After learning all this about CCRCs, are you still interested in moving to one?
If you can afford a CCRC, then consider these questions
- Are the culture, atmosphere, and lifestyle of CCRC living right for me?
- Do I want to spend that much money on the benefits I would receive from a CCRC? If you are a person who has worked all your life at accumulating wealth, you may find it difficult to start spending it.
- Do I want to leave an inheritance to my loved ones or charities when I die and, if so, how much of would remain after my stay at a CCRC?
Move sooner, not later
Many CCRC residents say they wished they had made the move sooner so they could have enjoyed the benefits sooner and been at an age when they could have enjoyed the benefits more. CCRC managers are aware of the need to help educate their markets about the benefits of CCRCs to a younger clientele. Many regret the title “continuing care retirement community” since it implies the community is just for caring for “old” people as they age. Modern CCRCs are like resorts where there are activities for everyone, and all your needs are catered to.
Research
A study was conducted by Mather LifeWays, Brecht Associates, Ziegler Investment Banking, National Survey of Family Members of Residents Living in Continuing Care Retirement Communities that surveyed 3,700 respondents who had family members in more than 200 not-for-profit CCRCs across 49 states and the District of Columbia. The study found that:
- 93% of the respondents agreed that CCRCs were providing good services to their family members and 75% of those very likely to select a CCRC lifestyle for themselves reported that their family members’ CCRC experiences positively influenced their interest.
- 50% of those likely to consider a CCRC would select a Type A extensive contract with a refundable entrance fee (versus 40 percent who were uncertain).
When asked about what they would consider important in deciding to move to a CCRC:
- 99% reported that the cost and value of the community would be very important to them.
- 98% reported that the reputation of the community would be important to them.
- 97% reported that the availability of onsite healthcare was important to them.
Do your own research
If CCRCs still look appealing to you, then perform online research for information about CCRCs and general information about choosing and living in a CCRC.
Things to consider in your research:
- Location of the CCRC.
- Climate at the location.
- CCRC distance from loved ones.
- Living costs and taxes in the area.
- Housing types offered.
- Amenities offered.
- Included benefits and those you must pay for.
- Entrance fees and types of refunds.
- Types of contracts available.
- Age of facilities and last updates. Some CCRC’s still have 1980s décors.
- Profit or not-for-profit. As the population of the country ages, more of the newer CCRCs are for-profit businesses. If the CCRC is for-profit, the business may go bankrupt or be sold someday. If this occurs, how would it affect a resident's contract and how would it affect him or her financially? Most CCRCs are not-for-profit organizations sponsored by religious, university, military, or fraternal groups and do not have stockholders who demand a return on their investments. However, the non-profit label may be misleading. Sponsoring organizations like churches and fraternal organizations might offer their name but have limited or no financial responsibility for the CCRC or its administration. Also, the overall administration of the CCRC might be contracted to for-profit management firms.
- What CCRC residents say.
Look for websites that provide feedback from CCRC residents. Remember that discontent seems to make people more vocal so the feedback will usually be negative. One website to check out is: http://www.naccra.com/
Ratings
Medicare rates skilled nursing facilities that have certified Medicare beds. If a CCCR skilled nursing facility has Medicare beds, you may check its ratings at: https://www.medicare.gov/nursinghomecompare/search.html.
Accreditation
CARF International, a group of companies that includes CARF Canada and CARF Europe, is an independent, nonprofit accreditor of health and human services. CARF provides accreditation services worldwide at the request of health and human service providers. Whether you are seeking rehabilitation for a disability, treatment for addiction and substance abuse, home and community services, retirement living, or other health and human services, with a CARF accreditation you can have confidence in your choice. Providers that meet CARF standards have demonstrated their commitment to being among the best available.
The accreditation process applies sets of standards to service areas and business practices during an on-site survey. Accreditation, however, is an ongoing process, signaling to the public that a service provider is committed to continuously improving services, encouraging feedback, and serving the community. Accreditation also demonstrates a provider's commitment to enhance its performance, manage its risk, and distinguish its service delivery.
CARF accreditation must be requested and paid for by the CCRC seeking it. It is a costly and lengthy process that must be renewed every five years, during which an annual and ongoing reporting process must be maintained. A CARF accreditation means the CCRC is constantly self-examining and is focused on the highest levels of performance, financial solvency, and good business practices to meet a third party’s standards.
Check CCRC CARF certifications at: http://www.carf.org/ccrcListing.aspx.
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