Continuing Care Retirement Community (CCRC)

A continuing care retirement community, also known as a CCRC, offers a wide range of long-term care services and facilities all within one senior living community. These include independent living options with skilled nursing care available, assisted living, memory care and short-term rehabilitation.

To live in a CCRC, you must first be able to live independently, then you are permitted to move to other living options within the community that have more personal or medical assistance if your health declines. Keep in mind that most CCRC have a minimum age requirement between 60 to 62 years old.

Having ample health care, personal care assistance and a community does come with a hefty cost with a CCRC. There is often an entrance fee along with a monthly fee.

The entrance fee has a wide range, from as low as $40,000 to $2 million or more. On average, the entrance fee for a CCRC ranges between $200,000 to $500,000. If you have a home that you’re looking to sell in order to move into a CCRC, you could use those funds to cover the entrance fee.

Monthly fees vary depending on the type of CCRC contract you choose. With an extended care contract, your monthly fee will likely be around $3,500 a month.

If you want access to different levels of care for your retirement lifestyle, and it’s within your budget, a CCRC may be a beneficial option. Be sure to explore all services provided by a CCRC to ensure it’s a good fit for your needs.

A CCRC offers most essential services you’d need in one community — from health care, such as an onsite dentist and nursing services, to commercial services like a coffee shop or housekeeping, and community services such as a golf course or greenhouse.

Having an abundance of health care options, along with social events and community services makes a CCRC a popular option for seniors. According to an article from the National Investment Center, CCRCs commonly have a higher occupancy compared to other senior housing options.

Learning more about each service can help you decide if a CCRC will cater to your specific needs for retirement.

All CCRCs have professional health services available, including nursing care, assisted living care, memory care, occupational and physical therapy and more. Even though you need to be able to live independently when you first arrive at a CCRC, you can utilize the health services any time.

For example, you could move into a CCRC in good health and live independently at first. Later on, you could require assisted living care for several months due to a back injury. After you are healed, you are welcome to move back to independent living housing within the community. There is not a fixed schedule with health services, you can generally move from one facility to another due to your health status, but it depends on availability.

At any level of care, you will always have access to the professional health services available, such as an onsite pharmacy or dentist.

Commercial services offer assistance in and outside of your home. Home repairs and housekeeping services are available, as well as transportation services to take you to retail and food options within the community.

Other common businesses within a CCRC include a postal office, banks, salons and coffee shops.

Having access to a CCRC;s social community services, like a golf course or art studio, promotes socialization and helps battle loneliness and depression in your golden years. According to the Centers for Disease Control and Prevention, older Americans are more at risk for depression.

While there are roughly 1,900 CCRCs nationwide, not all of them have the exact same community services available. If there is one or several community services you want, contact the CCRC you have in mind to confirm it is available at your desired location.

There are four levels of care within a CCRC — independent, assisted, memory care and skilled nursing care. You can generally switch between these levels of care within the CCRC.

There are three types of standard CCRC contracts, classified as Type A, B and C. The contract you choose will determine the fees for enrollment, as well as the services and treatment you will receive at the CCRC.

Some, but not all CCRCs, will offer contracts Type D and E. Type D is a rental contract, and Type E is an equity agreement to purchase a share of your unit instead of an entry fee.

With every CCRC contract, you’re likely to pay a large sum of money. It’s best to run your contract by a lawyer before signing.

When selecting a CCRC, there are several factors to consider, such as costs, quality of care and services provided.

If you’ve considered all these factors and found it to be a good fit, the government affiliated Eldercare locater can help you find a CCRC near you.