personal interests. For them, moving to
an active independent living retirement
community might be the best fit for their
budget and lifestyle, where options
include renting an apartment or the
outright purchase of a property.
Many active senior communities have
information packets that may be
requested in advance, and offer tours of
the community itself. A personal visit will
give valuable, first-hand information
and an opportunity to meet current
residents who can offer their own
experiences, providing an insider’s view
on the community. Be sure to determine
if personal interests and pursuits are
offered, such as health and fitness
programs, organized activities, sports,
etc. Other day-to-day living
arrangements should also be
considered, such as shopping centers
and grocery stores within easy walking
distance, and the availability of
transportation services provided.
Where is the community located in
proximity to major health care
providers? What security measures are
in place for residents? For ultimate
peace of mind, some seniors rent a
home under a short-term agreement at
first to make sure the community
provides for their needs and lives up to
their expectations.
CONTINUING CARE
RETIREMENT COMMUNITIES
A Continuing Care Retirement
Community (CCRC) offers 360-degree
care in a residential community for
seniors, with a full menu of services and
living situations. Residents at a CCRC
may move between independent living,
assisted living and nursing home care,
depending on their individual,
changing needs. Seniors electing to live
in a CCRC (also known as “Continuing
Care Retirement Facilities,” “Life-Care
Facilities” and “Life-Care Communities”)
contract with the community in advance
for a lifetime commitment to provide
care, regardless of their future health
and needs. They then live in the
residential community for the remainder
of their lives, and are placed within a
living situation appropriate to their
needs and abilities.
Seniors or family members of seniors
who are concerned about future security
find CCRCs a safe bet, addressing any
worries about future health problems
down the road and alleviating any
concerns about hidden costs along the
way. A CCRC generally offers seniors a
contract or contracts that provide a
continuum of care that includes access
to housing, services, and health care for
more than one year, or the balance of
their lives. Usually, it is a wise idea for
seniors to move into a CCRC sooner
rather than later, as most CCRCs require
that new residents be capable of living
independently when they first move in.
There are a number of contract options
offered by CCRCs to seniors and their
families. An extensive care contract is
the most expensive, but affords the least
risk, providing unlimited long-term
nursing care at little or no additional
cost for as long as nursing home
services are needed by the client. A
modified care contract comes with
medium financial risk, and provides
long-term health or nursing services for a
specified period of time, after which,
the senior or their guardian is
responsible for the additional cost. A
fee-for-service contract offers an a la
carte approach, requiring that residents
pay separately for all health and
medical services provided by the
facility, as well as long-term care. While
a fee-for-service contract is the least
expensive contract, it does have the
highest risk, as costs can run very high
for seniors who require unanticipated
extensive care later in life.
The most common element in a CCRC
contract is an entrance fee, where
regardless of whether the contract is an
extensive, modified or fee-for-service
contract, the resident pays a lump sum
entrance fee, plus monthly fees
thereafter. Another CCRC contract
option may require an equity agreement
where seniors purchase a condominium
or co-op apartment on the property
instead of paying an entrance fee. Less
commonly found are CCRC contracts
where residents pay monthly fees only.
