Learn About Continuous Care Retirement Communities
A continuing care retirement community for seniors has a lot to offer in the way of benefits and services that are provided, but it is also important to understand what these benefits are and know what to expect when it comes to the bill. Additionally, there are requirements for continuing care retirement community living that you will need to meet in order to be accepted into the community. In the sections that have been provided below, you will receive an in-depth look at these communities, including the benefits of continuing care retirement community living, requirements that will need to be met and costs.
What is a continuing care retirement community?
A senior continuing care retirement community, also referred to as a CCRC, is a community on a single campus that houses independent living residential units, assisted living units and nursing home facilities. While a resident may live within a continuing care independent living unit initially, should they one day need additional services or require around the clock medical care, they can move to an assisted living unit or the nursing home care facility.
While some of these continuing care retirement communities will allow you to live within an independent living unit, others may require that you to be able to live fully independent within an independent unit and that, should you need assistance, you would be expected to move to another type of facility. If you are married, it is worth knowing that some continuous care retirement communities will allow married couples to move into an independent living unit, even if one spouse requires some care, but this is not always the case. You should always ask a seniors continuing care retirement community that you are interested in if this is something they would allow. A CCRC also has the right to require a health screening prior to moving into an independent living unit, ensuring that you will be able to care for yourself and perform all of your daily tasks. For more detailed information about CCRC communities, you can download our guide today.
Requirements for Continuing Care Retirement Community Living
Each continuing care retirement community for seniors may have its own requirements for residency, but the most common requirements include age requirements and that you are able to meet both your entrance fees and monthly maintenance fees. Most of the CCRC facilities will require a minimum age somewhere between 55 and 60 years of age. However, it is worth noting that a younger member may reside within the continuing care retirement facility so long as they are a spouse to a partner who does meet the community age requirement. Learn more about CCRC requirements by downloading our guide.
The Cost of a Continuing Care Retirement Community
A senior continuous care retirement community is often considered the most expensive choice of all retirement options. While the benefits of continuing care retirement community living are abundant, it is worth knowing that the fees associated with these communities are often far more expensive than assisted living facilities or nursing home care.
These continuing care retirement fees will include an “entrance fee,” which is usually the most expensive portion of the overall cost that you may pay during your residence within a retirement community. In addition to the entrance fee, a senior continuing care retirement community will require monthly fees that must be paid in order to maintain residency. These monthly fees are often determined by a number of factors, such as the level of care that you need and even the size of your residential unit (in the case of independent living or assisted living).
Some health insurance plans cover a portion of the CCRC monthly maintenance fee and additional services that you may obtain in the community, but most will not cover the entrance fee. It is also worth noting that the one-time entrance fee cannot be increased, and the amount of the fee will ultimately need to be either equal to or more than one year’s worth of monthly fees. This is important, as in most cases, a continuous care retirement facility must refund an unused portion of the entrance fee should you decide to leave the community or if you were to pass away.
You should always ask a continuing care retirement community about the services and benefits that are included within that individual community. While some seniors continuing care retirement facilities may include services all the way up to a nursing home level of care, others may only provide housing, meals, housekeeping, security and maintenance.
How to Find a Continuing Care Retirement Community Directory
Now that you better understand what a continuing care retirement community is and the benefits and services that they provide, it is crucial that you review your community options that are available in your area if you are considering applying for one of these communities. The odds are that your state may have several to choose from. A continuing care retirement community directory can be found on a variety of websites, but one of the easiest way to find this information is by contacting your state. Most states will provide a senior CCRC directory on the state website, while in others, you may need to contact your local office in order to obtain a comprehensive list of the retirement communities within your area.