Five Myths & Realities of Continuing Care
In 2011, Age Wave launched Five Myths & Realities of Continuing Care Retirement Communities, a new study sponsored by Vi (www.ViLiving.com), a leader in senior living operating ten continuing care communities (CCRCs). The study was developed to better understand how older adults decide to move to a CCRC, and their priorities, hopes, concerns, and questions during the decision-making process. It included an examination of data and surveys among older adults, in addition to interviews with Vi residents and industry experts. The study uncovered the following five major myths/realities:
- Myth 1: “My current home will be the best possible place to live in my post-retirement years.”
Reality: The ideal home evolves throughout our lifetime, so the best home for your next stage of life should be one that provides more freedom, more convenience, better care, and less worry.
- Myth 2: “My current home is the best option to continue an active social life and to stay connected with friends in the years ahead.”
Reality: Remaining in your home can result in growing isolation and loneliness in later life. Identifying and building new relationships with like-minded people can become critical problems as maintaining social connections becomes more challenging as you age.
- Myth 3: “It’s less expensive and more financially secure for me to stay in my current home.”
Reality: Even though your mortgage may be paid off, monthly expenses to maintain your home and your lifestyle are higher than you realize and less predictable as your home ages or you are less able to physically manage the home. When combined with potential care costs, living in your current home may end up being the most expensive option.
- Myth 4: “It would be easy to get any care I might need at home.”
Reality: Care at home can be difficult and costly, while continuing care retirement communities offer a seamless solution for most care needs that may arise in later life.
- Myth 5: “CCRCs are filled with old people who are sick and dying.”
Reality: Many people choose CCRCs to pursue opportunities for new learning, new activities, and a “new chapter in life.”
Click here to download the complete report.