meal or two with residents to get a better idea about the quality of the food.
What activities are provided, and how many people participate? Most facilities have an impressive-looking calendar of activities, but some events turn out to be poorly attended. Or, the activities may not suit your interests. Are activities only during the day or on weekdays? What about excursions into the city? “I hear many complaints about the dearth of meaningful activities,” Saltz says.
Who are the residents? Ask about the average age, male-female ratio and percentage of couples versus singles in the community. You want to find a place where you can make friends and stay engaged in social events, so collecting this information is crucial.
What are the transportation options? Most facilities provide transportation, but that doesn’t mean you can order a car and driver 24/7 to take you where you want to go. Is there a limit on how far you can go? Is the transportation only to certain places at certain times, or can you go anywhere in a specific radius?
What services are provided and what will cost you extra? Some communities charge a flat monthly rent for a variety of services and others provide more services a la carte. While some include utilities in the rent, others require you to set up your own accounts for electricity, cable TV and Internet. If there is housekeeping, does the housekeeper wash the bed linens and change the sheets and blankets? Do the apartments have washers and dryers, or do you have to go to a communal laundry room? Is there a nurse on staff to deal with minor illnesses? Find out what you will pay for out of pocket and what will be covered in your rent before committing to a community.
What are your options if you need help? Some independent living communities provide aides for a fee, and others let you bring in your own aides. Find out what options you’ll have and also what level of care would trigger a requirement that you leave or move to assisted living.
What are the details of the contract? Before you sign a continuing care contract, your lawyer and financial advisor should review it, and the advisors should also examine the community’s financials to ensure it won’t go out of business while you’re a resident. In recent years, some communities have offered alternatives to the traditional life-care contract, and you want to understand what you’re getting. Some communities offer a modified contract, providing a specific set of services for a specific period, and you pay as you go after that expires. A fee-for-service contract has a lower buy-in fee, but you will be charged market rates if you move to assisted living or a nursing home. You may want to have a rental contract reviewed, too, or at least share it with your adult children before you sign.
More from U.S. News
9 Important Ages for Retirement Planning
50 Affordable Places to Buy a Retirement Home
9 Questions to Ask When Choosing an Independent Living Facility originally appeared on usnews.com
