Report by Age Wave, Vi Compares Financial and Emotional Costs of At-Home Care vs. Seamless Solutions Offered at CCRC Senior Living Option

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Home care can be difficult and costly, while senior living options like continuing care retirement communities (CCRCs) offer a seamless solution for most care needs that may arise in later life, according to a new report. The report, "Five Myths and Realities of Continuing Care Retirement Communities," is by renowned gerontologist Ken Dychtwald Ph.D. and commissioned by Vi. It's available in its entirety at Vi Living.

CCRCs can create a seamless solution that moves the burden from the family while predictable care costs remove worry about the future of one's health.

Believing “it will be easy to get any care I need at home,” many individuals planning where to live in their post-retirement years give short shrift to the real financial and emotional toll of at-home care, according to one of five senior-living myths challenged in a new report by renowned gerontologist Ken Dychtwald Ph.D.

“The myth is that it will be easy to get any care needed in the home,” said Dychtwald, psychologist, gerontologist, best-selling author and CEO of Age Wave. “The reality is that care at home can be difficult and costly, while senior living options like continuing care retirement communities (CCRCs) offer a seamless solution for most care needs that may arise in later life.”

Titled “Five Myths and Realities of Continuing Care Retirement Communities,” Age Wave’s report and supporting research were commissioned by Vi, a developer, owner and operator of older adult living communities.
According to the report, care at home can be unpredictable and the cost extremely high, whereas, depending on the type of CCRC one chooses, future care costs are more predictable and may require only minimal additional charges.

Also, managing care at home in the middle of an unexpected health crisis can be challenging both for the individual and the family. Care needs have to be assessed, a care plan must be developed, care providers need to be screened and selected and quality of care must be carefully overseen and managed.

“All of this puts a tremendous burden on family members,” Dychtwald said. “CCRCs on the other hand can create a seamless solution that moves the burden from the family while predictable care costs remove worry about the future of one’s health.”

As one CCRC resident said in the report: “It’s the best thing you can do for your children because you’ve already put in place all the systems to handle the problems that are going to come up, rather than asking your kids to do that. It’s a great gift to the next generation, to have put that all in place.”

CCRCs offer independent living with a combination of a private residence, services, amenities and care (for example, assisted living, memory support care and skilled nursing care).

About Vi
Vi, formerly Classic Residence by Hyatt, was founded in 1987 as a developer, owner and operator of older adult living communities. The company is dedicated to enriching the lives of older adults by providing quality environments, services and care. Vi currently operates ten continuing care retirement communities (CCRCs) and one rental community under a family of brands nationwide. For more information about Vi communities, visit http://www.ViLiving.com.

About Age Wave
Founded in 1986, Age Wave is the nation’s foremost thought leader on population aging and its business, social, healthcare, financial, workforce and cultural implications. Under the leadership of Founder/CEO Dr. Ken Dychtwald, Age Wave has developed a unique understanding of the body, mind, hopes and demands of new generations of maturing consumers and workers and their expectations, attitudes, hopes, and fears regarding retirement.

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Tim Hermeling
Vi
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