What is a CCRC?
June 30, 2019
What is a continuing care retirement community (CCRC) and how does it work?
Continuing Care Retirement Communities (CCRC) are residential communities established in a campus-like setting that provide older adults access to multiple levels of housing and care including residential homes or apartments much like their own homes; assisted living, which provides a level of assistance with daily tasks; and skilled nursing care for mature adults with greater needs. CCRCs are like the one-stop shopping of the retirement community industry. Generally, residents move to a CCRC when they are still healthy enough to live independently and as their needs change, they have access to greater care within the community. Meals, activities, some medical care and maintenance-free living are examples of services provided as a resident of a CCRC.
How do you pay for CCRCs and is there a refundable option?
Most CCRCs require an initial one-time investment, often referred to as an entrance fee, paid upon moving in, similar in the amount of a home purchase, along with a monthly service fee. Costs will vary widely depending upon size and features of the home and amenities you choose and level of care needed. CCRCs offer a number of different entrance fee options, some of which may be refundable. Most refundable options include a 50% plan. Should you move out within a certain time-frame after moving in, your entrance fee may be partially or wholly refundable. However, some CCRCs can hold your entrance fee until they re-market the home or for a specific period of time as named in the contract. The community’s disclosure statement will provide additional information on this policy.
Visit the community; did it meet your expectations?
You should visit the CCRC and interact with residents, ask them questions, drive through their neighborhoods and see what they have to say about the community.
Lake Prince Woods is an award winning residential senior living community offering an array of lifestyle choices. Located in Suffolk, Virginia, the community is nestled among 172 lovely wooded acres bordering Lake Prince. As a continuing care retirement community, Lake Prince Woods offers residential living, assisted living, memory care and nursing care. To learn more, visit the website: www.lakeprincewoods.org.