FAQ

What is a Continuing Care Retirement Community (CCRC)?

CCRCs provide retirement housing and a community lifestyle for adults 62 and older with the added benefit of assistance and care when needed. From independent living to assisted living to long-term nursing care, CCRCs enable people to age in place and ensure that their needs will be met along the aging continuum.

What is the process for moving into a CCRC?

• Visits and tours
• Financial evaluation
• Medical evaluation
• Paperwork and forms
• Downsizing and selling your house
• Closing
• Move in

What are the benefits of living in a CCRC?

• Maintenance free living
• Active, busy social life with friends close at hand
• Financial security
• Dining services
• Programs for fitness, wellness and healthy aging
• Cultural programs and lifelong learning
• Knowing that the care will be there if you need it

What is the financial structure of a CCRC?

• Entry Fees
  •  CCRC’s frequently require an entry fee
• Monthly Fees
  • For services offered at the community
• Life Care Contract
  • Offers a steady and predictable financial model that covers costs of living with long term care
•  Modified Contracts
  • Variable, but provide some co-share of potential long-term costs
• Fee for Service Contracts
  • Offer all levels of service, but you pay as you go
• Refunds
  • Most communities offer some kind of refund on your entry fee: 90%, 80% and declining are common

Who should consider moving into a CCRC?

Adults who:

• Are generally in good health and live independently
• Desire less responsibility for home maintenance
• Have the financial resources to cover the entry fee and monthly fees
• Are interested in a lifestyle that provides access to cultural, recreational and social activities with peers

When should I think about moving to a CCRC?

Sooner than later because:

• You are completely independent and able to make your own decisions
• You will have the time and good health to enjoy the lifestyle a CCRC offers
• You will avoid the stress of having to make decisions during a health emergency
• You and your family can relax, knowing you will have care if you need it.

How much does it cost to live in a CCRC?

• Entry fees can range from $100,000 to $1m depending upon the facility
• Monthly fees can range from $3,000 to $8,000 depending on the facility
• Monthly fees usually include all real estate taxes, utilities, maintenance and array of services and amenities

How do I determine the financial stability of a CCRC?

• Expect transparency
• Ask for annual reports and audited statements
• Ask a CPA or trusted financial advisor to review CCRC financials
• Consider the length of time a CCRC has been in operation
• Investigate the parent company of a CCRC: profit vs non-profit; governance; leadership

How do I know which CCRC is right for me?

• Visit many times and at different times of day
• Talk to residents who live there
• Enjoy a meal there
• Ask friends and relatives you trust for their opinions
• Look at the CCRCs history and financial health
• Consider location: Do you want to be close to your children? Stay near your current neighborhood? City life or country life?
• Consider if the services provided meet your needs
• Consider if the amenities and activities suit your preferences
• Ask LOTS of questions (questions to ask provided in this packet of information)

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