What is a Continuing Care Retirement Community (CCRC)?
A CCRC is a private community that offers a range of attractive residential living options, services and amenities along with a lifelong continuum of healthcare services. But in reality, it’s much more than that.
For the thousands of adults who have chosen to call a CCRC home, this move represents an embrace of the possibilities of a robust and fulfilling life after 62. Members rediscover the pleasures of travel, self-improvement and a life free from the constraints of home maintenance, financial uncertainty and health care concerns. Not surprisingly, studies show that CCRC members live happier, healthier and longer lives on average than those who choose other residential paths.
For the security of its members, a CCRC offers a continuum of various living accommodations designed to maximize independence at every level. All levels of living are available to every member for their lifetime, once approved. At Ventana these accommodations include:
- Independent Living
- Assisted Living
- Memory Support
- Skilled Nursing
- Rehabilitative Services (post-surgery or illness)
Independent Living members at Ventana maintain their personal physician, medical services and treatments under personal insurance plans. However, should members need a higher level of care, you have the option to engage the services of Ventana’s Medical Director.
As with most CCRCs, Ventana requires an upfront entrance fee as well as a monthly service fee. These fees are associated with the size of the apartment selected and the number of occupants.
What is different about a Life Care CCRC?
The decision to move to a Life Care community like Ventana will ultimately free you or family members from the likelihood of having to make far more difficult decisions in the years to come. That’s because at a Life Care community, members pay a one-time, largely refundable entry fee, as well as a monthly service fee, in exchange for a Life Care benefit.
The Life Care benefit not only covers the cost of independent living, but also provides the assurance that should you ever need higher levels of care, such as assisted living, rehabilitation and skilled nursing over the course of a lifetime, access to private accommodations at predictable rates will be provided.
With Life Care at Ventana, you can enjoy the peace of mind of knowing that all of the “what-ifs” of the future are covered. When treatment is needed, you know where you will receive it, who will provide it and what it will cost. As a member of Ventana by Buckner, you enjoy the added assurance of receiving the finest care available at costs well below market rate—an important consideration for estate planning.
What is an Entrance Fee?
An entrance fee is a one-time payment based on the size of the apartment selected. As a member of Ventana, this entrance fee is 90% refundable to you or to your estate. Payment of this sum, along with a monthly service fee, entitles you to a home at Ventana for life.
The entrance fee allows Ventana to offer you monthly service fees that are closer to what most retirees would pay on a monthly basis to maintain your current homes and lifestyles. The entrance fee also allows you the opportunity to convey the deposit to your estate as desired in the future.
What is included in the Monthly Fee?
In every CCRC, the monthly service fee is a comprehensive charge that varies depending upon the apartment size selected and the number of occupants. The monthly service fee covers a host of services, including a flexible monthly dining plan, interior and exterior maintenance, all utilities, weekly housekeeping and scheduled transportation. So as a member of Ventana, you will enjoy access to the community’s many amenities and have the opportunity to participate in a variety of exclusive social, cultural and educational programs and events.
How much does it cost to live at Ventana?
As with most Life Care communities, Ventana requires an upfront entrance deposit and a monthly fee. Most future members will choose to fund their entrance fee from the proceeds of the sale of their home. Monthly fees are based on the size of the apartment selected and the number of occupants and, in most cases, will be comparable to the cost of living independently.
Our fees have been determined based on providing both the level of residential and medical excellence that you desire, and a financial model that is affordable and sustainable. To learn more about our fees and pricing, please schedule a one-on-one appointment with a Ventana senior living counselor at 214-234-1035.
What if I outlive my retirement savings?
This is an important question considering the increased longevity many seniors are enjoying. Life Care at Ventana means just what it says – care that lasts for a lifetime. As a member, if you outlive your resources for reasons beyond your control, you will have the assurance that you can continue to enjoy a lifetime of residency at Ventana according to the terms of the Residence and Service Agreement.
What if I have Long-Term Care Insurance?
In most cases your long-term care policy will work hand-in-hand with Life Care at Ventana and pay earned benefits directly to you as the policyholder. These payments can help defray, and in some cases, completely cover your monthly service fee at Ventana and help further preserve your assets. As with all insurance matters, you should consult with your carrier or agent for specific answers regarding your individual policy.
Are there tax advantages of moving to a Life Care CRCC?
Yes. Under current IRS guidelines, the non-refundable portion of your entrance deposit may be submitted as a pre-paid medical expense in the year you occupy your Ventana residence. Also, on an ongoing annual basis, a percentage of your total annual monthly fees paid is also eligible for the same tax benefit. That annual percentage varies and correlates to the community’s annual health care operating expenses to the total operating expenses and that percentage is communicated to all members annually by the community’s Executive Director.
Tax laws are, of course, constantly evolving and always subject to interpretation, but recent legal precedents have been favorable for CCRC members who have sought to deduct portions of their deposits and fees. Of course you and your tax preparation professional should consult closely to determine the best strategy.
What are the amenities like at Ventana?
Careful planning and creative design ensure that future Ventana members such as yourself can look ahead to an exciting and enriching lifestyle befitting your North Dallas address. Common areas at Ventana promise to be anything but common. You and your prospective neighbors will enjoy a welcoming community offering:
- Three dining venues: Café Bistro, Fine Dining and Formal Dining
- Private Dining Room
- 12th Floor Lounge
- Roof Terraces and Gardens
- A Grand Hall
- Creative Arts Studio
- Meeting & Game Rooms
- Modern Wellness Center
- Fully Equipped Fitness Center
- Salon & Spa
- Heated Indoor Pool
- Underground Parking
- Library & Business Center
- Media Center
What is the dining like at Ventana?
We recognize that you don’t eat the same way every day now, and you certainly won’t after you move to Ventana. As a member you will be free to select from three on-site dining venues—the Fine Dining Room, Formal Dining Room, and Café Bistro. Each venue offers varied menus of handpicked and house-made culinary options prepared under the supervision of an experienced executive chef. Of course, your apartment home will boast a beautiful, impeccably equipped kitchen for those times when you feel like whipping up a favorite recipe or simply dining in.
What are some of the lifestyle amenities available at Ventana?
As a member of Ventana you will find fulfillment and social engagement through a diverse and constantly refreshed calendar of events, as well as a host of services designed to maintain social, physical and spiritual well being. The options are too numerous to list here, but some of the major categories include:
- On-site concerts, recitals and performances
- Social, recreational, informational and cultural events and outings
- Educational classes and lectures
- Fitness classes and wellness activities
- Volunteer opportunities and community engagement
What sort of social and lifelong learning opportunities are available at Ventana?
The first group of members who made the move to Ventana help set the direction of our social, cultural and educational offerings. Focus groups with these members took place during the construction phase and helped guide the planning for regularly scheduled on-site programs as well as ongoing group excursions to local and regional attractions.
Ventana is a member-driven community that allows you to continue enjoying the boundless social, cultural and recreational attractions of the surrounding area as you do now, with the added optional convenience of Ventana’s private member transportation services.
How is a CCRC Regulated?
The Texas Department of Insurance (TDI) is responsible for regulating the state’s CCRCs. In Texas, a CCRC offers a continuing care contract that includes a promise to provide one or more elements of care in exchange for the payment of an entrance deposit (often partially refundable) and periodic charges, or both. CCRCs typically offer three types of living accommodations: Independent Living, Assisted Living and Skilled Nursing care. The cost of Assisted Living and Skilled Nursing care is either partially or fully covered by the entrance deposit and monthly fee.
How does a CCRC differ from an Ownership Community?
The primary difference between ownership communities and a CCRC is that ownership communities typically do not include any coverage for Assisted Living or Skilled Nursing care. In addition, ownership communities may not have a continuum of care conveniently available on the same campus as does a CCRC. Members (owners) are also responsible for the resale of their home and for payment of a monthly fee until their home is resold (even after they have moved out).
How does a CCRC differ from a Rental Community?
The primary difference between CCRCs and rental communities is that rental communities typically do not include Assisted Living or Skilled Nursing care. If a member develops the need for these services, the cost of care is fully the member’s responsibility. Also, since these additional services are not available on-site, members requiring care may need to move away from the community at their greatest time of need.
Another key difference is that rental communities are not subject to the same oversight and regulations that CCRCs are. The Texas Department of Insurance is charged with monitoring the financial solvency of our community.
What care center services are offered at Ventana?
Assisted Living: in our Assisted Living Center, licensed nurses and trained caregivers provide individualized assistance with bathing, dressing, grooming, monitoring medications and other activities of daily living. Staffed on a 24-hour basis, the Assisted Living center features private one- and two-bedroom suites which members may furnish as desired.
Memory Care: features furnished rooms designed for members with mild to moderate dementia, such as Alzheimer’s or similar conditions. The goal of our specially trained staff is to minimize stress for members and to help them maintain their independence and individuality for as long as possible.
Skilled Nursing Care: in the Health Center registered nurses and licensed vocational nurses, with the help of trained caregivers, provide short- and long-term skilled nursing care on a 24-hour basis. The Health Center is an appropriate setting for individuals who are recovering from surgery or illness, require concentrated rehabilitation or need ongoing long-term care. Our restorative approach reinforces the appropriate healing and rehabilitation process and promotes independence. The Health Center features private, furnished rooms.
Are there any special features of Assisted Living and the Health Center?
Dining Services: all members in Assisted Living and the Health Center are served three meals a day in one of the Health Center’s beautifully appointed dining rooms. All meals are included in the monthly fee under your Life Care program. Special diets may be accommodated through Ventana’s dietary manager.
Other Amenities and Services: the Assisted Living and Health Center have plentiful, attractive amenities, including therapy rooms, multi-purpose rooms, family meeting room, garden area and salon/barbershop. Our full-time member programs staff plan events tailored specifically to the interests and abilities of members in each area of the community.
Outpatient Services: an array of Outpatient Services, including physical, occupational and speech therapy are available to Ventana members. Services are offered on a fee-for-service basis but are often covered by a member’s personal medical insurance plan when prescribed by a physician.