October 29, 2006

Senior housing: the risk of rent increases

One issue to consider when you are evaluating senior housing options is the risk that annual increases in rent will outpace increases in income, leaving seniors in a bind. For independent living facilities or assisted living facilities, there are often no legal restrictions on how much rent can be increased from year-to-year. If you are considering moving into senior housing, ask how much the rent (and any other fees) have increased over the last five years and review whether the lease or housing contract provides for any limits on annual rent increases.

Here is an article from the Boston Globe that highlights the issue of rent hikes for senior housing: (Continue reading…)

October 24, 2006

Massachusetts Continuing Care Retirement Communities – Overview

One option that is growing in popularity for seniors are Continuing Care Retirement Communities (often called a CCRC).  These are residential communities that offer a continuum of care starting with apartments or condominiums and extending to assisted living arrangements and nursing home all located on one campus which enables seniors to remain in a familiar setting as they grow older.   Many CCRCs require that a senior be healthy and active when they enter a CCRC.

CCRCs are attractive to seniors who no longer want to maintain the burden of maintainng a house and want the comfort of knowing that they have taken care of their future housing and care needs.

In Massachusetts, CCRCs are not currently regulated (although to the extent they offer nursing home or assisted living services those would be subject to Massachusetts regulation) so there is no fixed or required set of services they offer.  Typically, moving into a CCRC requires the payment of a large upfront entry fee which can range from $100,000 to more than $300,000 and an ongoing monthly fee which can range from $1,000 to $3,000.   Often, all or a portion of the entry fee is refundable to the senior’s heirs at death or upon termination of the contract.

In Massachusetts, there are currently nine CCRCs in Massachusetts:

Applewood at Amherst
One Spencer Drive
Amherst, MA  01002-3363
Phone: (413) 253-9833
Fax: (413) 258-8423
Website: www.applewood-at-amherst.com
Google Map Location

Google Satelite Image of Campus
Description

Briarwood Continuing Care Retirement Community
70 Briarwood Circle
Worcester, MA  01606
Phone: (508) 852-2670
Fax: (508) 856-0309

Briawrood Google Map Link
Google Satelite Image of Campus
Website
 

Brookhaven at Lexington
1010 Waltham Street
Lexington, MA  02421
Google Map Link
Phone: (781) 863-9660
Fax: (781) 863-9944

Google Map Link
Google Satellite Photo Link

Web Site

Brooksby Village
100 Brooksby Village Drive
Peabody, MA  01960
Phone: (978) 536-7810 or (800) 978-7276
Google Map Link
Google Satellite Photo Link
Web Site
 

Carleton – Willard Village
100 Old Billerica Road
Bedford, MA  01730
Google Map Link
Phone: (781) 275-8700
Fax: (781) 275-5787
Google Map Link
Google Satellite Photo Link
Web Site
 

Edgewood
575 Osgood Street
North Andover, MA  01845
Phone: (978) 725-3300
Fax: (978) 725-5997
Google Map Link
Google Satellite Photo Link
Web Site
 

Fox Hill Village
10 Longwood Drive
Westwood, MA  02090
Google Map Link
Phone: (781) 329-4433
Fax: (781) 461-2464
Google Map Link
Google Satellite Photo Link
Web Site

 

Glenmeadow Retirement Community
24 Tabor Crossing
Longmeadow, MA  01106
Google Map Link
Phone: (413) 567-7800
Fax: (413) 567-7945
Google Map Link
Google Satellite Photo Link

Web Site
 

Kimball Farms
235 Walker Street
Lenox, MA  01240
Google Map Link
Phone: (413) 637-7000 or 1-800-283-0061
Fax: (413) 637-7277

Google Map Link
Website