Exploring Your Best Senior Living Option
I have joined Ridgecrest this year and am excited to be part of this great tradition of quality living and care for the members of our senior community. I have worked as an advocate serving seniors and their families for over three decades. I am impressed with Ridgecrest’s traditional LifeCare Plan option, which unlike other retirement communities in the area, is in effect for your lifetime, throughout the continuum of care, regardless of your health and cost of your care as you age. Ridgecrest is a long-time established retirement community in Davenport and offers several options ranging from monthly lease to a traditional LifeCare Plan. Many are confused whether this is a good option for them or a loved one. To best explain traditional LifeCare, let’s consider the example of Aunt Viv.
Aunt Viv is widowed, lives alone and is 83 years old. She enjoys relatively good health outside some chronic medical conditions. Over the past couple years, as the world has gotten very busy, her world has gotten smaller. She ventures out only during the low traffic times to get her essential supplies. House and yard maintenance have become problematic. Bringing in the groceries, taking out the garbage and timely snow removal causes her worry. Her children all live out of state. She is not only alone, she’s lonely.
Aunt Viv is like so many who are considering what to do. Her primary income is Social Security and monies generated from assets not easily liquidated. She wants to leave a legacy for her children. She wants to know what her cost will be in the event she needs nursing care someday. She doesn’t want to leave it to chance.
For her, a traditional LifeCare Plan, such as the one at Ridgecrest is ideal. She can pay the required entrance fee from her savings or a portion of the proceeds from the sale of her house (if she sells it). She will be charged a monthly fee for the apartment or cottage that she chooses. If her needs change and she needs assisted living or nursing home in the future, the cost of her rent remains the same. Simply put, if she is paying $2500 rent one day, has medical event and requires nursing home the following week, her rent continues to be $2500, plus the cost of additional meals. The same applies for a couple – if one goes into nursing care, the couple’s entire cost?only goes up the cost of meals.
Aunt Viv has some tough decisions to make, but a traditional LifeCare option would provide her peace of mind. Liquidating illiquid assets to cover the cost of nursing home care would be crippling from a tax perspective and would dash her dream of leaving something for future generations.
Keep in mind, LifeCare is only one of three options you have to make Ridgecrest the next step on your journey (we even do a monthly lease option). As an established retirement community leader in quality delivery of care here in the QCA we are committed to helping you navigate the complexity of information surrounding retirement community living.
Julie Arndt is a licensed social worker and Director of Marketing at Ridgecrest Village with over 30 years of experience working in the field of geriatrics and senior advocacy.