Centre Region Estate Planning Council Informational Meeting Bill - - PowerPoint PPT Presentation

Centre Region Estate Planning Council

Foxdale Village Foxdale Village

Informational Meeting Bill James

Executive Director 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

• lder 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:

57 New Apartments

Attached to the Community Building

148 Garden Apartments

In our eight existing neighborhoods

Total Residences ‐ 306

Foxdale Village Foxdale Village

46 Skilled Nursing Rooms

One Short‐Term Rehab / Long‐ Term Care Neighborhood Two Memory Support Neighborhoods

55 Personal Care Rooms

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
• pportunity 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

• verall 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
• rganization?
• 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

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?

Community Differences!

• The level of services included in a

CCRC contract vary. Price alone is not a good indicator of the

• verall value of a CCRC.

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Foxdale Village

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

• f 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!

Foxdale Village

Bill James

Executive Director Contact Information: 814-272-2116 bjames@foxdalevillage.org www.foxdalevillage.org