Continuing Care Retirement Community – CCRC Guide Review

Continuing Care Retirement Communities are gaining market share as more baby boomers age.

In this episode I go over a guide from the CA Advocates For Nursing Home Reform. While the guide is nearly 10 years old and I’m not familiar with this specific organization, it is definitely worth your time to read, especially if you are looking at a CCRC.

CCRCs Similar to Long Term Care Insurance

CCRC’s act like a long term care insurance policy. They take away your concern of wondering how you’ll get care if something happens to you or your spouse.

Entrance Fee

The entrance fee is generally based on the local community average housing costs. So, keep that in mind. If you are in Alabama and looking to sell your house to go to a CCRC in Los Angeles, you’re probably going to need to come up with cash even after selling your home.

Monthly Fee

The monthly fees can increase, and most likely will, each year. You’ve got to make sure you have the ability to pay for the increases. Your Cost of Living Adjustments from Social Security won’t cover those increases in the least.

Lifestyle Adjustment

One thing I thought was interesting in this article was it focused on the lifestyle adjustments one needs to make. Think about it, your whole life you lived in a neighborhood of varying people; Retirees, young families, single couples etc.

Now you go into a CCRC and you’re going to be with people your age exclusively. That may be quite an adjustment especially if you’re in an apartment. Just something to think about.

CCRCs mainly are non-profits

Most CCRC’s are non-profit. Don’t think that means they’re any more “righteous” than for-profit organizations. You just have to look deeper. Some sponsoring organizations offer their name only, but don’t do anything on the day to day management.

Lots of interesting information in this guide for sure. Link is below.

http://www.canhr.org/publications/PDF…

© Copyright 2018 Heritage Wealth Planning