Staffbull18 Posted April 2018
What is assisted living like and do retirement communities work?
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I am really scared about when my husband and I retire. Actually I am on disability and he has to retire at 53. Anyway my mom is at a facility for rehabilitation therapy and I was looking and they have villas to purchase. What is the process? Do you just move on to the next level of care you need and use the money from selling your villa to pay for the next level of care? I assume it’s AL or even NH.
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There are the 55+ communities for senior who are active. Usually such communities you purchase your residence. There is a large monthly HOA fee. Usually you need to bring in paid caregivers to help.
There are communities where one buys into a condo, some of which are over 2,000 sqft. If you move from the community you get 80% to 90% back. Again, large monthly condo fees. Some of these communities offer Assisted Living apartments, and Memory Care studio apartments, usually these are rentals. So you can move one step up as you need more care but still be around the friends you made.
Then there are the smaller complexes where you rent an apartment in Independent Living for around $5k per month [rentals vary location to location]. And there is a list of care options that you can pay for as you need them, some care options are built into the rent. Then if you need a higher level of care, you can easily move over to the next building or upper floor to a studio apartment for around $6k or more. Some do allow Hospice. My Dad was in one of these complexes and he really liked it.
It depends on what you can afford. In my area, where one buys a townhouse the prices are in the $500k. The community that offers large apartments up to and over 2,000 sqft cost $750k, smaller apartments around $450k. The HOA fees I noticed were $2k per month.
I was glad my Dad choose a smaller complex where it cost him $5k per month rent with no HOA fee. The rent included weekly housekeeping, linen service, and one meal in the restaurant styled dining room. As my Dad's memory started to slip, he could still find his way around as the place wasn't that large.
Make sure that your mom is ok to live in a separate villa. My mom started in a community like that and it quickly became too difficult for her to go to the main building for meals and activities so she was isolated. Maybe find someplace that is easier to get to the meals and activities so she won't have to move again sooner than later. Make sure they have all the levels of care so you won't have to find a new facility when her needs become more. Good luck!