The main reason people move into a CCRC (Continuing Care Retirement Community) is to gain access to a continuum of care. A continuum of care offers a variety of levels of living. For example independent living, skilled nursing, assisted living, memory support and other health care services.
Choosing a community that offers all levels of living provides a sense of security. It means you don't have to worry about who will provide care should you need it. So if that's important to you, then a CCRC move is a good one.
What About CCRC Costs and Contracts?
More variations in CCRC contracts have developed in recent years, just as more CCRCs have popped up across the country. Common among most of these contract types are Entrance Fees and monthly fees.
- An entrance fee is a deposit that's often compared to a membership fee. It offers you access to the continuum of care in the community.
- A monthly fee covers the community services, amenities and conveniences gained from the moment you move in.
As you tour CCRCs, get a complete list of all services and amenities included and not included in the monthly fee. Also ask about:
- Fees not included in the monthly fee
- Refundability of Entrance fees
- Administrative fees
Before you leave, ask if you can take a copy of the contract to review.
The best way to determine costs is to compare your current cost of living to each CCRC. Use our free Cost of Living Comparison Worksheet to estimate the long term costs of maintaining your home and lifestyle versus the inclusive benefits of living in a community.
How Do Most People Pay for a CCRC?
Many residents fund the move through the sale of their home, retirement accounts and investments. Of course, applicants are also required to show they have the means to meet the fees and monthly costs. You may even be placed on a waiting list if the community is in demand.
Do CCRC's Ask About Your Health?
Most CCRCs require a resident to be in good health when moving into independent living. A health assessment may be expected before you move in.
Some may even require that residents be able to live independently when first moving in. In addition, they may have minimum and maximum ages for new residents. Ask about these when you tour.
When Should I move?
Most people move while they are independent and active. They see it as an investment. They want to take advantage of using as many of the amenities and services for as long as possible. In addition they want to free themselves of the upkeep and maintenance of a home. Giving them more time to do the things they want to do.
If you're thinking about a move begin touring early. That way you can prepare and even reserve the home you want. While touring CCRCs, plan ample time to walk the homes and grounds, talk with residents and get your questions answered.
Twin Lakes is a continuing care retirement community with villa homes, apartments and more, focused on supporting the vibrant and active lifestyles of our residents. For more information, contact Twin Lakes online or at 513-247-1300.