Continuing Care Retirement Communities (CCRCs) provide housing, health care, and social services. In the same community, there may be individual homes or apartments, an assisted living facility, and a nursing home. Where you live depends on the level of care you need.
Continuing-Care Retirement Communities are the most expensive long-term-care solution. The monthly maintenance fee usually ranges from $650 to $3,500 and may be increased from year to year as inflation dictates. In addition to the monthly payments, there are buy-in, or entrance, fees that range from $38,000 to $400,000. The fees vary according to whether the resident owns or rents the living space; the size and location of the residence; amenities chosen; whether the living space is for one or two individuals; the type of service plan chosen; and the current risk for needing intensive long-term care. Some CCRCs offer a “life care contract.” This means, if you need care in the assisted living facility or in the nursing home, then you are guaranteed to pay the same entry fee and monthly fee as someone who lives in an individual home or apartment.
Some CCRCs are “self-insured” and others purchase a group long-term care insurance policy. These policies are used to pay the additional care costs of its residents if long-term care services are needed.
To find out if a CCRC is accredited and to get advice on selecting this type of long-term care, you can look at the Commission on Accreditation of Rehabilitation Facilities website.
Listed below are some opportunities and requirements/limits for CCRCs:
| CCRCs Opportunities: | CCRCs Requirements/Limits: |
|---|---|
| Sometimes the entry fee is refundable. | Sometimes the entry fee isn’t refundable. |
| The levels of care are located in one community. | Some CCRCs don’t have a life care contract called “all-inclusive.” This means, in addition to your monthly premium, you might also have to pay for some of your long-term care costs. |
| If you enter a CCRC, you may not need to worry about your long-term care costs. They may be covered by your entry fee and monthly premiums. | The costs for CCRCs can be very expensive. Some people might not want to live the “campus” lifestyle. |
| You must be in fairly good health when moving into a CCRC. | |
| Most CCRCs provide little or no at-home care. If you need this type of care, you might have to live in the assisted living facility or the nursing home. |