Are Continuing Care Retirement Communities a Reasonable Option?
Continuing Care Retirement Communities (CCRC’s) or Life Plan Communities allow individuals to stay in one place through all the phases of the aging journey. A range of housing and care options provide a responsive environment to changing needs. To be labeled a CCRC a facility must include independent living, assisted living, and nursing home care. Services might include housekeeping, meals, laundry, transportation, and social activities alongside a barbershop, banking, and post office. It can be like “one stop shopping” for senior care with the added benefit of campuses that have sometimes been dubbed Disneyland for senior citizens . But of course that level of convenience and amenities comes with a price tag. Entrance fees and monthly charges can put this choice out of reach for many Americans.
As families consider the options for aging members, the likelihood is that extended family do not live nearby. Without proximity, loved ones face major obstacles to checking in and offering support—things as simple as making sure the food in the cupboard is not out of date. Sometimes health and/or cognition can shift rapidly without detection, and vulnerability of seniors in the face of accidents, scams, or just plain loneliness can become a looming problem. For those on the caretaker end, the thought of finding a socially vibrant setting that encourages an active lifestyle and daily support can be very appealing.
Sometimes individuals and couples pursue this option with the hope of sparing their children any burdens of care. If a married couple has differing needs as they age, this can provide a place where both partners can thrive and perhaps avoid an isolated caretaker situation. And for those who are single, this can be a way to ensure companionship and care to the end of their lives. Although costly, many families decide they would rather choose peace of mind over a larger inheritance.
What makes many people take pause is the lifelong financial obligation that comes with buying into a CCRC. When you commit to joining such an institution, you are usually asked to sign a Continuing Care Agreement. This legal document should be reviewed carefully with a lawyer or financial advisor before taking steps forward. Alongside a clause for refund ability, this document should include:
Residences
Fee schedules
Health care coverage
Cancellations and refunds
Services
Insurance requirements
Conditions for transfer within the community to other levels of care, plus a description of the CCRC’s responsibility should a resident become unable to pay fees
At the end of the day, these decisions come after a lot of soul searching and careful research. Visiting different CCRC’s and talking with residents, comparing contracts, and talking with a trusted advisor will help you know whether this direction fits both your budget and your needs.
Remember that the team at Hillsborough Wills & Trusts has the expertise to help you Build Your Circle of Security through strong legal documents and good counsel. We are here to help you succeed! Contact us at: https://hillsboroughwills.com/contact
Additional Articles:
https://www.aarp.org/caregiving/basics/info-2017/continuing-care-retirement-communities.html
https://www.aplaceformom.com/caregiver-resources/articles/ccrc