Almost all 55+ retirement communities— including Active Adult Living, Independent Living, Senior Apartments, CCRCs, and Senior Co-Ops— serve those who are either able to live completely independently or who require only limited assisted living services. Yet, if a more advanced level of care is required the resident may eventually need to move to an off-site health-care facility. A continuing care retirement community is the exception. But one of the questions many retirees ask is “What is a Continuing Care Retirement Community?”
A Continuing Care Retirement Community— often referred to as a “CCRC” or “Life Plan Community” — is the only type of retirement community that provides services spanning the full continuum of care. CCRCs typically cater to active retirees who are able to live independently today but who also seek the peace of mind that comes with living in a community equipped to provide necessary healthcare and long-term care services in the future; thus reducing potential stress and hardship for the resident and other family members.
In its truest form a Continuing Care Retirement Community contractually guarantees access to a full continuum of care; usually for a period of time greater than one year and sometimes for life. The contract between the community and the resident is typically referred to as a “Residency and Care Contract.” Alternatively, some CCRCs provide access to healthcare services but do not contractually guarantee such services for any period of time. CCRCs are regulated at the state level and therefore each state may define a CCRC differently. Furthermore, some states do not regulate CCRC at all so there is no formal definition of a CCRC within those states. Note: Even in states that do not regulate CCRCs separately, the assisted living, memory care, and/or nursing center within those CCRCs will still be licensed and regulated by the appropriate divisions within the state.
All CCRCs are not alike and many require an entry fee in exchange for access to healthcare services. Choosing the right community is an important decision. If you are considering a CCRC/life plan community be sure to inquire about the type of residency contract(s) available, the financial strenfth of the community, quality of care, and the experience of the management team.