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NABBW Columnist - The New Retirement
What
is CCRC? If you’re looking to make only one move that will provide for whatever care needs may develop, a CCRC (Continuing Care Retirement Community) may fit the bill. A CCRC offers a continuum of care and allows you to “age in place” – you can transition from independent living to assisted living to nursing care (some accommodate Alzheimer’s residents), all within the same facility or on the same “campus.” A variety of housing options is usually available, and there is often a community dining area. If your goal is to remain in the same geographic area, the sizable number of these facilities throughout the country may enable you to stay close to your present location, yet receive the help you need. Or, if you decide to relocate, you’ll have the peace of mind of knowing you won’t have to move again. There is a menu of choices in CCRCs. Residences may be condos, apartments, single-family homes, or duplexes. In general, residents may either pay an entrance fee along with monthly fees or just be charged a monthly rental fee that covers certain services. CCRC contract options are typically either extensive (monthly payments stay the same regardless of services); modified (a set number of days of nursing care is provided, beyond which the resident is financially responsible); or fee for service (you pay a la carte for nursing services and other health-related costs). Entrance fees can range from $10,000 to $500,000, and monthly fees from $200 to $4,000 per month. In some CCRCs, homes can be passed on to heirs; in other communities, a portion of the entrance fee is refunded if the resident leaves, or refunded to his or her estate upon death. CCRCs can be pricey; if you are in poor health, you could pay a hefty entrance fee for little time. There is often a wait to get into these types of communities, although more are opening all the time. CCRCs may be non-profit (Twin Lakes in Montgomery, Ohio is affiliated with the United Methodist Church), or may be for-profit (Classic Residence by Hyatt has 21 luxury communities in eleven states). How can you check out a CCRC? CARF (Commission on Accreditation of Rehabilitation Facilities) is the accrediting agency for continuing care retirement communities. You can search online by state(s); go to http://www.carf.org/Consumer.aspx?Content=CCACSearch and access the names, addresses, phone numbers, and websites of accredited CCRCs. Or, you may call CARF at 866-888-1122. The general CARF website (www.carf.org) provides helpful information on choosing a CCRC, questions to ask, and free publications. In the United States, there are more than 2,200 licensed CCRCs (about 350 of these are also accredited) serving approximately 600,000 residents. Although not the long-term care solution for everyone, it’s a good idea to be aware of this lifestyle option. E-mail: jancullinane@fuse.net February
2006: What is the New Retirement?
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Jan
Cullinane and Cathy Fitzgerald are the authors of The
New Retirement: The Ultimate Guide to the Rest of Your Life
(Rodale). Their book has been widely acclaimed and reached
the number two ranking on both Barnes&Noble.com and Amazon.com.
The Chicago Tribune, Publishers Weekly, and Library Journal
have given the book outstanding reviews. Michelle Singletary,
personal finance columnist (“Color of Money”)
for The Washington Post, chose The New Retirement
for her March 2005 book club selection. National
Association of Baby Boomer Women Copyright
2005, National Association of Baby Boomer Women |