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Ever Consider a CCRC?

April 27, 2024

Lately, as our client base is getting older, we hear about them considering their future care needs and NOT wanting to be a burden on their children.  Since I have a long history in the Long Term Care arena, I get asked about their options. If they are in good health today, I suggest they look into considering a transition at some point to a Continuing Care Retirement Community (CCRC).  It is not for everyone, so lets look at a few pros/cons below.

Pros of a Continuing Care Retirement Community (CCRC)

  • Security and Peace of Mind: CCRCs offer a continuum of care, meaning independent living, assisted living, and skilled nursing care are all available on-site. If your health needs change, you won't have to move elsewhere. Many CCRCs also provide medical care services.
  • Reduced Maintenance and Responsibilities: CCRCs typically handle home maintenance, housekeeping, laundry, and even meals. This frees up residents' time to focus on leisure activities and socializing.
  • Socialization and Community: CCRCs often have a vibrant social scene with clubs, events, and activities. This can be a great way to combat loneliness and stay engaged in retirement.
  • Financial Predictability: While the upfront costs can be significant, CCRCs can offer predictability in long-term care costs. Some CCRCs offer a "lifecare" model, where monthly fees cover all levels of care.

Cons of a Continuing Care Retirement Community (CCRC)

  • High Cost: CCRCs typically require an entrance fee, which can be hundreds of thousands of dollars, plus ongoing monthly fees. This can be a significant financial burden.
  • Entrance Requirements: Some CCRCs have strict entrance requirements regarding age and health. You may not be eligible if you have certain health conditions.
  • Contractual Obligations: CCRCs require long-term contracts. If you decide to leave, you may not get your entrance fee back in full.
  • Limited Independence: As your care needs increase, you may have less autonomy in your living situation. CCRCs may have rules about mealtimes, medication management, and assistance with daily activities.
  • Not for Everyone: Living in a community solely with retirees may not appeal to everyone. Some people may prefer a more diverse living environment.

Overall, CCRCs can be a good option for retirees who want a secure and social living environment with guaranteed access to future care. However, the high cost and potential loss of independence are important considerations. It's vital to carefully research different CCRCs and make sure it's the right fit for your needs and financial situation.

I would love to talk to you more about this if there are questions.  We are fortunate to have numerous CCRC's in the Charlotte/Matthews, NC area and one might be a good fit for you.  As for those clients who have already made the transition, they tell us they love it and wished they had done it sooner.

With my passion to get the best care possible and Bill's experience on "running the numbers" to help you visualize the financials, we believe you will be in good hands.  Give us a call today to start a conversation.