Living Options
There are many different options in the CCRC industry. Consider the community size when making your decision. Do you prefer a large community with many options and services, or something smaller and more individualized? Would you prefer a more "formal" environment, or are you a casual person at heart? There are CCRCs of all types and sizes, and you should look for one where you would feel most at home.
If you have decided that a CCRC is the best option for you, your family member, or client, it is best to visit a few facilities. Listed below are items to check or keep in mind and questions to ask as you decide what facility is best for you.
- Find out what kinds of services the facility offers and which ones are included at no extra cost. Sometimes, extra services are available for additional fees.
- Inquire as to what kinds of contracts are available to you. The CCRC contract is a legal agreement between you (the consumer) and a continuing care retirement community. This agreement generally secures living accommodations and services, including health care services, over the long term. The three most common types of CCRC agreements are:
- Extensive Contract (Type A):
This offers unlimited long-term nursing care for little or no substantial increase in your usual monthly payments.
- Limited or Modified Contract (Type B):
This includes a specific amount of long-term nursing care beyond which you are responsible for payment.
- Fee-for Service Contract (Type C):
You pay full daily rates for all long-term nursing care required.
- Determine what fee structure and contract option best suits your personal circumstances.
- Find out if the CCRC is subject to licensure. Ask to see the most recent inspection reports.
- Find out what the payment schedule is. Also, find out if the residents own or rent their living space.
The purchase of a continuing care agreement is an investment that may involve a high degree of risk and you should seek advice from an attorney or other financial advisor, independent of the CCRC.
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