Centre Region Estate Planning Council Informational Meeting Bill James Executive Director Foxdale Village Foxdale Village Foxdale Village
Mission Statement • Foxdale Village is a not-for-profit Quaker-directed continuing care retirement community. Through community services and programs, Foxdale provides for the social, spiritual, nutritional, residential, wellness and health care needs of older people at a reasonable cost while providing a supportive working environment for employees. Our community is based on Quaker values and Quaker conviction that all people are to be treated with dignity and loving respect. Foxdale Village Foxdale Village
Foxdale Village 205 Apartment Residences: 46 Skilled Nursing Rooms 57 New Apartments One Short ‐ Term Rehab / Long ‐ Attached to the Community Building Term Care Neighborhood 148 Garden Apartments In our eight existing neighborhoods Two Memory Support Neighborhoods Total Residences ‐ 306 55 Personal Care Rooms Foxdale Village Foxdale Village
How does a CCRC work ● CCRCs are considered nationally as long-term care insurance providers. ● Lifecare Contracts (Type A) offers a resident the opportunity to use the healthcare facilities for an indefinite period at a discounted rate. Foxdale’s residents pay approximately 65% less than the market rate for skilled nursing services and 35% less than the market for personal care services. ● Non-Lifecare Contract (Type B) contracts offer a resident the opportunity to use the healthcare facilities at a reduced rate for a set amount of days as specified in the contract. The number of days can vary widely from one community to the next. ● Fee-for-Service Communities (Type C) charge market rate for all services provided. A resident may receive a priority for a healthcare bed but there is no discount for an independent living resident who moves into a healthcare unit. Most communities offer type C contracts. Foxdale Village Foxdale Village
Pooled Financial Risk • A CCRC’s financial arrangement with residents is to spread the financial risk of healthcare across all residents. This minimizes the overall financial risk to any individual resident. • Lifecare CCRC’s guarantee that even if an individual exhausts their income and assets, their care will still be provided at the CCRC. • Foxdale has almost $3.5 million earmarked for residents in financial need. Foxdale Village Foxdale Village
Things to Consider When Considering CCRCs • What contract types do they offer? • What services do they include in the contract? • How does an organization score on its healthcare? • What is the financial stability of the organization? • Does the organization have assets set aside for residents in financial need? Foxdale Village Foxdale Village
Questions to Ask About Contracts! • How many days of healthcare are included at a discounted rate? • How much lower is the healthcare charge than the standard fee ‐ for ‐ service charge? • Are there any hidden fees which will be charged for healthcare? Foxdale Village
Offered Services? • Transportation to medical appointments? Trips? • Housekeeping? • Meal plan options – 30 meals, 20 meals or 0 meals per month? •On ‐ site therapy? •All levels of care at the same location? •Wellness/fitness programs? Foxdale Village
Community Differences! • The level of services included in a CCRC contract vary. Price alone is not a good indicator of the overall value of a CCRC. Foxdale Village 9
Tax Benefit / Considerations In LifeCare CCRC’s, between 40 to 50% of a resident monthly fee and entrance fee are deductible for income tax purposes as a qualifying medical expense. This equates to a tax savings of over $10,000 in the first year of occupancy and close to $5,000 for every year thereafter depending upon a persons income. Foxdale Village
Healthcare Services! • Private versus semi ‐ private rooms for skilled nursing and personal care? • Nursing and personal care staff to resident ratio. How do they compare to the state minimums? • Center for Medicare/Medicaid Services nursing home rating • Ask about satisfaction surveys! Foxdale Village
CCAC ‐ CARF Key Ratios • Days cash on hand – Measures unrestricted cash and investments available to daily operations if needed. The industry average is 395 days cash on hand. • Cash to debt – Measures unrestricted cash and investments available versus the amount of long ‐ term debt. The industry average is 52.5% days cash to debt. • Operating Ratio– Measures income before investment income and contributions versus net revenue. The industry average is 2.2%. • Resident Assistance – Does the assistance given to residents in financial need come from the operating budget or donated funds? • Where does the revenue come from? Foxdale Village Foxdale Village
Today Looks Great! What About Tomorrow? • Ask about strategic planning and vision? • How does an organization see its purpose? • How should they adapt their business to continue success in the future? • How should services be reconsidered or adjusted to continue success in the future? • How does/has planning address(ed) being sensitive to the needs of present residents while considering the needs of future residents? Foxdale Village Foxdale Village
Thank You! Bill James Executive Director Contact Information: 814-272-2116 bjames@foxdalevillage.org www.foxdalevillage.org Foxdale Village
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