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Why Move to a Continuing Care Retirement Community? Residents Explain

Retirees hoping to spend their golden years in an idyllic retirement community should slow down before signing over their savings. Continuing care retirement communities, or CCRCs, give retirees the opportunity to age in one location, moving from independent living to assisted living and eventually skilled nursing care. The arrangements are convenient and often luxurious, but some older Americans may overlook the financial due diligence they need to undertake before committing to a facility. As of the end of , there were 1, such communities in the U. High-demand amenities include fitness centers on site and multiple dining venues, including cafes and bistros, said Gregory Zebolsky, principal and consulting actuary at Milliman.

Though the independent living facilities are the show stoppers, you should also check out their assisted living and nursing care departments before deciding. Are the residents happy and cared for? Another reason to look closely at your continuing care center: If its independent living quarters are sparsely occupied, there might be financial troubles ahead.

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Get into the details and work through them with your accountant: Key financial reports to obtain from your continuing care center include its audited financial statements, data on monthly service fee increases, financial ratios and reserves, according to the California Advocates for Nursing Home Reform.

Further, when continuing care centers do run into financial difficulty , there is no guarantee that a resident will get his or her money back. In that case, another provider may buy out a struggling facility, potentially leading to a change in services and fees, Breeding said. CCRCs are regulated by the states in which they are based.


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The degree to which those regulators will scrutinize these communities will vary. For instance, some states require that these communities have their resident contracts approved by regulators and that their policies must address how and why monthly fees may increase, according to a report from the Government Accountability Office.

Prospective residents should reach out to the agency that oversees CCRCs within that state, said Breeding. Here's a list of state agencies that regulate these retirement communities.

Ask these questions as you visit facilities. How much of my entry fee is refundable? Some agreements will give a 90 percent refund of your upfront fee if you change facilities or if you pass away within a certain period. That means it could take some time before you get your money back. Can we see your balance sheets? Highlights include the audited financial statements, the long-term debt to total assets ratio, the debt service coverage ratio and the amount of cash on hand.

Do you work with an actuarial firm?

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The 5 Steps You Must Take To Pick The Right Retirement Home For You

Not all states require this. Along with an upfront fee, residents will pay a certain amount each month that will vary based on their contracts. Find out whether your monthly cost will change if you need assisted living or skilled nursing care and what amenities are included.


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    10 things retirement communities won’t tell you

    All Rights Reserved. Data also provided by. Add to Cart. Here is the first detailed study of the economic, social, and administrative implications for the establishment of continuing care retirement communities CCRCs. Leaders in the field of optional living arrangements for the elderly examine models of continuing care retirement communities throughout the United States. A wide range of sometimes conflicting views are vigorously discussed--by proponents of continuing care communities as well as by representatives from states that do not allow the existence of such institutions.

    Other intensely debated topics include existing and recommended financial and legal regulations of the industry; legal, financial, and ethical implications of continuing care communities; and a sociohistorical overview of the concept of continuing care. Routledge eBooks are available through VitalSource. An eBook version of this title already exists in your shopping cart.