Elizabeth Meyer | Mar 19, 2015
A Continuing Care Retirement Community (CCRC) is part independent living, part assisted living and part skilled nursing home. They offer a tiered approach to the aging process, accommodating residents’ changing needs. Upon entering, healthy adults can reside independently in single-family homes, apartments or condominiums. When assistance with everyday activities becomes necessary, they can move into assisted living or nursing care facilities. These communities give older adults the option to live in one location for the duration of their life, with much of their future care already figured out. This can provide a great level of comfort to both your parents and you and take much of the stress out of the care giving relationship.
The most expensive of all long-term-care options; CCRCs require a hefty entrance fee as well as monthly charges. Entrance fees can range from $100,000 to $1 million — an upfront sum to prepay for care as well as to provide the facility money to operate. Monthly charges can range from $3,000 to $5,000, but may increase as needs change. These fees are dependent on a variety of factors including the health of your loved one(s), the type of housing they choose, whether they rent or buy, the number of residents living in the facility and the type of service contract. Additional fees may be incurred for other options including housekeeping, meal service, transportation and social activities.
There are three basic types of contracts for CCRCs:
It is very important to review with your loved one each option as well as the long-term financial plan to support them. Often, charges above and beyond the entrance cost and monthly fees arise. Ensure that everyone understands just how much money will be needed to support this housing option.
Also, make sure the facility they are considering will be financially viable over the long term. Get assurance that 10 to 15 years down the road your loved one’s CCRC will still be operating and able to provide them with the care they’ve already paid for.
Help your loved ones research CCRCs in their area and offer to accompany them on visits. While there, investigate thoroughly and meet with a representative who can walk them through the different housing options, cost structures, and contract choices.
If your loved one decides to live in a CCRC, suggest that they request a weekend or week-long stay at the facility to ensure it’s the right choice for them. Once they are ready to commit, run the contract by an attorney to be sure everything is spelled out as it was agreed upon with the facility.
Walker Methodist has 10 senior living communities in the greater Minneapolis area, one of which is a CCRC community – Walker Methodist Place, located in the East Harriet neighborhood of Minneapolis.