https://wallstreetjournal-ny.newsmemory.com/?publink=4e2db167d_134d4a8
The Pollards intended to age in their home on Stanford University’s campus, where David taught. They added space for a live-in caregiver.
That changed when they began seeing friends become isolated as they grew frail, said David, a professor emeritus of earth sciences. One acquaintance died after falling from a roof while doing home repairs.
The couple always shared tasks around the house and realized, said Virginia, that if one got hurt or became ill, the other would have to do everything.
“We saw a whole lot of problems coming our way,” David said.
His own parents lived in their Napa Valley home a few hours away and relied on private duty aides. If a caregiver didn’t show up, they would call David for help.
In 2019, the Pollards moved into a two-bedroom apartment at Vi at Palo Alto, one of 10 high-end Vi life plan communities in the U.S. Their inclusive- care contract offers access to higher levels of care with little to no increase in monthly fees. Monthly fees are about $12,000, David said.
They swim at the aquatic center, attend fitness classes and weekly lectures and serve on various resident councils. David said he marvels at active fellow residents 15 and 20 years older, who have become role models.
“We both know we made the right decision,” Virginia said.
Money math
Many life plan communities have waiting lists of about two years, but can stretch to five years or longer, said Tripp Higgins, president of myLifeSite, an education resource for older adults. Longer wait lists can be hard on consumers but benefit life plan communities, which can fill vacancies quickly.
“They rely on a long wait list to maintain high occupancy levels,” Higgins said.
Jane McCaffrey, 83, figures she saved money by moving into Meadow Ridge, a 136-acre life plan community in Redding, Conn.
She and her late husband sold their 10,000-square-foot house and moved into a twobedroom apartment in 2017. The entry fee then was $750,000, of which 80% is refundable to her or her estate.
Her $9,000 monthly fee covers food, transportation to medical appointments, utilities, housekeeping and access to all programs. She no longer pays real-estate taxes.
“I would be paying more if I lived in my very big house,” said McCaffrey, a retired CPA, who is on several resident committees. Under her life care contract, the monthly fee will remain comparable if she eventually needs skilled care. “I’m here until I die.”
