Illinois Options for Continuing Care Retirement Communities

Andrea Donovan of Senior Living Advisors in Riverside, Illinois was recently quoted in a Chicago Tribune article about retirement communities in the Chicago area. In the article, Ms. Donovan points out that there are four kinds of contracts available at Continuing Care Retirement Communities, that is, a community which has independent living, assisted living and skilled nursing all in one area. This is an attractive feature because individuals not need to move to a different community in the event of a change in health status.

The first kind of community is a Full Life Care community. The resident is charged an entrance fee and a monthly fee. Residents receive unlimited access to all levels of care with only a small change in monthly fees to adjust for inflation and increased costs.

The second is Modified Life Care. The contract limits the number of days in assisted living or skilled nursing for the resident. Once those days have been used, the resident is often offered a discounted rate for continued care. This option is attractive for residents who believe their assets will be sufficient to pay for future health care needs.

The third is Fee for Services Care. The entrance fee and monthly fees are substantially lower than the Full Life Care and the Modified Life Care options. The monthly fee covers living expenses. Residents have access to all levels of health care and pay the entire cost.

The fourth is Rental. This option requires a monthly rental payment, similar to renting an apartment.

Contact your estate planning or elder law attorney for more information.

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