While luxury senior living appeals to aging Americans for the variety of housing situations and amenities they offer, it carries a big price tag, and consumers should take note of details beyond looks, writes Fox Business in a recent article.
Citing a California-based continuing care retirement community (CCRC) as an example of a continuum of care model, Fox says the appeal stems from the community’s ability to help with yardwork, cleaning, medication, meals, transportation, activity planning and more.
And while those services ring true of many senior living communities, a high-end community demands a greater cost — and might induce “sticker shock.”
While the fee schedule may be too high for some, high-end assisted care communities that return most of the entry fee they charge can actually help preserve the value of an estate, John Falldine, managing director of Edgemere, a Dallas-based CCRC, tells Fox.
“It’s a smart financial decision that preserves your asset base for your children, wrapped in a decision to live in a luxurious, carefree environment,” Falldine says, adding that a significant discount comes into play should a resident reacquire skilled nursing services.
Consumers also need to consider the financial health of a community’s ownership, Bunni Dybnis, a geriatric care manager in Los Angeles, says.
“Some charge a fortune in upfront fees, but what if they go bankrupt?” Dybnis asks. “You really need to check to be sure this is a legitimate, viable company.”
On the upside, peer group is also an appeal of higher-end senior living communities, often including doctors and lawyers.
Ultimately, quality of services is key.
“In this market, they call themselves luxury if they offer chef-prepared meals and fresh flowers, but whether it’s independent living, assisted living or skilled nursing, it really comes down to services,” Falldine of Edgemere tells Fox. “How beautiful the building is wears off quickly.”
Read the full article here.
Written by Cassandra Dowell