There’s a new type of retirement community that’s gaining popularity. It’s a cross between an independent living community, an assisted living facility, and a nursing home. Called a Continuous Care Retirement Community (CCRC), it’s designed to meet the needs of its residents during the full range of their retirement years.
The typical CCRC is made up of modern-style apartments, condominiums and villas. Like an independent living community, it has amenities for its residents including pools, fitness centers, and a variety of recreational activities, plus several dining options. While the focus is on providing services for independent living residents, the community also provides assisted living and nursing home care to its residents as they progress into the need for these services.
A unique feature of Continuous Care Retirement Communities is that the vast majority of them are nonprofits. They’re often run by religious or charitable organizations, and any financial surpluses realized by the community are channeled back into the community in the form of improvements. This is different from for-profit facilities, which, of course make improvements to facilities, but also distribute profits to shareholders or owners.
Residents pay an initial entrance fee, as well as a monthly fee, both of which vary depending on the type and location of the community. Generally, up to 25% to 30% of these fees are tax deductible as pre-paid medical expenses, giving residents an attractive incentive for moving in.
The lifestyle offered by CCRC’s can run the gamut, with some being targeted at middle-class residents, while others are quite expensive and appeal to wealthy seniors seeking a luxurious lifestyle. The most important feature shared by all CCRC’s is that they offer their residents the certainty that their lifestyle and medical needs will be met, no matter what their future health status is.
Latest posts by Saul Kobrick (see all)
- Will Robots Care for the Elderly In the Not Too Distant Future? - July 26, 2018
- Understanding How Social Security Works to Fund Your Retirement - July 24, 2018
- 6 Important Estate Planning Considerations – Part 6: Taxes - July 19, 2018