Competing for Seniors

Bill Ray of the NHHFA says people in their 60s may grow weary of mowing lawns and clearing icy driveways, but with the large properties they currently own, along with “the kayak, the motorcycle, the two cars,” most aren’t ready to surrender a lifetime of possessions.

In fact, in a recent AARP survey, 95 percent of NH residents say they want to remain in their homes as they age. But at the same time, disabilities associated with growing older may require them to seek health-related services.

To prepare for the boomers who will reach their mid-70s in the next 10 years and want to age in place, RiverWoods and other CCRCs are designing spacious cottages on bucolic grounds, creating a landscape that’s anything but institutional looking. The construction of 2,000-square-foot cottages with hardwood floors and a walkout basement was the lure that convinced Judy Brown, age 75, to move with her husband from their cavernous home in Rye to the Huntington CCRC in south Nashua. “It was an easier downsizing,” says Brown. “We had always had property and privacy.”

The Browns paid a 90-percent refundable $620,000 entrance fee and pay $6,500 monthly. Franseen of HSL, which oversees the Huntington and the Hunt Community, says these fees are at the high end of the spectrum. Yet, at the Huntington, the larger accommodations are the more popular. “The economy is stronger than it has been,” she says, particularly during the last 18 months.

While the Huntington guarantees a plan for life, the Hunt Community offers a fee-for-service version of assisted living or nursing care that is 30 or 40 percent less than current market rates. And its entrance fees are less expensive, with fees starting at $109,000.

Continuing Care at Home

To differentiate itself in the marketplace, Hunt Senior Living is offering a third option that is the first of its kind in New England. Called “Hunt at Home,” it is a plan for older adults that allows them access to the amenities and health services they would receive in a continuing care retirement community but without having to move there.

“There’s a social model if you want to be part of it,” says Franseen. Seniors can take trips or exercise in the gym. “But if you need services in the future, we’ll deliver them to you directly in your home at a predictable cost.” While only 30 people have signed up so far, Franseen hopes to grow the membership to 120.

Franseen explains it’s an insurance product like the other continuing care plans. The actuarial rates are dependent on the applicants’ age and health.

Around 17 continuing care at-home (CCaH) models exist in the country, and many more are in development. According to Leading Age, an industry association, they present a growing opportunity for CCRCs to spread out administrative costs for shared services.

Assisted Living Facilities

Perhaps the largest generation on the cusp of retiring is also one of the most selective in wanting surroundings that blend with nature, provide light-filled spaces and feature energy-conserving elements.

That concept propels architects of senior living homes to create sustainable designs like the LEED-certified building at Bedford Falls, which opened in 2012 and coincidentally bears the same name as the fictional utopia from the 1940s classic film, “It’s a Wonderful Life.”

It is part of the 50 communities in six New England states operated by Benchmark Assisted Living, headquartered in Wellesley, Massachusetts. The $390 million company entered the NH market in 2000 with Greystone Farm at Salem and The Birches at Concord, with the latter designed exclusively for residents with dementia, Alzheimer’s disease and other forms of memory impairment. The for-profit Benchmark also has a location in Nashua and, in total, serves 325 residents, contributing more than $650,000 in property taxes.

The demand for assisted living in NH is on an upswing, Bergeron says, particularly as the concept gains acceptance and more facilities manage care for family members who are gradually losing some of their intellectual functions. She is also seeing a rise in the number of couples entering homes where only one spouse is presenting signs of dementia, but want a facility that oversees the social and personal needs
of both.

For a generation whose grandparents relied on family members for caretaking, the choice of assisted living is catching on. While seniors typically want to stay in their homes as long as possible, a new survey by the National Council on Aging revealed that 48 percent say they would consider moving to an assisted living facility if they could no longer live independently.

Those who do make the transition will do so without government aid, shelling out an average monthly starting fee of $4,000. Bergeron says most of the funds come from the seniors’ estates, and in the last decade, she says more people are leveraging their long-term care insurance to foot at least half the bill.