Bob and Jean Weinfeld say they've just made the last move of their lives.
The older couple sold their house in Richardson and settled into the Legacy at Willow Bend, a new continuing-care retirement community in Plano that offers independent living, assisted living, memory care and skilled nursing care.
Continuing-care communities have become popular with seniors who want to "age in place." Residents move into an independent-living apartment when they're healthy and transfer to assisted living or skilled nursing care as needed.
More than 600,000 older adults live in 2,000 such communities, according to the American Seniors Housing Association. And 20 to 30 communities open every year, attracting seniors who range in age from their 60s to their 90s.
The Legacy looks more like a high-end resort than a retirement home. The 50 residents who have moved in since April dine on gourmet cuisine, work out with a personal trainer in the fitness center, and enjoy facials and massages in the spa.
The Weinfelds lead active lives. Bob, at 81, sells insurance part time and coaches baseball at his temple, while Jean, who's 72, keeps busy with their grandchildren and her friends. The resortlike amenities and their spacious apartment drew them to the Legacy.
But just as important to the couple was the guarantee that they'll have access to assisted living or nursing care if their health declines.
"We're here for the rest of our days," Mrs. Weinfeld said. "Our family won't have to worry about us."
Dallas-area residents can choose from a dozen continuing-care retirement communities today and will have several more in a few years. As more facilities open, understanding the differences in their contracts will become harder.
"A good community will explain those differences, but I still advise families to let an attorney read the contract," said Steve Maag, director of continuing care at the American Association of Homes and Services for the Aging.
Communities typically require an entrance fee plus a monthly service charge, but those fees and charges vary widely, depending on how fancy a facility is, the kind of care it provides and the size of the apartment a resident selects.
The entry fee can range from $50,000 to "well into the six figures" and is used to defray a community's upkeep and health care costs, Mr. Maag said. Most communities refund a large part of the fee when a resident dies or moves.
Though the entrance fee may be an obstacle for seniors without a nest egg, most continuing-care residents sell their homes and use their equity to cover the one-time expense.
Three main types
Continuing-care communities fall into three general categories: extensive, modified, and fee-for-service.
The first kind, found at the Legacy and other "life care communities," promises access to health care services at about the same cost as independent living. The extensive contracts generally have higher entrance fees and service charges, but they guarantee care with no financial surprises.
Life care appeals to seniors who desire predictability in their health care costs and are interested in buying peace of mind, said Michael Ellentuck, president of the Legacy's nonprofit parent organization, Legacy Senior Communities.
"Moving can be extremely disorienting for older adults," he said. "Here, they can keep their friends and pastimes if they require assisted living or skilled care someday."
The second kind, known as modified continuing care, usually provides a partial health care benefit. A resident moving out of independent living gets a discounted rate on assisted living or skilled nursing care.
At Trinity Terrace in Fort Worth, independent-living residents pay no added monthly fee for temporary nursing care. If they need longer-term skilled care, they pay $100 per day instead of the $166 nonresident rate, said marketing director Line Wilson.
Ms. Wilson said many seniors like this middle approach to paying for continuing care. Trinity Terrace's developer, Pacific Retirement Services, recently announced that it's adding a third tower to the campus west of downtown Fort Worth.
The third kind of continuing care, fee-for-service, generally has the lowest entry fees and monthly charges, but residents must cover the cost of their health care. It's popular with seniors who prefer to pay as they go.
Highland Springs in Dallas is being developed in phases and will include assisted living and skilled nursing care by 2010. Residents will enjoy preferred access to those services, but they'll be charged market rates, said marketing director Jennifer O'Reilly.
"Our goal is to keep residents healthy so they don't have to move out of their independent-living apartments," she said. Like other Erickson Retirement communities, Highland Springs has its own health care clinic.
Note refund policies
Seniors reviewing continuing-care contracts need to pay attention to differences in refund policies, experts say.
The industry standard is to return 90 percent of the entry fee to former residents or their estates. A few communities, such as Highland Springs, refund the entire amount, while others have nonrefundable entry fees.
Mr. Maag said most continuing-care communities issue their refund once they have resold the apartment, which often takes 60 to 90 days.
At the C.C. Young retirement community in Dallas, residents pay an entry fee ranging from $231,000 to $695,000 for the Overlook apartments scheduled to open by 2010, said marketing director Mary Gorton. They'll receive 90 percent back when they move out of independent living.
C.C. Young is building the Overlook to accommodate a growing demand for larger apartments with upscale amenities, she said.
Seniors who join a continuing-care community often ask whether they should keep their long-term care insurance.
Those with modified or fee-for-service contracts will probably want to hold onto their coverage, Mr. Maag said. But even people with extensive contracts can use their insurance to help pay their monthly charges in assisted living or skilled care.
Some residents worry about what will happen to them if they outlive their money. To answer that concern, most communities have set up charitable funds to cover the living costs of residents who have exhausted their savings through no fault of their own.
"No one has had to move out in our 25 years because of a lack of funds," said Ms. Wilson of Trinity Terrace. "Once you're here, you're here for as long as you like." To see more of The Dallas Morning News, or to subscribe to the newspaper, go to http://www.dallasnews.com. Copyright (c) 2008, The Dallas Morning News Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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