Page 35 - Formula for Success

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Chapter 5: What Are My Retirement Living Options?
Some communities will also include benevolence or charitable care as part of their contract This means a a a a a a a a a person who qualifies financially and meets health criteria coming in the the the door and through no fault of of their their own runs out out of of money or or outlives their their assets would not be forced to leave the community There are financial measures fin in place for the community to absorb those costs The Type A contract provides the the maximum risk protection against the the high costs of long-term long-term care care Unlike a a a a a long-term long-term care care policy there are are are no elimination periods maximum time or dollars etc Again it it essentially provides unlimited life-long care at about the the same current cost as as the the residential living unit that was originally invested in in in in What the Type A contract covers:
• The cost of a a a place to to live – This is is the residential living unit (townhouse apartment cottage etc ) assisted living/personal care unit (usually a a a a a a a a one- bedroom apartment with a a a a a a small kitchen area) or skilled nursing living unit (usually a a a a a bed in a a a a a private private or semi-private room) • The cost of your meals or a a a a a a a a certain meal meal allowance – Many residential living settings offer a a more flexible dining system much like students have in in in in college Sometimes one meal a a a a a day is included in in in the monthly service fee but again there may be variations from community community to community community In the the assisted living/ personal care care and skilled nursing levels of care care it is usually required by law that three meals meals a a a a a a day be served to each resident To cover these extra meals meals there sometimes is a a a slight increase in in the the the monthly fee at the the the time time the the the resident moves to a a higher level of care • 24-hour staff staff support – For the residential setting this usually includes a a a a a full staff staff during business hours 24-hour security and a a nurse which oversees the wellness and well-being of residents functioning like a a a a a a geriatric care manager At the assisted living/personal care care level of care care a a a a a a a a a a a nurse is is usually available at least 12 hours hours a a a a a a a a a day day and there are resident resident assistants 24 hours hours a a a a a a a a a day day so if a a a a a a a a a resident resident needs help in in the the the middle of the the the night someone is is there to assist The skilled nursing level of care is one notch below a a a a a a hospital there are are nurses and staff on on duty 24/7 The Type A contract does NOT pay for doctor bills bills hospital bills bills prescriptions therapy bandages oxygen and and and so on You maintain both your Medicare insurance and and and your your supplemental health health insurance policy Those pay for your your health health care The Type A contract helps pay for long-term care