Continuing care communities with life-care contracts afford independent senior adults the ability to live on the same campus throughout their lives, moving through varying levels of care — as needed — until death.
The Oklahoma City metro area is fortunate enough to have several beautiful and established Life Care communities!
Although Continuing Care Communities offering “life care” contracts typically require a fairly significant entrance fee plus monthly lease payments, most contracts include a prorated portion of the entrance fee to be refunded, depending on the length of stay in the community and other factors.
Additionally, some CCRCs welcome non-life care move-ins, which do not require the upfront entrance fee commonly associated with life care communities.
The entrance fee is probably the most misunderstood concept associated with CCRCs and there are a variety of myths out there that may cause a reluctance in considering such options. At Mature Moves OKC, we recommend that clients consider ALL options and learn first-hand what each option entails before making a decision about their next move.
As such, a Life Care contract, sometimes referred to as an “extensive care plan,” is often marketed as being similar to Long-Term Care Insurance. It stipulates that the resident will remain in the community for the rest of his or her life (excluding acute hospital care), with minimal increases in cost outside cost of living increases. This can be very beneficial and often provides immense peace of mind to both seniors and their family members.
Generally speaking, those entering Continuing Care Communities must be able to live independently at the time of initial occupancy and are required to pass a physical exam and be financially pre-qualified. No two CCRCs are alike in their qualifications, service offerings, lifestyles, or financial models, so it is important to visit each community of interest within your geographic area and meet with their staff to determine if it is fit for you.
As always, the Mature Moves OKC team is happy to schedule community tours and accompany clients on community visits. We assist with information gathering, note taking, asking questions, and comparing the findings against other community visits.
If clients wish, we can also recommend subject matter experts, such as financial advisors and attorneys, who can assist with reviewing and explaining the contracts and financial implications of entering into them.
Continuing Care Retirement Communities (CCRCs) located in the Oklahoma City metropolitan area include:
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