Regulation of Continuing Care Retirement Communities (CCRCs) Explained
Since the Great Recession and the U.S. Senate’s subsequent study and hearings on continuing care retirement communities (CCRCs), financial regulation and contract terms have become a hot-button issues among prospective CCRC residents and regulatory bodies. Here are a few important details to understand about regulation of CCRCs.
Will the CCRC Entry Fee Model Remain Viable in the Aftermath of the Great Recession?
As described by Gerace, “…some expect rental continuing care retirement communities (CCRCs) to gain market share in the next few years while others contend the diversity of the baby boomer generation will support the near-term viability for the entry fee model as well.”
More on Retirement Community Tax Deductions
More information on deducting retirement community entry fees
Long-Term-Care-Planning Should Be About More Than Just Cost
Planning ahead for the later stages of retirement involves significantly more than this issue of cost alone. While LTCi will provide dollars to cover some or all of the cost of long-term care major headaches may still lie ahead for your clients and their families if they do not understand the implications of various retirement living choices and which one is most appropriate for them.
Refundable Entry Fees: To Refund or Not to Refund- Part III
Yet, there was one other aspect I wanted to consider and I was curious to see how it might impact my results. I wanted to see if owning or purchasing life insurance would impact the results. With rare exception I found that if the resident(s) already owns life insurance it really does not impact the results because, whether the residents choose the refundable contract or the standard contract, the life insurance proceeds simply add dollars to the end results.
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Refundable Entry Fees: To Refund or Not to Refund- Part II
Today, I want to summarize some comparative scenarios that I ran on our proprietary software system called DecisionGenie to help you gain an idea of when it might make the most sense to choose a refundable entry fee contract. Of course, these projections are purely hypothetical and there is no way I could run every type of scenario that a prospective resident could potentially encounter. Therefore, this analysis is only meant to give you some general direction in your planning. Ultimately you should consider working with a financial planning professional who can help you analyze your unique situation.
www.lifesitelogics.com
info@lifesitelogics.com
877-699-2272