WHAT IS A CONTINUING CARE RETIREMENT COMMUNITY (CCRC)?
A CCRC, also known as a Life Care/Plan Community, is a type of senior living for older adults who want to stay in the same place through different phases of the aging process. This allows for aging-in-place. This type of retirement living is designed on a tiered approach where healthy residents initially live independently in single-family homes, apartments, or condominiums. When assistance with everyday activities becomes necessary, they move into assisted living or skilled nursing care within the same community.
Amenities CCRCs provide residents with amenities and conveniences for an on-campus resort-like lifestyle. amenities may include:
Beauty Salon & Barber Shop
Tennis courts Golf/putting green
Fitness center Library
Craft room Game room
Garden Art & music studio
Coffee shop Post office
Private dining room
Residential Services Services vary depending on level of care, independent, assisted living, or skilled nursing care. Residential services may include:
Cable and internet
Home repairs and maintenance
Daily Living & Personal Care Services CCRC contracts usually cover the basic needs including assistance with daily living and personal care needs of Activities of Daily Living (ADLs). ADLs include:
Supervision & help with medications
Health Care Services In general, CCRC contracts do not cover health care costs, but depending on which type of contract is chosen, health care costs can be mitigated.
Contracts and Costs
CCRCs require an entrance fee as well as monthly maintenance fees. Entrance fees can range greatly between communities from an average of $300,000 to up to $1,000,000 and monthly fees from $3,000 to $5,000. There are generally four types of CCRC contracts.
Familiarize yourself with the state laws that form the basic regulations governing CCRCs. The Office of Insurance Regulation (OIR) regulates the financial solvency of CCRCs. The Agency for Health Care Administration (AHCA), on the other hand, regulates other CCRC aspects, such as assisted living, skilled nursing care, quality-of- care issues and concerns with medical facilities.