If you plan to retire at home (age in place), new information in a report from the Gerontological Society of America indicates that your connectedness to your community can have a meaningful impact on your health and well-being as you get older.
By educating yourself about the different types of CCRCs and considering your unique situation, you can make an educated decision about the type of contract that is best for you.
Senior care centers and retirement communities are not all created equal. Although these two terms are often used interchangeably, there are some important distinctions to be made.
My experience in talking with prospective residents is that, from a financial perspective, the question is not so much about “can I afford it” as much as it is “to what extent can I afford it?” Many who are considering moving to a Continuing Care Retirement Community want a better understanding of what the financial impact to their estate could be based on a range of possible scenarios.
A source of confusion for seniors or families researching a senior care center is understanding the difference between a “Medicare-certified” facility and a “private-pay” facility.