Tag Archives: Retirement

Understanding long-term care insurance

By Brad Breeding

If you or a loved one own long-term care insurance (LTCI) it is important to understand how the policy works and what it covers so you will be better equipped to incorporate it into your overall retirement plan. Here is a description of the key components of LTCI:

Type(s) of Care Covered

If you own long-term care insurance (LTCI) or are thinking about purchasing coverage it is important to understand how the policy works and what it covers. Adult children should also be familiar with the details of their parents’ coverage because they will likely be involved with coordinating LTCI benefits when the time comes. By understanding the details of the policy you will be better equipped to get the most out of your coverage when it is needed.

What type of care is covered?

The earliest forms of LTCI (issued more than two decades ago) were considered “nursing home” policies, which covered skilled nursing services received in a nursing facility. Long-term care delivered at home or in an assisted living facility were not covered expenses.

Eventually policies began covering care in assisted living facilities and sometimes at-home care, but often at a discounted amount. For example, the policy might cover care in an assisted living facility at 50 percent of the benefit amount that would be paid for care received in a skilled nursing facility.

Most policies issued within the last five to 10 years are more comprehensive, providing the same amount of coverage regardless of where care is received. These policies may also cover expenses like adult day care and respite care.

LTCI Benefit Amount

The benefit amount is usually a daily or monthly amount, and the total lifetime benefit amount is expressed in years. For example, a policy might provide a daily benefit of $200 for three years. This amounts to a total lifetime benefit of $219,000 ($200 x 365 x 3). This does not mean that the policy must be used within three years, but rather that the policyholder has the equivalent of three years of coverage over their lifetime. However, a policy will not pay more than the stated benefit amount in any given day or month. Therefore, using the example above, the policy would not, for instance, pay out $300 for any one day of coverage.

Inflation Rider

Many policies include an “inflation rider” which increases the benefit amount annually to help ensure that the coverage amount reflects the increased cost of care over time. The formula used to determine the increase can vary from one policy to another. If your policy includes an inflation rider, you should know the current coverage amount, as opposed to the originally stated coverage amount. If this information is not clear, contact the insurance company and ask about the current benefit.

Coverage Elimination Period

Most LTCI policies have an elimination period. This is similar to a deductible, but is measured in days, not dollars. A policyholder chooses the elimination period (from zero to 180+ days) at the time of application. A longer elimination period lowers the premium, and vice versa. A policy’s elimination period can be based on days of care or calendar days. For example, a policy with a 90-day elimination period would specify if that means 90 calendar days (beginning with the first day of care), or 90 days of care. In some cases there could be a substantial difference in time between the two if there is a break in care within the 90-day period. Additionally, a policy could have different elimination periods for different care settings.

If you are thinking about buying coverage and want to keep your premiums lower, or if you want to lower premiums on your existing coverage, consider extending the elimination period. You may decide that you are willing, and able, to pay out of pocket for a certain amount of time but want to cap your exposure for all care beyond that.

Benefit Triggers

Before LTCI coverage will pay benefits, the policyholder must be unable to perform at least two of the six activities of daily living (ADLs): feeding, toileting, dressing, bathing, walking/transferring (i.e., moving from bed to wheelchair), and continence. Some policies may require that the policyholder be unable to perform three ADLs instead of two. Policies may also specify what is required before the policyholder is declared “unable” to perform a certain ADL. Additionally, some policies may include cognitive impairments, such as dementia or Alzheimer’s, as a benefit trigger. In some cases, a policy will not pay benefits unless a doctor certifies that the care is medically necessary.

Benefit Payment Methods

LTCI policies are generally categorized as either expense-incurred (reimbursement) or indemnity (set dollar amount). Under an expense-incurred policy, a policyholder only receives benefits when care is received. The policyholder, or a representative for the policyholder, must submit receipts for services. If it is an approved service, the insurance company will pay the insured or the care provider for the cost of services up to the daily (or monthly) benefit amount.

The less common indemnity plan pays the daily or monthly benefit amount stated in the policy, regardless of the actual cost of services. Once the claim is approved the benefit is paid directly to the policyholder, up to the stated benefit amount, and continues as long as eligible services are being received. The premium for an indemnity policy is typically higher than it would be for comparable coverage under an expense-incurred policy.

Hybrid Policies

An increasingly popular type of long-term care plan is actually a hybrid that combines life insurance (or a deferred annuity) and long-term care insurance. If you meet the benefit triggers, which are typically similar to those described above, then you can tap into the long-term care benefit. If, however, you never require long-term care insurance then your heirs will receive the death benefit. Additionally, if you cancel the policy anytime in between you will receive the cash surrender value at that time.

The appeal of a hybrid policy is that the policyholder (or the heirs) is assured to receive cash back whether he or she uses the long-term care insurance or not. The trade-offs are that a traditional policy will buy more coverage per dollar and a hybrid policy requires premiums to be paid in a lump sum — usually $50,000 or more, or at least within 10 years. When premiums are spread out over 10 years the amount per year will be higher than for a traditional plan since traditional plans spread payments over lifetime.

Those who own a cash value life insurance and are interested in getting long-term care insurance may be able change their existing policy into a hybrid plan without having to pay any additional premiums. This can be particularly beneficial for those who, due to health issues, may not be able to qualify for traditional long-term care insurance because hybrid plans sometimes have more flexible underwriting guidelines. This is particularly true of annuity-based hybrid plans.

For a more detailed explanation of LTCI, request a Long-Term Care Insurance Buyers Guide from your state’s insurance department. To understand how long-term insurance can be applied to living at our communities, contact a retirement counselor today:

The Culpeper: Rose Wallace, Director of Marketing, rwallace@theculpeper.org,540-825-2411.

The Chesapeake: Liz Gee, Director of Marketing, lgee@thechesapeake.org, 757-223-1600

Lakewood: Donna Buhrman, Director of Marketing, dbuhrman@lakewoodwestend.org, 804-740-2900

The Glebe: Helen Burnett, Director of Marketing, hburnett@theglebe.org, 540-591-2100 

Brad Breeding is co-founder and president of myLifeSite, a website designed to provide objective information about continuing care retirement communities. A certified financial planner, Brad’s extensive knowledge of the senior living industry, combined with his financial planning background, allows him to provide valuable insights about lifestyle, healthcare, and financial planning considerations for seniors. This article is legally licensed for use.  

 

LifeSpire welcomes new Chief Operating Officer

By Ann Lovell

RICHMOND, Virginia—LifeSpire of Virginia is pleased to welcome Ray Fisher as Chief Operating Officer. In this role, Fisher will be responsible for directing overall operations in LifeSpire’s four continuing care retirement communities through leadership, management, and vision. His expected start date is Nov. 27, 2017.

“We believe Ray will be a great addition to our team of managers and as an officer of the company,” said Scott Cave, a LifeSpire trustee who participated in the search and interview process. “We are pleased to welcome him.”

Fisher has more than 25 years’ experience at the executive level within the context of large for-profit firms and senior living organizations. He has been involved in senior living since 2001 during which time he has held positions as CFO, CEO, and advisor. He has been part of many senior living expansion projects, the most recent involving the creation of a nationally recognized short-term recovery and rehab center. As CEO, he led the turnaround of a mid-size CCRC and the successful creation and operation of a nationally recognized 48-bed rehab and wellness center.

“We are excited to welcome Ray to the LifeSpire team,” said Jonathan Cook, president and CEO. “We are building a great culture and a great team at LifeSpire, and one thing that excites us most about Ray is the depth of his background and experience.”

Fisher is a graduate of Washington & Jefferson College, and he earned an MS Finance degree from the University of Baltimore. He has instructed at VCU, UVA’s Darden School and the University of Baltimore. He is a member of the American Institute of Certified Public Accountants as well as the Virginia Society of CPAs.

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Ann Lovell is Corporate Director of Communications for LifeSpire of Virginia, formerly Virginia Baptist Homes. For more information, email alovell@lifespireliving.org or call (804) 521-9192.

LifeSpire of Virginia operates four continuing care retirement communities in Virginia: The Chesapeake in Newport News, The Culpeper in Culpeper, The Glebe in Daleville and Lakewood in Richmond.

LifeSpire residents and staff bike the Virginia Capital Trail

By Ann Lovell

Dee Brooking, 76, has owned her green Schwinn bike for more than 30 years. To celebrate Active Aging Week, she rode 20 miles on the Virginia Capital Trail with her husband, Curtis, 80, and other LifeSpire of Virginia residents.

RICHMOND, Virginia—Dee Brooking, 76, has owned her green Schwinn bike for more than 30 years. To celebrate active aging week, Brooking rode her green Schwinn from the Charles City Courthouse to the Jamestown Visitor Center, a distance of 20 miles on the Virginia Capital Trail. She joined 13 other LifeSpire of Virginia residents, staff and trustees — most over the age of 60.

The purpose of the ride was to celebrate active aging week and highlight the purpose of LifeSpire’s VBH Foundation, said Patricia Morris, LifeSpire vice president and head of the VBH Foundation. The foundation raises funds to help LifeSpire seniors who outlive their financial resources remain in their homes.

“It’s not a race,” Morris said. “It’s to prove you’re forever young.”

Mark Deardorff, 70, a resident of The Glebe, checks in with Pat Morris, LifeSpire vice president and head of the VBH Foundation. Deardorff, an avid cyclist, finished the 40 mile trail in just under 2.5 hours.

The bikers had the option of starting the trail at one of three starting points: Four Mile Creek trailhead at mile marker 40, Herring Creek trailhead at mile marker 27 and the Charles City Courthouse at mile marker 20. The trail is mostly flat and shaded for much of the 40-mile ride, with the exception of the bridge crossing the Chickahominy River. The ride ended at mile marker 0 — the Jamestown visitor center where Virginia Capital Bike Shuttle was available to shuttle riders back to their vehicles.

The oldest group of riders, which included Brooking, her husband, Curtis, 80, and Bob Hill, 80, started at Charles City Courthouse. All three live at The Culpeper, a LifeSpire of Virginia community in Culpeper. Other residents and staff from The Glebe in Daleville and The Chesapeake in Newport News started at mile markers 40 and 27, respectively.

“I feel like I’ve been in the Tour de France,” Brooking, a native of France, said as she crossed the finish line.

Mark Deardorff, 70, and Rachel Burks, 25, finished the ride first. Deardorff, a resident of The Glebe, is an active cyclist. Burks is The Glebe’s wellness coordinator. Both started at the 40-mile mark and finished in just under 2.5 hours.

“We averaged 16.7 miles per hour,” Deardorff said, checking his fitness watch just after the ride.

Every rider finished, and based on the results, LifeSpire’s VBH Foundation plans to host a similar event next year, Morris said.

“Everyone seemed to have a good time, and it was a beautiful day for a bike ride,” Morris said. “Given the way this turned out, we hope to open it up for registration and sponsorships next year.”

More details on next year’s event will be available in early 2018.

Ann Lovell is Corporate Director of Communications for LifeSpire of Virginia, formerly Virginia Baptist Homes. For more information, email alovell@lifespireliving.org or call (804) 521-9192.

LifeSpire of Virginia operates four continuing care retirement communities in Virginia: The Chesapeake in Newport News, The Culpeper in Culpeper, The Glebe in Daleville and Lakewood in Richmond.

LifeSpire announces new mission, vision and values

By Ann Lovell

RICHMOND, Virginia—LifeSpire of Virginia, a senior housing provider based in Richmond, Virginia, released new mission, vision and values statements that will serve as a guide for the present and future of the organization. They are principles for every LifeSpire employee to embody and strive to achieve each and every day.

“Our mission, vision and values define who we are as a company and set the tone and direction for every initiative we undertake,” said Jonathan Cook, LifeSpire president and CEO. “From resident-centered care to a focus on dining, hospitality and wellness our company vision is at the heart of who we are and what we do.”

LifeSpire’s mission is empowering individuals with choices in purposeful living. LifeSpire’s vision is vibrant living where faith, wellness and community flourish. The organization achieves its mission and vision by adhering to its core values of faith, servant-leadership, stewardship, integrity, peace of mind, innovation and joy. A complete look at LifeSpire’s mission, vision and values is listed below and can also be found online at LifeSpireliving.org.

In response to numerous resident, employee and stakeholder surveys in the past several years, LifeSpire recognized the need to revisit its mission, vision and value statements, Cook said. In early 2017 LifeSpire initiated a strategic planning process and included a mission, vision and values review. The goal was to better align the organization’s mission, vision and values with the transformations its communities are undergoing as they seek to become the premier senior housing provider and employer-of-choice in the mid-Atlantic region.

“We are proud of the result of this months-long, collaborative effort and believe the results accurately reflect who we are,” Cook said. “Moving forward, these statements are the lens through which ideas are evaluated, decisions are made, and programs are initiated.”

Our Mission:

Empowering individuals with choices in purposeful living.

Our Vision:

Vibrant living where faith, wellness, and community flourish.

Our Core Values:

Faith: Loving God. Loving people. Respecting dignity. Welcoming all.

As a faith-based organization birthed in Christian values and Virginia Baptist traditions, we welcome residents of all faiths. We honor and respect diversity as well as our Christian heritage. Key terms: Diversity, religious freedom, Christ-centered, Virginia Baptist heritage, welcoming, honor, respect, dignity.

Servant-Leadership: Putting the needs of others ahead of ourselves.

We do our work with a focus on others. We meet the needs we see, regardless of job title or position. We recognize and value the contributions of others. Key terms: Compassion, humility, graciousness, others-focused, hospitality, generous listening, community.

Stewardship: Respecting the dignity of those we serve and managing the resources of the organization with integrity.

We recognize and respect the dignity of others. We treat organizational and resident resources with the same attention we give to our personal resources. We are generous with our finances, our time and our talents. Key terms: Benevolence, managing others’ resources, whole-life accountability, dignity, respect, community, wellness.

Integrity: Doing the right thing. Every. Single. Time.

We do our work transparently, building an atmosphere of trust along the way. We provide “resident-centered care,” offering choices in all aspects of senior living. Key terms: Choice, transparency, trust, wellness.

Peace of Mind: Offering safety and security in an atmosphere of compassionate care.

We provide a safe place for residents and staff to live and work. We know each other by name and greet one another with a smile. We provide the highest quality of care and compassion, treating our residents and one another like family. Key terms: Responsiveness, safety, proactive, compassion, care, attentiveness, community.

Innovation: Providing best-in-class solutions and employing best practices to become an industry leader in senior living.

Residents and staff are empowered to make decisions and take risks in the best interests of our residents. We are not afraid to “fail forward.” We encourage creative problem-solving and flexibility in meeting resident needs. We seek to become an industry leader, employing best practices and paying close attention to trends in senior living. Key terms: Creativity, risk-taking, empowered decision-making, flexibility, problem solving, industry leader, best practices, trends, “fail forward.”

Joy: Finding deep satisfaction in our work that permeates our workplace.

The fulfillment and satisfaction we find in our work is infectious and permeates our work environment. We celebrate our differences, understanding that each of us brings a unique perspective to the workplace that benefits residents and staff. We are “there” for each other, supporting one another through professional and personal challenges and victories. Key terms: Fulfillment, fun, inspirational, celebrating and honoring differences, positive atmosphere and culture, encouragement, community, wellness.

 

 

Ann Lovell is Corporate Director of Communications for LifeSpire of Virginia, formerly Virginia Baptist Homes. For more information, email alovell@lifespireliving.org or call (804) 521-9192.

LifeSpire of Virginia operates four continuing care retirement communities in Virginia: The Chesapeake in Newport News, The Culpeper in Culpeper, The Glebe in Daleville and Lakewood in Richmond.

 

LifeSpire of Virginia appoints new leadership at The Glebe

By Ann Lovell

Ellen D’Ardenne is the new executive director of The Glebe.

RICHMOND, Virginia—LifeSpire of Virginia is pleased to announce the selection of Ellen D’Ardenne as executive director of The Glebe, a LifeSpire continuing care retirement community in Daleville.

Most recently, D’Ardenne served as administrator of health services at The Glebe. She joined The Glebe in 2005 as the director of dining services. After 25 years of food service management in the hotel, restaurant, and senior living industries, D’Ardenne was looking for a new challenge. In May 2006, she began a health care administration degree program, which led her to become a licensed nursing home administrator in June 2010. With experience in assisted living administration and skilled nursing management, she further expanded her role in April 2011 by assuming leadership of The Glebe’s health and wellness programs.

“We are pleased to promote Ms. D’Ardenne to lead The Glebe,” said Jonathan Cook, LifeSpire president and CEO. “She has been a part of The Glebe from its beginnings and has played a major role in The Glebe’s success. We have every confidence she will lead The Glebe with excellence and a focus on resident-centered care.”

D’Ardenne and her husband, Dwayne, have three children. She enjoys cooking, kayaking, cycling, and running.

Brandon Evans is the new administrator of health services at The Glebe.

In a related move, The Glebe’s director of nursing, Brandon Evans, has been promoted to administrator of health services, the position vacated by D’Ardenne’s promotion. Evans joined The Glebe in 2011. He is a registered nurse who began his health services career as a nursing assistant, progressed to a licensed practical nurse and then obtained his registered nurse license. Evans’ nursing background includes supervisory responsibilities over a large skilled nursing program with more than 180-skilled beds, infection control, quality improvement and staff development.

Brandon received his associate’s degree in science, registered nursing, cum laude from Virginia Western Community College, and he is a member of Phi Beta Kappa Honor Society. He received a bachelor of science in nursing from the Jefferson College of Health Science. He and his wife, Amy, have two children. He enjoys hunting and fishing.

 

Ann Lovell is Corporate Director of Communications for LifeSpire of Virginia, formerly Virginia Baptist Homes. For more information, email alovell@lifespireliving.org or call (804) 521-9192.

LifeSpire of Virginia operates four continuing care retirement communities in Virginia: The Chesapeake in Newport News, The Culpeper in Culpeper, The Glebe in Daleville and Lakewood in Richmond.

 

Dr. Franklin T. Fowler, missionary physician, dies at 100

By Ann Lovell

RICHMOND, Virginia—Franklin Thomas Fowler, M.D., died Sept. 10, 2017, at age 100 at Lakewood, a continuing care retirement community in Richmond’s West End. Dr. Fowler grew up in Argentina as the child of missionary parents. After college at Carson-Newman University in Jefferson City, Tennessee, Dr. Fowler went on to Vanderbilt Medical School in Nashville where, thanks to the start of World War II, he and his class earned their medical degrees a few months earlier than planned. In 1947, Fowler and his wife, Dorcas, were appointed to Paraguay as medical missionaries with the Southern Baptist Foreign Mission Board (FMB, now International Mission Board). Their task was to build a hospital. In an interview shortly before his 100th birthday in March, Dr. Fowler credited the Baptist Medical Center in Asunción, Paraguay, as one of his greatest accomplishments.

The Fowlers left Paraguay in 1956 to accept an assignment in Mexico, and in 1960, the family moved to Richmond where Dr. Fowler served as the FMB’s first medical consultant. During his tenure in FMB’s home office, Dr. Fowler focused on missionary health and started the Baptist Medical/Dental Fellowship, which remains active today.

The Fowlers moved to Lakewood in 1987, where they quickly became active in the community. They started a worship service for healthcare residents, and Dr. Fowler continued to write and paint, chronicling his life in “From There to Here: The Story of a Missionary Child,” which was published in July. Dorcas, his wife of 70 years, died June 26 at the age of 96.

A memorial service is planned for Saturday, Oct. 14 at 11 a.m. at River Road Church, Richmond, where Dr. and Mrs. Fowler’s ashes will be entombed.  Arrangements by Woody Funeral Home, Parham Chapel. Condolences may be offered at woodyfuneralhomeparham.com

 

Ann Lovell is Corporate Director of Communications for LifeSpire of Virginia, formerly Virginia Baptist Homes. For more information, email alovell@lifespireliving.org or call (804) 521-9192.

LifeSpire of Virginia operates four continuing care retirement communities in Virginia: The Chesapeake in Newport News, The Culpeper in Culpeper, The Glebe in Daleville and Lakewood in Richmond.

Dr. Valerie Carter elected as LifeSpire Trustee

By Ann Lovell

Richmond, Virginia—LifeSpire of Virginia is pleased to announce the election of Dr. Valerie Carter as the newest member of LifeSpire’s Board of Trustees. Carter was elected at the trustee’s quarterly meeting Sept. 12 at The Glebe, a LifeSpire continuing care retirement community in Daleville, outside Roanoke.

Carter is currently the executive director/treasurer of Woman’s Missionary Union of Virginia (WMUV) and has worked in ministry roles with Virginia Baptists since 1988. In addition to her current position, Carter’s roles included Director of Hillside Baptist Center, WMUV Associate of Christian Social Ministries, and Associate Pastor of “Glocal” (global and local) ministries at Bon Air Baptist Church in Richmond. She is also an adjunct instructor of sociology at J. Sargeant Reynolds Community College.

“We are pleased to welcome Dr. Carter to the board of LifeSpire,” said Jonathan Cook, President and CEO. “Her background in ministry and her strong ties to Virginia Baptists will help us realize our vision of vibrant communities where faith, wellness and community flourish.”

Carter holds the doctor of ministry degree from the Baptist Theological Seminary at Richmond, a master’s in sociology from VCU, a master’s of divinity from Virginia Union University School of Theology, and a bachelor’s in sociology from Adelphi University. Carter is a native of Long Island, New York, the widow of Rev. Hylan Carter, Jr., and the mother of two sons.

 

Ann Lovell is Corporate Director of Communications for LifeSpire of Virginia, formerly Virginia Baptist Homes. For more information, email alovell@lifespireliving.org or call (804) 521-9192.

LifeSpire of Virginia operates four continuing care retirement communities in Virginia: The Chesapeake in Newport News, The Culpeper in Culpeper, The Glebe in Daleville and Lakewood in Richmond.

Top Ten Questions Prospective CCRC Residents Should Ask

08/21/17

If you or a loved one is considering a continuing care retirement community, here are ten of the most important questions you should ask:

10. What is the ratio of independent living residences to assisted living and healthcare residences?

Some CCRCs are mainly independent living communities with a proportionately small number of assisted living or skilled care units available. This is particularly concerning for newer communities, where very few residents require care now but may in the future. The question is whether there will be enough availability in the healthcare center for residents requiring care at that time. On the flip side, some CCRCs evolved out of established nursing care facilities that added a few independent living residences. In this case, you may find proportionately more residents requiring care services than living independently. On average independent living residences represent 60-75 percent of the total residential units.

9. How have your monthly rates changed over the last five years?

This is important to ask for two reasons. First, it gives you an indication of what to expect going forward so you can plan accordingly. Second, it could also be an indication of the community’s financial viability. Average fee increases of 3-4 percent per year are not uncommon in the industry. If you find there have been years when the increase has been substantially more, you should find out why. Be sure you ask what the increases have been each year over the past 3-5 years, as opposed to an average. Averages can sometimes hide larger increases in a given year.

8. What services are included in my monthly fee, and what will cost extra?

When a provider shares with you their monthly rates, be sure to find out what types of services are included, and which are extra. In some cases, you could ultimately spend considerably more than the published rate each month. This is particularly important if you are comparing two communities and one operates à la carte, while the other operates under an all-inclusive model. One example of this would be the number of meals per day included in the monthly rate.

7. What is the level of experience of your management team and board of directors?

An experienced management team is vitally important to maintaining high operating standards and diligent financial management. Ask whether the management team has a track record of managing other CCRCs. Also look for a board of directors that is culturally and professionally diverse. The board should have directors with strong backgrounds in healthcare, hospitality, finance, and real estate. You can learn more about LifeSpire’s management team here.

6. What happens if I run out of money and can’t pay fees?

Most CCRCs, particularly not-for-profit providers and even some for-profits, will do everything possible to help residents stay put and receive services if the resident runs out of money due to no fault of their own. In fact, many providers maintain a financial assistance or endowment fund to help with this effort. Yet, there are some CCRCs that will ask you to vacate your residence if you are no longer able to pay. LifeSpire’s VBH Foundation raises funds to help LifeSpire’s life care residents who outlive their financial resources remain in their homes. In 2016, the VBH Foundation provided more than $1.1 million in benevolence to 59 residents across all four LifeSpire communities.

5. How will my monthly rate be impacted if I require assisted living or skilled nursing care?

There are several different types of residency contracts offered by CCRCs. The key with each one is to understand what happens to your monthly fees if you ultimately require assisted living services or skilled nursing care. All other things being equal, there is generally a trade-off between the amount of the entry fee and monthly fees, and the amount you will ultimately pay if you require care services.

4. Does your published rate for healthcare services include a semi-private or private room?

The published rates for a room in the healthcare center may reflect only semi-private rooms. You may be required to pay the difference in cost for a private room. Some providers only offer private rooms.

3. What are the stipulations for receiving a refund (if the community offers refundable entry fees)?

If you are considering a CCRC that offers partially or fully refundable entry fees, ask if your home or apartment within the community has to be resold before the refund will be paid. Is there a maximum time limit whereby the refund will be paid regardless of whether the residential unit has been resold or not? Also, are you or your heirs required to continue paying the monthly fees during that time period?

2. What information can you provide to help assure me that the level of care provided in your healthcare center is of the highest quality?

Although it could be years before you require assisted living or healthcare services, you want to know that when that day comes, you will receive the best care possible. Ask to take a tour of the healthcare center, and closely observe the facilities and the care team. Does the staff seem happy and attentive to residents? Is the facility clean and without odor? Ask about staff turnover ratios. The industry average for skilled nursing centers is around 40 percent. A low turnover rate generally indicates a happy staff, which translates into better care for residents. If the healthcare center is Medicare certified you can also visit Medicare.gov to find information on complaints, deficiencies, staffing, and more. All of LifeSpire’s communities have received either a 4- or 5-star CMS rating.

1. What information can you provide to help assure me that your community is financially positioned to meet its long-term commitment to residents?

In order to fulfill its long-term obligation to residents, a CCRC must maintain a strong financial standing. A financial professional who is well-versed in the financial operations of CCRCs can help you analyze key financial ratios, such as operating margins and debt service coverage, but a few things to look for initially are a willingness by representatives of the community to share their audited financial statements, positive net worth, strong demand (usually indicated by occupancy ratios above 90 percent), well-kept facilities, and an experienced management team. Also consider whether the community is located in a state that regulates CCRCs. If so, the state may have minimum financial requirements that must be met on a year-to-year basis. Read more about LifeSpire’s current financial standing.

Retirement counselors at each of our communities are available to answer all these questions and any others you may have. Contact them today!

The Chesapeake (Newport News): 757-223-1600
The Culpeper (Culpeper): 540-825-2411
The Glebe (Daleville): 540-591-2100
Lakewood (Richmond): 804-740-2900

 

 

Content provided by MyLifeSite.com

Helpful Tips for Downsizing in Retirement

One of the main reasons older adults put off downsizing or moving to a retirement community is the need to deal with all the “stuff” they’ve accumulated over the years. Yet, if done right, the process of downsizing may not be as daunting as you think. It may even be enjoyable — even refreshing. A lot of the physical work can be done by others, so your main role is to categorizeorganize, and direct. Here are six tips to get you started:

Start now

If you are thinking about moving, whether to a retirement community or to a smaller home, now is a good time to start the downsizing process. Don’t wait until you are ready to move. At that point, the process and emotions may be overwhelming, and you will have other things that require your attention. Even if you ultimately choose not to move, your family members will thank you! There will be less stuff for them to deal with one day.

Recognize you can’t keep it all

To know what items you can and should purge, you first need to know which items you absolutely cannot part with. But here’s the key: After you have created the initial list, pare it down even further. This can be a tough exercise, but the reality is that some of the things you think you need to save may not be necessary to keep after all. For example, that sport coat in the closet you’ve held onto for 15 years because you are sure you will wear it again? It’s probably time to part ways. That stack of magazines with holiday recipes dating back 10 years? Those can go, too. Your most cherished recipes will not be hidden in a tall stack of magazines anyway, right?

Prepare yourself: Your kids may not want your stuff

Another popular reason for hanging on to various items is that kids or grandkids will want them. But many people eventually discover that the things they thought would be coveted by their adult children were not so desirable after all. To help sort this out, consider inviting your children over for a day to go through your things and find out what they actually want.

Sort by large and small

Once you know what you want to keep, make a list of big and small items. The big items are anything that will not fit in a regular size moving box, such as a sofa or table. As you consider these items, be sure to think about the dimensions and style of your new home so you will know if they will fit. Many CCRCs have move-in coordinators who can help you with this.

Obviously, it could be tough to list out every single smaller item, but you want to think about your most utilized items first. Consider things like silverware, pictures, kitchenware, books, etc.

Sell, donate, or discard?

Once you’ve decided what items are no longer needed, it is time to decide what to do with them. Create a separate list with three columns: Sell, Donate, and Trash. As you consider what you want to sell, remember that items rarely bring in the amount of cash the owner thinks they will. In some cases it may simply be easier to donate or discard an item than to go to the trouble of trying to sell it.

However, if you feel sure it would be worth the time to try to sell some of your belongings, then you have a number of options. You could try to sell them online with sites like Ebay or Craig’s List. (Please take caution if you use Craigslist or a similar website. If possible, meet the buyer in a public place and take someone with you.) Sometimes a good old-fashioned yard sale could do the job, but you will want to get someone to help you with the set up and break down. Alternately, if you have more than a few valuable items, any number of local companies will be willing to administer an estate sale for you.

Hauling the junk

Finally, after you have gone through the above-mentioned steps, you may be surprised by the amount of left over junk. This would include things that have piled up in a garage or crawlspace over the years, such as old paint cans. Many national companies will come by and haul these things away for you. All you have to do is point to the items you want removed, and they will recycle or trash the items accordingly.

If you are considering moving to a LifeSpire community, our move-in coordinators are happy to help you think through what you might or might not need in your new home. Give our marketing departments a call and set up an appointment today!

The Chesapeake (Newport News): 757-223-1600
The Culpeper (Culpeper): 540-825-2411
The Glebe (Daleville): 540-591-2100
Lakewood (Richmond): 804-740-2900

 

 

Content provided by MyLifeSite.com

Mick Feauto, LifeSpire COO, announces retirement

06/30/17

By Ann Lovell

Mick L. Feauto
Executive Vice President and Chief Operating Officer

RICHMOND, Virginia—Mick Feauto, LifeSpire of Virginia’s Executive Vice President and Chief Operating Officer (COO), announced his retirement June 27, effective Dec. 31, 2017. Feauto has served as LifeSpire’s executive vice president and COO since 2015. He has 34 years of senior industry experience as a nursing home administrator, executive director, regional vice president of operations, and senior regional vice president of operations. In the 10 years before coming to LifeSpire, Feauto served in regional roles with Life Care Services with oversight of 28 continuing care retirement communities (CCRCs).

During his tenure at LifeSpire, “Mick led our communities through a number of substantive changes with remarkable results,” said Jonathan Cook, LifeSpire president and chief executive officer. “We would not be where we are today without his leadership and vision.”

Cook said the search for Feauto’s successor is underway, and applications will be accepted through July 31, 2017, with interviews expected in August.

“We anticipate having the person selected and on board prior to Mick’s departure to assist with transition,” Cook said. More information and a job description are available on LifeSpire’s website.

In retirement, Feauto and his wife, Laura, plan to split time between their homes in Iowa and Florida.

“Please thank Mick for his service and join me in congratulating him on a fantastic career,” Cook said.

 

Ann Lovell is Corporate Director of Communications for LifeSpire of Virginia, formerly Virginia Baptist Homes. For more information, email alovell@lifespireliving.org or call (804) 521-9192.

LifeSpire of Virginia operates four continuing care retirement communities in Virginia: The Chesapeake in Newport News, The Culpeper in Culpeper, The Glebe in Daleville and Lakewood in Richmond.