Downsizing, To Move or Not to Move? That is the Question

Thank you, @rosemary for raising this important question. Like, Dana, I've been exploring for the past 2 yrs, the concept of downsizing and moving into an independent sr living estbl. near my daughter and family out-of-state. I also own a spacious home and while I can still manage the upkeep and regular maintenance required, more of my circle of close aging friends are facing similar deliberations and several already have moved, some to be closer to immediate family and others because of the need for more supervised care.

The question for me is timing. Would it be better to sell and move while I still have some wits about me and can take care of the decisions required in listing the house, arranging an estate sale, selecting the next residence or do I wait because my cost of living, maintenance and lack of state inc. tax makes it financially more feasible to stay put awhile longer. I bought long-term care ins. yrs ago and have been so fortunate that the premium has only gone up once and that to a small degree.

If I wait until I have fewer wits about me...which might not be long! vbg...my daughter would be ever so capable in handling what had to be done. However, I still vividly remember the difficulties I lived when handling my mom's later daily care and medical needs, home maintenance & repairs and later estate issues while living out-of-town. Living out-of-state would have only compounded the issues requiring action.

My longest divorced friend here of 40+ yrs recently began building a new home out-of-town to be near her children and grands. The new house is under construction; most of her belongings and furnishings for the new house have been moved and and placed in storage in the new location. Having completed her estate sale with her house listed for sale, she now is finding that there is almost a freeze on residential house sales in this area.

Now, with the spread of the virus especially hitting the senior living and nursing home establishments, I can only be thankful that I have waited on my decision. However, time does not stand still and my mental debate over timing continues.

I would really like to hear how others are thinking about downsizing and starting to plan ahead.

It's rare to hear of someone who bought long term care insurance and has only had 1 premium increase. My policy has increased frequently not to mention a major law suit brought against the insurance company (not by me). Because of that subscribers needed to reduce services they wanted. We're paying high prices but will only get minimal services when the time comes. If you drop the policy, you lose all the money you've paid in over the years.

I have not heard of this scenario (increase of premiums). I purchased my long-term care insurance in 2013 and have never had a price increase. I believe I was told this was a fixed premium, and I know I was told that if I did not end up using the policy, that the full amount of premiums paid (not dividends they earned, though), would be refunded to my estate to be used in whatever way I designated in my will. This is written into the policy. I check in with my agent from time to time (every two or three years) just to stay in touch.
Anyone else have premium increases or diminishment of services insured for? My policy does have the same stipulation that if I drop it, I forfeit all premiums I have paid, but I am in no way thinking of doing that.
Thanks, all!

I have not heard of this scenario (increase of premiums). I purchased my long-term care insurance in 2013 and have never had a price increase. I believe I was told this was a fixed premium, and I know I was told that if I did not end up using the policy, that the full amount of premiums paid (not dividends they earned, though), would be refunded to my estate to be used in whatever way I designated in my will. This is written into the policy. I check in with my agent from time to time (every two or three years) just to stay in touch.
Anyone else have premium increases or diminishment of services insured for? My policy does have the same stipulation that if I drop it, I forfeit all premiums I have paid, but I am in no way thinking of doing that.
Thanks, all!

What company is your long term policy with?

My husband now has end stage Parkinson's, He's 82 and is bed bound. If I had known about the stages they go through I would have sold my townhouse condo and bought a house with everything on the first floor. you really don't know when they are sliding into a different stage. You have to consider emergencies as well. If you have stairs things will get really difficult as time goes on. It's better to think about this now than wait. Believe me I've been there.

We moved into a CCRC while we are still healthy. We love the Freedom it gives us. No more maintenance headaches, we can cook or not, lots of classes and entertainment. But the BEST thing - FREEDOM! We can shut the door and leave. Our mail is collected and held. If we expect something important, they will scan, email, or forward to wherever we are. PLUS we have "staff" the apartment is cleaned, and maintenance even changes lightbulbs! Our dining room is excellent and strives to include everyone's food choices.

We are not rich - we pride ourselves that this is a "working mans" CCRC.

I am only 68, but have 'brothers and sisters' and 'moms and dads' who genuinely care about us, are supportive and are truly amazing people who have led very interesting lives.

Congratulations! We're on the waitlist for a patio home/cottage at a facility that colocates cottages, apartments, assisted living, memory care, and ( a short distance away) skilled nursing facility. Your experience is exactly what we are hoping for.

Are you in a community that is regulated as a legal CCRC, where your up-front payment buys down the cost of future higher levels of care? We considered something like that, and rejected it for a variety of reasons. It was appealing as a way to manage future health care costs, though -- we were really tempted.