Continuing Care Retirement Communities offer housing, meals, transportation, activities, and provide a continuum of care including assisted living and nursing home care, usually in one location, and usuallay for an individual’s lifetime. This can make this model attractive to some retirees who want to move once in retirement and know that any future needs will be covered.
There are various levels of care, ranging from full service such as Life Care Contracts to more a la carte such as Fee-for-Service Contracts. Each level of care depends on the resident’s needs for care and ability to pay for the services.
While the Life Care Contracts provide the highest level of care and are all inclusive, they typically have the highest entrance fees and monthly fees, which may not be feasible for some residents. In addition, these facilities often require a large upfront investment which is either nonrefundable or only partly refundable. Therefore, when planning for future care needs it is important to plan ahead, assess all options, review all sources of income, assets, and estate planning goals to make sure you are in a good financial position if care is needed in the future.