May 13, 2024 Weekly Update

We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage. Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for May 13, 2024

Aging Gracefully at Home in Retirement

Radon and Murs speak with Lynne Moore about the concept of aging in place, comparing it to continuous care retirement communities (CCRCs). Lynn has an extensive background in geriatrics and now works with ThriveMore, an organization specializing in helping people age in place.  

Aging Gracefully at Home in Retirement

On the Secure Your Retirement podcast, we have a great episode on Aging Gracefully at home with Lynne Moore. Lynne works at ThriveMore, where she uses her skills as a geriatric nurse and as a former director of a nursing home to help people in long-term care facilities…

Aging Gracefully at Home in Retirement

On the Secure Your Retirement podcast, we have a great episode on Aging Gracefully at home with Lynne Moore. Lynne works at ThriveMore, where she uses her skills as a geriatric nurse and as a former director of a nursing home to help people in long-term care facilities. 

She was also an administrator of a nursing home for 15 years before becoming a director of a continuous care retirement community (CCRC).  

During Covid, she learned a lot about bringing care into an independent living situation and how easy this was achieved, even with all of the regulations in place. Working with people in independent settings was much easier because there were fewer regulations to worry about. 

Her experience led her to become a geriatric care manager, working with people privately in their homes and bringing them the care necessary. Ultimately, this all led to a position at ThriveMore. 

Continuing Care at Home vs in a Community 

ThriveMore owns four CCRCs and is building two additional facilities, so the company is not against a CCRC. If you’re a person who wants to start aging gracefully in the comfort of your home, over 96% of people can achieve this goal. 

The difference? 

  • You retain your home 
  • You maintain your home 
  • Services are brought into the home 

Instead of selling your home to pay for entry into a CCRC, you’ll reside in your home that you know and love. 

What Services are Brought into the Home? 

From the very beginning, an aging-in-place assessment is performed to identify things such as, do you need a first-floor bedroom or do you need to widen the doorways? 

When people enter into the ThriveMore program, they must not need care at the moment. ThriveMore works as a sort of insurance and care is brought in over time as necessary. 

We bring in the support and care people need in their homes before they need them and add more as a person’s needs evolve. Short-term or long-term care is brought in, and the long-term care insurance is underwriting the care. 

Is medical underwriting required? 

Entering into a program like this will require: 

  • 5 years of medical to ensure that the applicant is “healthy.” What this means is that a person does not have a diagnosed progressive declining disorder, such as Parkinsons, ALS, Lupus and things of that nature. These disorders lead to extensive time in a long-term care community where this type of program would not be beneficial 
  • Entering into a membership 
  • Supplying financial information 

How the Program is Modeled 

You can think of the ThriveMore program as an insurance plan with multiple levels of coverage. Part of the cost is based on an entrance fee and then there’s a monthly fee attached to it. 

The buy-in fee is determined by the person’s age. Often, people buy in when they’re younger because it’s more affordable than if they’re closer to needing care. 

Members pay a pre-paid membership fee, and the monthly fee is less because you’re not paying for a fancy facility like in a CCRC. When compared to a CCRC, you’ll pay much lower fees. 

Through ThriveMore, a 75-year-old would: 

  • Have $385 per day in coverage max 
  • Have $192.50 per day and the person’s long-term care plan 

Entering into a program like this would cost around $50,000 for the entry fee and $500 per month in membership fees for a 75-year-old. 

Compare this figure to a CCRC, and you’ll notice that many CCRCs have a $300,000 – $500,000 buy-in plus $2,000 – $8,000+ per month. 

Homeowners are still maintaining the cost of their homes, so they can save a lot of money. 

A review is done when meeting with potential customers, where the team will review any insurance plans the person may have and determine the level of coverage. The highest level of coverage for someone who is 75 will be somewhere around $70,000 buy-in and $700 in monthly fees. 

These fees will provide $385 in coverage per day. 

Entering the program requires you to be at least 62, and at this time, the buy-in can be as low as $30,000. You can have a health crisis that happens early, and if you’re not a member, you cannot join in. 

Members who develop a diagnosis cannot be kicked out of the program, even if they’re not in their 70s. For this reason, it’s better to buy in when you’re younger, and it’s cheaper because you have the security of being a member. 

You never plan on having a stroke or developing Parkinson’s, so buying in early can save you a lot of money and lock in benefits that you may miss if you did have a diagnosis prior to applying. 

Plus, you benefit from: 

  • Recommendations for aging gracefully 
  • Help outfitting your home for older age 

ThriveMore engages with you from the moment you become a member, so you have professionals who will help you along the way. 

Monthly fee maximums are inflation-related, so they will rise every year. The fee is calculated by analyzing nursing facilities in the area and understanding the average number each year. 

So, yes, your monthly fee can rise annually, but it will not be more than the average you’ll pay at a skilled nursing facility. 

Staying Busy and Interactive  

Social engagement and keeping busy are crucial to staying healthy in the latter years of life. While an at-home program doesn’t provide many of the social aspects of a CCRC, it does allow friends and family to come to your home and spend time with you. 

Retirement planning in a CCRC is different from a solution like ThriveMore because people can remain in their neighborhoods and enjoy the social life that they already have. 

From Lynne’s experience, seniors are always very busy when they’re retired. 

However, there are opportunities to get together with members and get out in the community. 

ThriveMore is a program for people who want to stay in their homes, so they already have a social life and want to remain in place. Extroverts may prefer to be in a traditional CCRC, while introverts prefer something like ThriveMore. 

Quality Care Vetting 

ThriveMore’s care vetting strives to offer excellent quality. Partnerships with home care providers in the area allow members to have access to the exceptional care they need while remaining in the home they know and love. 

Lynne’s background allows her to assess healthcare partners to know if they offer excellent care or not. 

If you want to learn more about ThriveMore, you can visit the official website. 

Click here to schedule a call with us to learn more about how we can help you reach retirement.