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What Are Continuing Care Retirement
Communities?
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A continuing care retirement community - sometimes known as a CCRC
- is sort of a one-stop-shop living choice for seniors who don't
want to have to look for another place to live, no matter what
their future health needs may be.
Many CCRC residents elect to to move to a continuing care
community because they no longer want to maintain a home and yard.
They may have no health needs at all, but they appreciate having
someone to call on in case of an emergency. They enjoy socializing
with like minded neighbors in their age range. Depending on the
community, access to a clubhouse, pool, golf course, restaurant
and other special perks are big attractions.
Another attraction is the fact that CCRCs also have other
residential alternatives right on site. Should someone need or
want to move to supportive living that offers personal care and
medication management, there is an assisted living residence on
the CCRC campus. Couples find this especially comforting, because
if one needs more care, the other is "right next door."
Although no one wants to need it, many seniors are referred to a
nursing facility for rehabilitation after a hospital stay or for
long-term nursing care. Again, the full continuing care retirement
community will have a nursing facility on campus. Spouses and
friends will always be nearby, and no one has to scramble to find
a good rehabilitation or nursing facility on short notice.
Like any other senior residential option, there are certain things
you should investigate thoroughly before entering into a
residential contract. Most CCRCs require that residents moving
into their "Independent Living" apartments make a significant
financial investment. These payments can be upwards of $150,000 to
$300,000 or more in some communities. This investment guarantees
the use of an apartment and the option to move through the
available care levels as needed in the future. However, it does
not "purchase" an apartment. When a resident leaves the campus the
apartment unit is not his or hers to sell. The CCRC will re-lease
the apartment and return the agreed-upon portion of the initial
investment to the resident or the resident's family.
In addition to the initial investment, Continuing Care Communities
will require a monthly fee based on the level of care, the
amenities being provided, and the size of the living unit.
In most states there is no single government entity overseeing all
the residential levels of Continuing Care Retirement Communities.
Independent living units, where no personal care assistance is
offered, are usually covered by local laws governing rental
properties. Most states do have regulations covering Assisted
Living, although some are more stringent than others. The Skilled
Nursing facility will be regulated by an arm of your state health
department and possibly your state Department of Human Services.
If Medicare is accepted for rehabilitation care, then there will
be federal oversight, as well.
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