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
- 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
Are CCRCs licensed?
In Massachusetts, CCRCs are governed by the Department of Elder Affairs and must meet specific criteria for housing, financial stability and services. CCRCs are not licensed in Massachusetts. Assisted Living Facilities and Skilled Nursing facilities that operate as part of a CCRC are licensed by the Massachusetts Department of Health and Human Services.
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
- Most communities offer some kind of refund on your entry fee: 90%, 80% and declining are common
Who should consider moving into a CCRC?
- 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)