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Elder Law and Estate Planning Blog - Lancaster, PA

Wednesday, August 7, 2013

Continuing Care Retirement Communities

Continuing-care retirement communities (CCRCs) are communities that are part independent living, part assisted living and part skilled nursing home, offering a tiered approach to the aging process and accommodating the changing needs of their residents.  And due to the recession, many CCRCs are becoming more efficient, making now a good time to consider a move to a community.  Eager to draw in new residents, many are offering different services and bargains that can be quite nice if you are ready to move.
 
Before you get up and go, make sure you find a community that appeals to you.  It’s important to check many different components, including:
  • The Caregiving Component.  Check if care is on-campus or off-campus.  Also, if your family has a history of a medical problem, like Alzheimer’s, make sure your CCRC has good care for that.
  • The Costs.  CCRCs normally have an entrance fee depending on the apartment size and a monthly fee to cover needs.  They are also dependent on other factors, including health, the number of residents living in the facility and the type of service contract (fee-for-service or all included).  Remember that many current expenses, like groceries and home maintenance, will be covered at the CCRC.  A general suggestion is to have your monthly income be one and a half times the monthly fee.
  • The CCRCs Finances.  If the occupancy rate is below average (90%), the number could reflect poor management.  Also, look at the sponsoring companies and the CCRC’s track record.  Have a lawyer or geriatric care manager check the community’s status, too.  Make sure your CCRC can keep any promises they make.

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