Retirement Options for Parents

When a parent can no longer live independently, it is important to know what's available to help them.  Here are a few of the most common options.  Each usually requires an agreement or contract that details the care that will be provided.  It is recommended that you have all documents reviewed by an Elder Law Attorney BEFORE signing to protect all rights of your family.     

 - Stay at home with purchased support services

Hiring caregivers, paying children to provide care in the parents' home, or having the parent move into the home of a care-giver child — are all viable options.  Protecting this arrangement with a formal contract will often result in asset preservation for the family.  

 - Continuing Care Retirement Community (CCRC)

A CCRC is a campus-type "soup to nuts" setting.  The parent usually selects an Independent Living Unit where they remain until they need more care.  Available on most CCRC campuses are other specialized care units for a time when the parent requires more help with their activities of daily living.  Each CCRC is different, and there is no "standardized" contract.   Therefore, it is best to review them with your attorney before making a selection to promote a thorough understanding of what you are contracting to receive.

- "Stand-Alone" Institutional 24/7 Care

Personal Care homes; Assisted Living Facilities; Dementia Care Facilities; Skilled Nursing Care.  From simple to complex, these stand-alone facilities provide 'levels' of care, unique to the individuals they serve.  Some have government subsidy, some do not.  It is very important to understand what kind of care your parent will be receiving, and how it will be paid for prior to signing a contract.