Life Care is becoming less of an option

I was at an art fair in Los Gatos, CA recently and one of the booths was from a retirement community in that city.

I spoke to the folks at the table since my books are about choosing a retirement place.  I was pleased to learn that this facility doesn’t have a buy in fee.  Their monthly fees were $5,000 which for Silicon Valley isn’t too bad.

However,they no longer offer life care.  That is, if you run out of money, they will send you somewhere else.  They used to offer it but no longer do so.  They will honor those residents who signed up when life care was offered.

As we live longer and longer, it is harder for retirement communities to keep us when we run out of money.

Does anyone have a solution?