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Downsizing, To Move or Not to Move? That is the Question
At some point as we age, we will have to make a decision about leaving our homes and downsizing. Maybe in our own town or to another town. Maybe to smaller home, condo, apartment, or assisted living/senior community.
When the time comes to downsize, seniors can struggle with a multitude of emotional, physical, and financial challenges.
How do you make an informed decision about when to downsize?
What tips do you have to share?
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A CCRC is a Continuing Care Retirement Community. We happen to be in Florida, but they are all over the country. We live in an Independent Living Apartment, but many CCRCs do have homes. We chose the apartment because of the freedom. The cool thing is we are totally independent. I had shoulder surgery 2 years ago - I was able to walk to PT and saw my PT manager often around the campus.
My friend just had a back issue. When she was discharged from the hospital, she could not even walk! She went to our Skilled Nursing facility which is attached to our building. We were all able to see her, she was able to get things from her apartment and had the same food from our restaurant. She is now back at home. We also have Assisted Living and Memory care on campus.
My husband volunteers to powerwash from time to time, that scratches his maintenance itch! LOL!
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7 ReactionsHow great to find a working man’s CCRC. The ones in my area, after you buy the condo or house, you still pay at least $6k a month for all the benefits.
My husband and I talk about this. I think it’s a few years off still
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1 ReactionThank you so much for your reply! Sounds ideal and very encouraged there are facilities like this. 🙂 And that your husband can still get that maintenance itch scratched - lol! 🙂
I have decided to stay living in the community, not move to a CCRC as long as I possibly can. I have rearranged my house for one floor living and try to keep on top of the preventative maintenance so as to avoid housing emergencies. Have 2 local adult children to call on when needed. Have food and other items delivered.
My decision was in response to the COVID pandemic when they closed the nursing homes and the local CCRC did not allow non residents access. My husband had dementia and was in a nursing home and died alone, without seeing me for 6 weeks, although before Covid I faithfully visited him every other day. I hope that his dementia had progressed to the point that he didn’t realize that I was missing. (I had cared for him at home until my own health emergency and I couldn’t care for both him and me.) I remember my helplessness when I realized what was happening and the nursing home’s implacability in not allowing me to be with him.
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7 ReactionsI googled it and a CCRC is a Continuing Care Retirement Community, which may have 4 components: independent living; assisted living; memory care and; skilled nursing care.
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1 ReactionThe only real problem of a CCA is the cost. You have to “buy in” (can be well over $200,000), then pay the monthly fee(can be well over $4,000). Medicaid is not accepted, so if you live long enough and can no longer afford the fee, out you go. Some use an algorithm to refund a portion of the “buy in” when you leave by moving out or to family upon death.
For those who have long term care insurance, be sure to check your policy- most are now for a certain number of years or for a certain dollar amount, NOT for as long as a person needs the care.
Our policy is 5 years or $450,000. My husband is in AL and is soon going on Year 4. I’m starting to research what to do next. He has vascular dementia, heart issues, and brittle diabetes, but is SO much healthier with the structure of the facility.
I’ve met with an Elder Law attorney. Approaching the 5th year, they recommend gathering info about AL and SNF facilities that do accept Medicaid. In the 5th year, making the application with their assistance (counselors at your county’s Area Agency on Aging also can do it with you). Medicaid gives you a “spend-down amount” that you must use from your funds/assets and after the LTC insurance stops, you spend down, paying the facility bill and other allowable expenses (pre-paid funeral, electric lift chair, medications/incontinence briefs/MD co-pays). You can move your loved one to a facility that accepts Medicaid and do the “spend down” there. Medicaid follows your state’s rules as to the well-spouse’s half share of funds/assets and the spouse lives in the house until death or sale (such as the spouse deciding also to move into an AL).
If the “spend down” funds are used up and the person goes on Medicaid, the state will attach a lien to the house to reclaim the taxpayer funds used, up to the half-value (the person’s share) of the sale price. The spouse gets the other half value.
Lastly, the state does a 5 year “look-back” from the date of application. It’s very important not to look as if you tried to dump assets- money gifts over $500, putting an adult child on your house deed, adding a relative to a brokerage account, etc. If your spouse is a veteran and is eligible for VA services at home or in a facility, they do a 3 year look-back and do not attach the spouse’s assets after the veteran’s death.
Sorry to go on so long, but I think it’s important to get ready for what might be coming, just in case.
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9 ReactionsI worked fulltime until I was 79. Back then (things may have changed) my IT people felt that the stringent cybersecurity which was necessary for my work was more easily implemented in a single family house than in a shared family building. This concern was not the primary issue on which I made my decision, but it did enter into it.
Thank you so much for the concise yet complete explanation of Medicaid, lookback provisions, and spend down rules.
I would like to add that if you want a pre-paid funeral, powered scooter, adjustable bed or lift chair for your loved one, it is better to buy it before applying for Medicaid from existing assets because in some cases Medicaid or VA rules impose strict limits on what you may spend. For example, we converted my Mom's life insurance policy to a prepaid funeral before we applied for assistance. Our local funeral director helped us follow all the rules.
And save receipts for all needed care items for at least 6 months to show what you actually spend otherwise you are bound by their standards.
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5 Reactions@centre Some states, I think there are 13 of them, treat the spouse more kindly. If you are not already on Medicaid it is probably worthwhile to pay the egregious fee and get a Medicaid planning attorney’s advice. My daughter’s husband has early onset Alzheimers. She is the sole provider of course. She has received advice worth the 5K or so that she paid.
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4 ReactionsI am 84 and the best move of my life was to an Active Adult Community. Before moving in I was really getting lonely and experiencing a definite decline in my physical abilities, such as poor posture and weight gain. Those things have reversed! I moved to another state near my children and it has been fabulous even though the city is not one I would have chosen in my younger years. I still have a full kitchen which is important to me but several people here have one of the many food delivery services. My garbage is removed 3 times per week from near my door. There is always something to do or someone to talk to. But you should visit several of these facilities before making up your mind as to one that “feels right”. You will likely have to downsize but that seems part of a good life plan to me. If this is financially unaffordable, start investigating “HUD Properties”. This is different than getting a HUD “Voucher” which is nearly impossible to get. A HUD Property is already certified and can take anyone whose income falls within their guidelines.
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