Read the fine print

loveskitties

I have been trying to help my folks find a care community which has aging in place facilities...i.e.  start at independent living, move to assisted living then on to memory care or skilled nursing care.

In this area, most of the nicer places you have to enter at the independent living level and buy  the apartment.

We thought we had found one.  Went on a tour.  Determined acceptable floor plans.  Made a refundable deposit to get on the list.

We just got the Disclosure Statement for this facility...the sheer size and legal language of it discourages reading it, but I am glad I did.  I had to look up just what a Disclosure Statement was...supposed to be in layman's terms what is contained in the contract (yet to be signed).

Well, it appears that this place wants you to commit to having them approve any expenditures other than for your basic needs, because the state of you finances is used to determine if you are acceptable to their community.

I was shocked!

Many people don't read disclosure statements or the find print on a contract...make sure you do, it could make a big difference in the decisions you are willing to make.

Stuck in the middle

That's good advice.  I think I would go a step further and pay a lawyer to read the actual contract.

Ed1937

I agree with Stuck. If it seems like a place you really want, it would probably be money well spent to have an attorney look it over. The same might be said for HOAs.

jfkoc

great advice and true for anything you sign!!!!!!!

Last Dance

 This is pretty much standard for all of these types of facilities they want to make sure you can afford to pay and they are not left holding the bag. When I put Linda in MC they wanted to see 3 years of finances to make sure I could pay for 3 years before there was any possibility of her going on Medicaid.

Joe C.

In preparation for when the time comes, I have already asked my CELA to review the MC contract prior to signing & placement.

loveskitties

Update....I have contacted the facility via e-mail asking to be put in touch with the appropriate person to discuss this and a couple of other financial issues to be sure I am interpreting them correctly.

If parents wish to move forward, I will ask for a lawyer to review both the proposed contract and the disclosure statement so that their interests are protected.  

My mother doesn't want to consider moving until spring for a variety of reasons, so we have time and will continue to look into other options.

JJ401

Their wording sounds controlling, but it may be the facility protecting themselves. Some facilities have expected years of self payment.  They may be trying to protect the facilities finances from someone giving large gifts to others. If you give your money away, it’s not available for your care. 

My mom was in elderly housing. Her rent was subsidized and each year was recertified. Account balance differences over a certain amount had to be explained. By contract, she could have bought herself a new car, but she could not have given me a car. 

Yes, have a lawyer read it, but you may find that many facilities have something of this sort in their contract.

Palmetto Peg

I'm so glad for this post.  I have been considering our future and thought a Continuing Care facility would be good for us.  Not yet, but in a few years when my DH's dementia has progressed some, but when we could still live together for a bit in independent housing.  I will most definitely get an attorney to review any contract for this type of facility before a decision is made.  Thank you so much for the information!!!!