A Guide to Continuing Care Retirement Communities with Molly Good

🎙️Welcome to another enlightening episode of the Steadfast Care Planning podcast! In today's discussion, host Kelly Augspurger dives deep into the world of Continuing Care Retirement Communities (CCRCs) with special guest Molly Good, the Regional Marketing Director for Otterbein Senior Life.

✨ This conversation is a must-listen for anyone managing their own later-life planning or aiding a loved one in their journey toward aging gracefully.

 🏡 Molly Good offers valuable insights into what CCRCs entail and how they operate. Essentially, CCRCs provide a range of care options that include independent living, assisted living, skilled nursing care, and rehabilitation care within a single community. This arrangement allows residents to 'age in place,' receiving tailored care as their needs evolve, without the upheaval of moving to a new facility at each stage of care.

💡 As our population ages, the conversation around effective, dignified care becomes ever more critical. This episode of the Steadfast Care Planning podcast offers essential insights into navigating this complex arena. It emphasizes thorough planning, diligent research, and ultimately, the peace of mind that comes from knowing you or your loved ones can enjoy a supportive, enriching environment as needs evolve. If you haven't already, make sure to listen to the full episode for a more in-depth understanding and to hear Molly Good’s expert advice on ensuring a smooth transition into CCRCs.

In this episode they covered:

🔹 The importance of planning and not relying on crisis management for later life care.

🔹 The need for family discussions about preferences regarding care and aging.

🔹 Unique benefits of nonprofit CCRCs, including asset security and benevolent care funds.

🔹 Eligibility criteria for CCRCs, including age and financial considerations.

🔹 Various levels of care provided by CCRCs, from independent living to assisted living, and rehab care.

🔹 How to start your CCRC research digitally and the value of personal tours and word of mouth.

🔹 Factors to consider when touring a CCRC: levels of care, ADA requirements, cost structures, leasing periods, and long-term care insurance policies.

🔹 The significance of finding the right community that fits an individual's personality and lifestyle.

To watch this episode: https://youtu.be/uPqgeeMmmow

For more information about Molly Good and Otterbein Senior Life, please visit:

https://otterbein.org

https://www.linkedin.com/company/otterbein-seniorlife

https://web.facebook.com/OtterbeinLebanonSeniorLifeCommunity

#LongTermCare #OtterbeinSeniorLife #SteadfastCarePlanning #CCRC #longtermcareinsurance

For additional information about Kelly, check her out on Linkedin or www.SteadfastAgents.com.

To explore your options for long-term care insurance, click here.

Steadfast Care Planning podcast is made possible by Steadfast Insurance LLC,
Certification in Long Term Care, and AMADA Senior Care Columbus.

Come back next time for more helpful guidance!

Chapters

• 0:01 Introduction
• 0:25 What is a CCRC? Continuing Care Retirement Communities
• 1:25 CCRC's provide care for a wide range on the continuum of care.
• 1:50 2 Models: Social model, and medical model for assisted care
• 2:11 CCRC's are not Nursing Homes and there is a wide range of people who live in CCRC's but nursing care can be included for certain residents
• 3:04 Memory care can be provided as well at a CCRC
• 3:52 The importance of "Aging in place" and staying at one location as the levels of care change throughout the aging process
• 5:31 Who is a good candidate for a CCRC? Who is elgible? Age 55 and up?
• 6:29 Different communities will be better for different individuals. Financing is a big part of being accepted into a CCRC. There are age and income quealifications.
• 7:00 Is there an asset surrender? Do you need a lump sum?
• 8:02 The difference between nonprofit and for profit CCRC's
• 8:22 Do you have to enter a CCRC at the independent level or can you enter in at an assisted level of care?
• 10:13 The CLTC Commercial
• 10:41 Where and how do people shop for the right CCRC to join? What are good questions to ask when touring a CCRC?
• 11:40 Start shopping online with websites and testimonials. Word of mouth is a great place to learn more about CCRC's
• 12:41 And then once you are there at the tour, what are some good questions to ask?
• 13:35 Ask about cost, and leasing periods, lump sums. Long-term care insurance policy.
• 15:15 When a person makes a move to a CCRC community, they are likely to live an average of seven healthy years longer than a person that does not live in a CCRC.
• 15:55 Ask about the food and food plans and any extras that are not included with the base price.
• 17:24 AMADA Senior Care Commercial
• 17:53 More about paying for the CCRC
• 18:27 There are often different financial packages to be able to move to a CCRC based on your budget and based on the way that your checkbook rolls out at the end of every month.
• 21:29 How does long-term care insurance come in for a CCRC?
• 22:36 What is a "benevolent care fund"? How does it help?
• 25:04 More about Otterbein a little bit more specifically about locations and future of Otterbein.
• 27:08 Final advice on how people can plan for good health and care to live well.
• 28:36 How to find Otterbein online.

Transcript

Kelly Augspurger [00:00:02]:
Hey everyone, welcome to Steadfast Care Planning, where we plan for care to live well. I'm Kelly Augsperger, long-term care insurance specialist, and your guide. With me today is Molly Good, regional marketing director for Otterbein Senior Life. Molly, welcome.

Molly Good [00:00:17]:
Thank you so much for having me, Kelly.

Kelly Augspurger [00:00:19]:
I'm excited that we're here today talking about Continuing Care Retirement Communities, also known as CCRC's. So, Molly, can we jump right in?

Molly Good [00:00:29]:
Absolutely, yes. So, Kelly, thank you so much again for having us on. Would love to take a moment to talk to you about what a CCRC is. So when folks are beginning to take a look at retirement communities, nursing homes, we hear the words often. It can be very hard to start because there's a lot of jargon that you hear about us. So let me share with you what a CCRC stands for. CCRC stands for Continuous Care Retirement Community. And honestly, that is a great way to encompass all of the care that's being provided. Typically, a CCRC houses independent living.

Molly Good [00:01:06]:
This can be done in a villa, a patio home, an apartment, a cottage, or you can do independent living really anywhere, but that is what you'll most commonly see. A CCRC also houses assisted living, which is care for folks who might need a little bit of assistance with activities of daily living. Right now, you will see that there are two models that are really prevalent. You will find that there is more of a social model for a person who might be looking for just social interaction but can mostly care for themselves. Then there's also a medical model. So for someone who might have a condition where they need a little bit more hands on assistance is able to reside at an assisted living. And this care is often delivered in an apartment, or a suite. Then a CCRC also houses skilled nursing care, or nursing home care, or rehab care.

Molly Good [00:01:54]:
See what I said, Kelly? There's a lot of different words that talk about what we do, but typically when folks think of retirement community, they think of a nursing home, and we really want to challenge that. So if your takeaway is understanding what a CCRC is after listening today's podcast, we've won already. But yes, rehab or skilled nursing or nursing home care is also done at a CCRC for anybody who might, you know, need a little bit of extra help after a hip replacement, and then they get back home, or back to their apartment on campus. Or we can also provide what's called long stay. Or other folks might refer to that as long-term care, but we don't like that. At Otterbein, a long stay just means that you require a high level of care, or a lot of hands on assistance, and that care can be provided for you as well at a CCRC. So I guess in 60 seconds, Kelly, anything that you need or anything that you're looking for can be provided in a CCRC setting.

Kelly Augspurger [00:02:51]:
So there's really a big range on the continuum of care, right, Molly? So, going in at the independent level all the way to skilled nursing care and probably what about memory care as well, Molly?

Molly Good [00:03:04]:
Absolutely, yes. So it depends on the CCRC, and it depends on the company that you're looking for to either move to or provide that level of care to yourself or a loved one depends on whether or not they may have memory care. Now, typically, this can be delivered anywhere depending on how the person expresses their dementia, or other memory needs, or it can be provided in what's called a secure unit. So not everyone has a secure unit, but yes, this care can be provided, to answer your question.

Kelly Augspurger [00:03:33]:
Okay, so there are lots of different levels of care that can be provided in a CCRC when you need those different levels of care. Molly are people then moving from that independent suite or space to a different location on campus, or are they staying in that same location?

Molly Good [00:03:49]:
Well, Kelly, that certainly is a large benefit to be able to graduate from one level of care or another or move along. However, when you are shopping and looking for a CCRC to meet your needs, really ask a good question about how do they manage what we call aging in place. So what you would like to see, or what I would like to see for my loved ones or for those that I happen to serve at Otterbein, is the ability to be able to care for you in the same environment for as long as possible. So, for example, when you're looking at the independent living level at a CCRC, ask the question, "Is wellness services offered," because if you have someone making a move in, they're able to drive, they're still going on vacations, they're still traveling. We want a person to be able to live at that home as long as possible. So asking that question about wellness services being delivered at that level of care would be able to give you the ability to live in that home for as long as possible and without barrier. That's always the goal, at least on our end. At Otterbein, however, everybody does it a little bit differently, and there's not a right or wrong answer to this.

Molly Good [00:04:52]:
It's more of a philosophy. So asking that question about aging in place is really critical when you're starting to shop around and take a look at moving to a CCRC, I think.

Kelly Augspurger [00:05:02]:
Aging in place, that's a buzz term that a lot of people are using lately, right? I'd say in the last like, handful of years is people want to age in place safely. So how do we best help people do that? Well, a CCRC, there is, again, a wide range of levels of care that are available. And so that could be a good place for someone to go if they're looking to be accommodated in that way. So Molly, who is a good candidate for a CCRC?

Molly Good [00:05:30]:
Well, Kelly, anybody! As long as you're 55 and up, we have the ability to be able to care for an individual, or not provide the care. It all depends on a person's lifestyle when it comes to independent living. Now, of course, there are parameters which you would need to know financially. So we can dig into that a little bit later, or we can go now if you'd like, Kelly.

Kelly Augspurger [00:05:52]:
Yeah, so let's talk about who is a good candidate and who's not a good candidate. And then I think talk about the finances and that'll make it clear.

Molly Good [00:06:00]:
Sure. So, of course, we would like to think about everybody being a great candidate, but it's going to vary depending on what kind of community you're looking to make the move into because I know a lot about Otterbein, I'm going to talk about Otterbein. However, this does not mean to say, I mean, there are great organizations that do the same thing that Otterbein does. So a great candidate to make a move to Otterbein is done under what's called an age and income qualification process. Now, if you are looking at two different kinds of CCRC's, of course there's for profit and there's not for profit. Otterbein happens to be in the not for profit side. So what we do is we take a look at age and income qualification for an individual, which just means that the younger you are, the more assets it's helpful to have. Now, Kelly, it's also going to be very important to determine when you're going on these tours.

Molly Good [00:06:47]:
Is there an asset surrender? Is this a life plan community where I have to put a large chunk of money down up front? All of these factors can determine whether or not you may be a good candidate. It. So let's talk more specifically about Otterbein again, we talk about the age and income qualification. And let's say that we have a 85 year old who's looking to make a move to independent living, and this person happens to have $500,000 in assets from the sale of their home, from the sale of their vehicle, and also they have a long-term care insurance policy. They're likely going to qualify based on the fact that they may or may not outlive their funds. So yes, it's not a fun topic to talk about, but it is so important to know what you have and to be able to use that as leverage to get into a community of your choice. Okay, so again, at Otterbein, it's all about age and income qualification.

Molly Good [00:07:37]:
The younger you are, the more assets you have. Again, Otterbein, being nonprofit is not an asset surrender where we say, "All right, Mrs. Smith, we see you have $500,000. Fork it over." That's not the way it works.

Molly Good [00:07:49]:
At Otterbein, we do 30 day leasing periods, and you'll find that that's the way that most nonprofits work. Now, when you go to a for profit, it is going to be different. And there are great for profits, there's great not for profits, and there's bad players in both as well. So it's really important to do your homework and do your research before you make a move.

Kelly Augspurger [00:08:06]:
Okay, great information there. Would you say that people have to come in at the independent level? Is that right, Molly, whether it's Otterbein, or even other CCRCs, do you have to go in at the independent level, or can you come in at a higher level of need?

Molly Good [00:08:21]:
That's a great question, Kelly. No, you do not have to come in at the independent living level and work your way. We often work with folks who are looking specifically for assisted living. And again, this is more of a needs base. So, Kelly, how we often see this happen is we'll get a phone call from an adult child saying, "Hey, my mom is not thriving at home. She lives in a three story home. Her laundry is in the basement, her bedroom's on the second floor, and she's having trouble navigating stairs. What can we do to provide a quality of life for mom?" Which is when we would say, "Well, why don't we move to an apartment in assisted living if mom is needing some help with those activities of daily living or has some challenges with mobility?" So to, again, answer your question, you can come in anywhere.

Molly Good [00:09:03]:
Sometimes we'll see folks come in for a broken hip. They'll have a great experience with the rehab, and then they'll make a move to one of the villas or patio homes or cottages that we have on campus. So it doesn't matter how you're introduced to the community, you have multiple options to be able to work with any community from that perspective.

Kelly Augspurger [00:09:20]:
Interesting. Is that exclusively for Otterbein, or is that across the CCRC industry?

Molly Good [00:09:25]:
I wouldn't say that there would be a lot of organizations who would say you have to move in at an independent living level and work your way through. Now, I will caution you, if you're looking at some communities, they might not have the availability to work with you if you are getting rehab. So if you have someone say, you know, oh, I live right around the corner from this amazing CCRC, you'll find there's not as much of an ability to be able to care just based on the size of a skilled nursing or rehab or long stay area or neighborhood that is at that level of care. So again, you just have to be able to know the community well. And the great first step is just going on a tour and finding out, okay, "What do you have? What could fit with my lifestyle?" And we would go from there.

Kelly Augspurger [00:10:06]:
The Steadfast Care Planning podcast is sponsored by the Certification for Long-Term Care CLTC, an in depth training program that gives financial advisors the education and tools they need to discuss extended care planning with their clients. Look for the CLTC designation when choosing an advisor. If you're looking to become a CLTC, enroll in their masterclass and enter Kelly in the coupon code field for $200 off. So that's a great segue, Molly, then to my next question, which is where and how do people shop for a CCRC? And what are some good questions to ask when interviewing different CCRC's?

Molly Good [00:10:43]:
Yes. Well, Kelly, we are getting into a exciting time for the senior living industry because we're experiencing the largest amount of growth senior living communities have ever seen in our nation. So you can bet, Kelly, that we are all gearing up to be able to meet the demand. But the best way to shop is really up to you. When I was taking a look at our data, we found out that we got the majority of the folks who are looking at us through a digital means, which is unusual. Typically, you think about word of mouth being the first option where you would look. So oftentimes somebody will say, "Well, I had a neighbor who moved to Otterbein, or to a community and I've heard good things and I'd like to come and tour," but right now we're seeing more of that digital perspective. So a great way to start that search.

Molly Good [00:11:25]:
Kelly, again, word of mouth is fabulous. Ask your friends, did you have a good experience or even going to the Internet and finding out. We as an industry are working really hard to be able to give you all of the resources you need to make an educated decision before you ever pick up the phone to call us. So take a look at the website, take a look at Google reviews. Take a look at all of the tools that are right here at your fingertips on your phone. You should be able to take a virtual tour. You should be able to fill out a contact form so we can give you a call. You should be able to do all of these things. So we'd certainly recommend that you take a look on the website.

Molly Good [00:12:00]:
Things I would look for, because I have 15 years of industry experience, are the photos that are on the website of residents that live in your community? Are the tours done by team members, or is it something that was just done of one community? Or there just happens to be a floor plan? Really look, because those companies that happen to really invest in that digital platform tend to have a little bit more of a personal touch on the care that they provide. So I know that's a really broad generalization, and I'm sure that there's great organizations out there that have cheap websites, but really utilize that platform as much as you can and do as much research as you can before taking that tour.

Kelly Augspurger [00:12:34]:
Okay, great. And then once you are there at the tour, what are some good questions to ask Molly? Like what do people need to consider, you know, when visiting CCRC's and how to make that decision?

Molly Good [00:12:44]:
Absolutely. So again, it's really critical that you take a look at the levels of care that can be provided at that CCRC. So if you know that you have a family history of, and this is really bleak, but if you know you have a family history of dementia, you might want to look that there are support services offered for memory loss. If you find that you're looking at independent living, but you may have a Parkinson's diagnosis, take a look to make sure that that home meets ADA requirements. So in the event that someday you would need more assistance, that home is fit for you. So we can support that aging in place that we were referencing earlier. You want to be able to be sure that any service can be provided to you in that home. So that is a great thing to be able to look for.

Molly Good [00:13:27]:
Ask about cost, because again, a lot of times you'll find that there are some communities that will take a large sum of money upfront, but then there are some that just do rentals monthly and independent living. Ask if there is a leasing period. Some companies will say that 18 to 24 months that we require require a financial commitment from you. I mean, who knows what could happen, Kelly, you could decide to move to Florida in the middle of that period and not be able to get your refund based on the lease agreement that you signed to. Kelly, I know that right now we're really talking a lot of nuts and bolts when it comes to finances. Do you have a long-term care insurance policy? I'm telling you what, when we find that we have new clients who are looking to make a move to the community, if they have a long-term care insurance policy, that really sets us up to be able to say, "Yes." To be able to serve these individuals because there's a financial cushion there. So whatever happens, and we don't have a crystal ball, right?

Kelly Augspurger [00:14:16]:
Right.

Molly Good [00:14:17]:
You have a sense of security knowing that I have the funds to be able to take care of myself.

Kelly Augspurger [00:14:22]:
Right. There's guarantees and predictability there, right?

Molly Good [00:14:24]:
100%, yes. And we love to see that and to be able to say, oh, my goodness, yes, this is going to provide coverage for you and assisted living. This gives me the ability to be able to say yes now, to provide you the lifestyle that you're really looking for in independent living. Now, going to the lighter side of things, Kelly, if you are an active person or you're not active, you know, whether you are out and traveling the world or you're a couch potato, you want to make sure that that community can meet your needs. So make sure that there are opportunities to be able to live your best life. It's also another buzz term in the industry right now, so to speak, just to make sure that the personality of that community fits your personality, because not every fit's a great fit. And you want to make sure that you are looking for the right community for you on a personal and on a social level. Because what we have found, Kelly, is that when a person makes a move to a CCRC community, they are likely to live an average of seven healthy years longer than a person that does not live in a CCRC.

Molly Good [00:15:22]:
Think of that! That's on average, there are people who live longer than that. So, yes, it really is. So it sells itself when you come in for a tour to be able to make a move to a CCRC community or retirement community, but again, making sure that you're planning for that, making sure that you do have that long-term care insurance policy, that your assets are set up in such a way that you are able to have your funds outlive you, you'll have a legacy, so to speak, making sure that all of those things are really important. Also, the food. Oh, my goodness. You gotta make sure there's good food there. Think about that. If you're living an average of 7 healthy years longer, you want to make sure that the food is nourishing and life giving and delicious and fun and that there's a social and environmental aspect of that, too.

Molly Good [00:16:06]:
Yeah, that is true. So important. So ask for a meal with your tour. I bet they'll give you one.

Kelly Augspurger [00:16:11]:
Absolutely. And with that food, Molly, do you generally see that every meal is provided or you can pick and choose, like, I only want lunch or dinner. I can do my own breakfast. And then there are prices associated with just two out of three meals and not all three meals. How does that usually work?

Molly Good [00:16:27]:
Sure. So, Kelly, of course, when you're making a move to the community, you have to think about financially you're paying for your rent, or your lease. You're paying for that. But there are services that you can purchase on top of that, and food happens to fall in that category. Now, again, this is a great question to ask because sometimes food will not be provided, or sometimes it will include a meal. Some Otterbein communities provide like a continental breakfast and then a full seated dinner, and some don't provide anything at all. So making sure that you are signing up for a meal plan, because you can certainly go in and purchase and do like a quick counter visit, or a to go style, or you can have a full sit down in a dining room.

Kelly Augspurger [00:17:05]:
Okay.

Molly Good [00:17:05]:
And making sure that you get a pricing list. Now, again, the nonprofits are typically going to tend to be a little bit more economical with those costs, where a for profit might charge just a little bit more. It all depends on what you're looking for.

Kelly Augspurger [00:17:17]:
The Steadfast Care Planning podcast is sponsored by AMADA Senior Care. AMADA provides complimentary consultation with a senior care advisor to find the right care from in-home caregiving to community care, as well as long-term care insurance, claim advocacy, and unique support partnerships for financial advisors to address family transitions and generational retention. To learn more, visit www.SteadfastWithAmada.com.

Kelly Augspurger [00:17:48]:
Can we talk a little bit more about paying for the CCRC? Molly, so you said some require a lump sum, so maybe that's selling the home, you know, converting those assets to cash in order to be able to pay for the CCRC. But can we talk about the other different plans that are available and what those look like and financial...like how do people pay for CCRC's? And you did mention long-term care insurance, which we can talk about that a little bit more, but give us a little low down on other ways to pay for it.

Molly Good [00:18:16]:
Absolutely. So there are often different financial packages to be able to move to a CCRC based on your budget and based on the way that your checkbook rolls out at the end of every month. And I'm telling you, more diversity is coming because we are serving two very different generations. When you think about the silent generation, they view the move to a CCRC as more of an investment. And I know that I'm going to be taken care of for the rest of my life, regardless of my funds. And when you're looking at boomers, this is our cruise ship, our world traveling generation. So their financial books look a little bit differently. Think of your greatest, or your silent generation as being the ones who shoved the stacks of cash under the mattress.

Molly Good [00:18:54]:
It's true. It's true. And you know what? They had a lot of cash. They lived below their means. They were very financially responsible. So the payment methods were often different during that time period. At Otterbein, we have 3 to 4 based on the type of person and their individual needs. Now, we talked about a lump sum up front.

Molly Good [00:19:10]:
That is an option at Otterbein, but not everybody goes for it just because it does require the sale of a home or, offloading assets from a Roth IRA or things of that nature to be able to put down that large lump sum. Now, that's called a relof, where you can put down that sum, and then you will spend down that pile of cash. There's also our most popular option, we can do a 100% refundable entry fee or a 90% refundable entry fee based on which campus, or ministry offers that. So what that looks like, Kelly, is a little bit smaller lump sum, and it varies depending on the floor plan in independent living. And there is a rebate or kickback that you'd be able to get that would really cheapen that monthly rent, makes it a little bit more affordable. So if you aren't getting the OPERS or you're not getting a lot of those pensions that we're kind of seeing disappear and dissipate. It takes down that monthly check that you get from Social Security and or your investments.

Molly Good [00:20:05]:
So we try to honor that by saying, okay, here's the large lump sum of money you put down, and then we are able to, in turn, provide a credit. It's around 4, 4 to 5%. So I mean, if you're looking at...I mean, of course, talk to your financial advisor to make sure that this is the right move for your financial portfolio. But that is an option. We see a lot of people take advantage of that. And, Kelly, when that person moves from their independent living to another level of care, what we do is we give back 100% or 90% of those funds based on that. So to make math really simple, let's say that Mrs. Smith puts $250,000 down on a one bedroom with a sunroom at Otterbein in Pemberville.

Molly Good [00:20:42]:
And then at the time that Mrs. Smith moves to skilled nursing, we are able to say, all right, here's that $250,000 back. So all of that money goes directly back to her, or it goes to beneficiaries, depending on how the person leaves the campus. So there is that option. There's also straight rental. So if you decide, okay, it's going to be $2,850.00 a month to be able to rent this one bedroom with a sunroom and a view of the woods, we're able just to collect that up front. So again, there's a lot of diversity and financial options. The higher up in level of care you are, the more options you have. So independent living has the most flexible of options and kind of, as you move through the continuums, there's a little less and less.

Kelly Augspurger [00:21:22]:
Got it, OK. Yeah, thanks for that breakdown, Molly. Really helpful. And then you said for long-term care insurance, you see people using that, and obviously, CCRCs, I think, in just facilities and communities in general, appreciate it because it is guaranteed money from the client that they have coming in. And so that provides you guys guarantees and predictability, knowing, hey, we don't have to worry about these people running out of money because we have the stream of income to be able to pay for care.

Molly Good [00:21:49]:
Yes, absolutely. And it's true, having that extra financial cushion gives you the ability to say yes, and it gives you, again, that predictability to say, okay, I am not likely going to outlive my funds, which is wonderful because it opens you up to that legacy of being able to provide for your family and loved ones. Something else I will say, Kelly, if you do not have a policy like this, there have been kind of nightmare scenarios where there will be individuals who will go to a for profit or someone who does not have that benevolent care fund, like a nonprofit traditionally houses where after they outlive their funds, they're dismissed and they can't live in their home. So to be able to have a long-term care insurance policy. And again, smart financial planning, it really gives you the ability for certainty, knowing I don't have to move. Again, I don't have to put my family in a pickle when I'm unable to decide where I'd like to move. It gives your family peace of mind.

Molly Good [00:22:39]:
So again, it's really important to be able to provide that not only for yourself, knowing I have a level of predictability, but also for your loved ones. So they're not scrambling and doing last minute planning.

Kelly Augspurger [00:22:49]:
Yeah, it's really providing that peace of mind upfront and at the time of, "Hey, if I do run out of money, there's a backstop there." Now, you said nonprofit, so you, I believe, did you say, "care fund"? Is that the term that you use? Nonprofits have a care fund? If someone does run out of money, can you talk about that, Molly, what does that look like?

Molly Good [00:23:08]:
Sure. So again, it all depends. So I'm going to speak very specifically to Otterbein, and I have worked a nonprofit outside of Otterbein before, but we do happen to have what's called a "benevolent care fund". So in the event that someone does happen to outlive their assets while they're with us, and they qualified, again for that standard agent income qualification when they moved in, they're able to stay with us for the rest of their life, regardless of any financial means, through any faults of their own. So that's a lot of words to say that in the event that someone outlists their assets, they can stay with us at Otterbein.

Kelly Augspurger [00:23:41]:
Hmm. Wow. That's incredible. So that could be an additional ten years, Molly, that could be 20 years.

Molly Good [00:23:47]:
Yes, it could be. I mean, it's a lot. So again, being able to have that predictability, knowing. Okay, Otterbein is it. This is where I know that I can come. I'll be taken care of for the remainder of my days. And again, it's just peace of mind knowing that you don't have to worry, you don't have to put your family in a situation.

Molly Good [00:24:04]:
It makes it very easy. Now, again, Kelly, remember, that person has to qualify for that standard contract to be able to lock in that benefit.

Kelly Augspurger [00:24:12]:
Sure. Upfront when they move into the CCRC, right?

Molly Good [00:24:16]:
Yes. And a long-term care insurance policy helps to be able to go green a little bit easier. Absolutely. It does help, for sure.

Kelly Augspurger [00:24:22]:
Okay, super. Is that pretty typical, Molly? Like, that benevolent care fund, is that typical for other nonprofits as well, to have something like that?

Molly Good [00:24:30]:
The two that I have worked for, do that. Yes.

Kelly Augspurger [00:24:33]:
Okay.

Molly Good [00:24:33]:
Okay.

Kelly Augspurger [00:24:33]:
So that's something to ask, right? That's a question to ask a nonprofit. And knowing when you're visiting these CCRC's, to ask, are you for profit, or are you nonprofit? And if you're nonprofit, do you have this benevolent care fund? Maybe they use a different term at another CCRC, but do you have this in place? You know, if the time comes where I do run out of funds to be able to pay for care, can I continue to stay and receive the care that I need? So, yeah, I think that's really helpful. Molly, can you tell us about Otterbein a little bit more specifically? I know that you have more than one location, so tell us where you guys are in the country.

Molly Good [00:25:07]:
Yes. So we are all over the state of Ohio. We are the largest nonprofit senior living in the state. We started in 1912 in Lebanon, Ohio, and we have expanded and are continuing to expand, which is awesome. We have locations in the greater Cincinnati area, the greater Toledo area, the Columbus area, and one in Franklin, Indiana. And we keep growing. Kelly. So we're hoping to add more Otterbeins to our family this year.

Molly Good [00:25:33]:
Now, Otterbein, also, again, in addition to being non profit and having the CCRC component, we also are the largest provider of what is called small house care. So if you hear of Otterbein in your neighborhood and it's the small house model, those are rehab long stay care. And what we can do is provide care in a home environment where there are five small homes on a cul de sac, and we're able to deliver traditional care. When a person is in their suite, they have their own bedroom, they have a bathroom. And when they come out into the hallway, instead of going into a long hallway down to a main dining room, they go out into a living room. It is providing care in a home environment, and it's really changing the industry. It's part of what's called the greenhouse model. And I'm telling you, we're going to be hearing more and more about this care delivery moving into the future.

Kelly Augspurger [00:26:22]:
That's exciting!

Molly Good [00:26:23]:
Yes, we are, again, we just keep growing, which is wonderful news. We want to be able to make sure that we are positioned to care for the demand that is on its way.

Kelly Augspurger [00:26:33]:
That is terrific, Molly. It sounds really desirable because it has the feel of a home, right. But you are able to walk down and have a meal and be with others. So you're not isolated, completely living alone. But if you want that socialization, you can go to the family room and be with others. But you don't have to. But you're also not in a great big building with ten floors. And for some, maybe that's not the right feel that they want.

Kelly Augspurger [00:26:56]:
I definitely foresee more and more of this will happen in the future because I can imagine that the demand would be there. So that's exciting.

Molly Good [00:27:03]:
Yes, it is. It's great to be able to provide services that people really want.

Kelly Augspurger [00:27:08]:
Yeah.

Molly Good [00:27:08]:
It's just very life giving for Otterbein and for all of us who are on the mission together to provide care in that aspect. So again, Kelly, keep looking for us. We're going to keep growing. It's a great time to be at Otterbein, for sure.

Kelly Augspurger [00:27:20]:
Perfect. Well, Molly, any final advice on how people can plan for good health and care to live well?

Molly Good [00:27:26]:
Absolutely. Let me speak very specifically to CCRC's. Do your homework, do your research. Ask lots of questions. You know, the folks who are working at these communities want to make sure that this is the best possible fit for you. So the more questions you bring, the better. The more we can make sure that we're meeting your needs, because once you have made the move, we want to make sure that you are so happy with it. So just do your homework, take a look online, ask your family and friends, see who's advertising. All those good things.

Molly Good [00:27:56]:
That would be the absolute best advice I could give you.

Kelly Augspurger [00:27:59]:
Do your homework and plan in advance. Right? Don't crisis plan. Like, "My mom needs skilled nursing care. We got to figure this out now." That's not a terrific time to plan, right? Like really planning in advance, doing your homework, talking to your family, talking to your spouse if you're married. Right? Like, what are your preferences? Where do you want to receive care? How do you want to age? What does that look like to you? Because everyone's probably going to have a different perspective on that and what that looks like. But this is, I think, giving my listeners and viewers some really good information, Molly. And some good takeaways.

Kelly Augspurger [00:28:29]:
So hopefully they've learned a lot. I appreciate your time. And, Molly, can you tell us where people can find more information about Otterbein?

Molly Good [00:28:36]:
Absolutely. Check us out on the World Wide Web at: www.Otterbein.org, and you can check out our "find a location" page where you can find out exactly where you can find Otterbein, wherever you're listening from.

Kelly Augspurger [00:28:46]:
Perfect. Thank you, Molly. Really appreciate your time today. Have a great day.

Molly Good [00:28:50]:
It's my pleasure. Thank you.