A Continuing Care Retirement Community (CCRC) or Continuing Care Facility is a community that offers all types of care (Independent Living, Assisted Living, Memory Care, Skilled Nursing and Rehabilitation) within one campus.
Care is provided as the needs of the individual changes over time so they may continue to stay within the same community without the need for future moves. This can be especially appealing for couples that may need different levels of care at various times. This options allows them to live on the same campus, receive the care they need and have the ability to spend time together without the need to travel to another community.
Some CCRCs are in one large building with several wings or “units” for each care area. Most have separate buildings for each individual care option arranged like neighborhood over a large campus. This allows the senior to live long term or permanently in a community where they are familiar and able to maintain friendships they’ve developed over the years.
Continuing Care Retirement Communities are unique in how care services are arranged and how individuals pay for their care. There are three basic types of contracts:
Life Care Contract: This is the highest priced option but will cover unlimited care without any additional charges in the future.
Modified Contract: This offers care services for a specified length of time. Once that time has expired, more services are provided for higher monthly rates.
Fee for Service Contract: This is a more traditional payment arrangement for care services. Fees change as care needs change. Charges are always based on the resident’s current level of care and are typically competitive for that specific demographic area.
Please note that Life Care Contracts and Modified Contracts require a larger monetary outlay and pose more financial risk. For this reason it is best to have these plans reviewed by an Attorney and CPA.
CCRCs are not common in all cities so it’s best to contact a senior referral agency for more information to see if there is one in your area.