The Concept of an "Old Person's Home"
The concept of an "old person's home" still exists today. A true "old person's home" is one where the elderly person pledges the remainder of their assets and income to the home in exchange for a life time of care. Masonic Homes' CCRC (Continuing Care Retirement Community also known as a LifePlan community) still has this payment option along with more traditional CCRC entrance fee/monthly fee payment options. Below is a description of their payment options from their web site:
The Masonic Homes of California offers three payment options to residents. Admission coordinators will work with applicants to determine the payment plan that best suits their needs. No eligible applicant will be turned away due to limited financial resources.
The three payment options include:
- Partial assignment of assets
Residents assign 75 percent of their assets and income to the Masonic Homes. No fees are required. This option is open to all eligible applicants regardless of their financial resources. Residents admitted under this payment option are provided all care and services, including health care, at no additional cost.
- Entrance fee and monthly fee
This payment option is recommended for those who choose to use their assets to pay an entrance fee and a lower monthly fee. Applicants must qualify financially to enter under this option and, as residents, are financially responsible for all of their medical and dental services.
- Monthly fee only
This payment option provides the most flexibility to prospective residents as there is no commitment of assets and no entrance fee, but there is a higher monthly fee than the second option. Applicants must qualify financially to enter under this option and, as residents, are financially responsible for all of their medical and dental services.
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