2. CCRC (Continuing Care Retirement Community)     

CCRC’s can have different structures and features but for the most part include Independent living, assisted living and a nursing home in one campus. The buildings can be separate or connected but are managed / owned by the same people and that is where you get the “continuing care” part. These communities are for both couples and singles. Sometimes the couple will move from one type of care to another while other times they may split up during their final years (based on needs). American Seniors Housing Association did a CCRC study in 2002 and concluded that the average senior spent just over 3 years in the independent housing component, a year in assisted living, and 9 months in the nursing home.

Advantages

• Continuum of care with both staff and residents
• A sense of peace knowing your next step
• Choices of layouts, designs and some beautiful complexes are being built daily

Disadvantages

• Can be expensive exit fees to get out of your contract
• Not always but usually expensive and down payments are frequently required

Cost

• Very expensive and commonly $20k to $500k down payment plus monthly charges

Action Step: Before signing a contract with a CCRC I would highly recommend you have both an Elder Lawyer and a family member or friend review it with you. This is a big commitment and my corny analogy is that this is more like a “marriage” than dating.

Golden Nugget: The big advantage of these programs is that seniors know once they move in they will spend the rest of their lives with the friends they meet. Some of these facilities are incredibly popular and have waiting lists that can stretch into years. Some will have promotions when they are building, it can be a good idea to check some of these out even before you think you are ready.