Continuing Care Retirement Communities (CCRC) or Life Care Community
CCRCs are housing communities that provide different levels of assistance and care, from independent living to skilled nursing care, based on the residents' changing needs. The goal of CCRSs is to allow residents to maintain the maximum amount of independence as they age while meeting their housing, care, entertainment, and medical needs as they change over time. Residents move from one setting to another based on their needs, but continue to remain part of their CCRC community.
Westchester CCRCs include Kendal on Hudson, Osborn Rye and the Club at Briarcliff Manor.
One major advantage of a CCRC arises when a resident needs to move to a higher level of care only temporarily to address an injury or other health issue. That resident can, for instance, move from independent or assisted living to a skilled nursing community to recover from a severe fall, and then move back again while maintaining continuity of his or her physical and social environment.
In addition, most CCRCs provide a variety of services, which may be covered by monthly fees or be available at extra cost. Services offered may include housekeeping, meals, recreational programs, prescribed diet, transportation, utilities, and care during illness.
Benefits of a CCRC
The following are some of the benefits offered by living in a CCRC:(1) A full continuum of housing and services within the same community—independent living, assisted living and skilled nursing facilities.
(2) Caters to seniors ranging from those who are relatively active to those who suffer from serious physical and mental disabilities and chronic health problems.
(3) As the senior’s needs change, he or she moves to the next ‘area’ within the community that is able to address his or her needs.
(4) The various levels of shelter and care are housed on different floors or wings of a single high-rise building, in physically adjacent buildings (garden apartments, cottages, duplexes, mid- and low-rise buildings), or spread out in a campus
Three Basic Typs of Contracts to Consider
According to the Continuing Care Accreditation Commission, there are three basic types of contract that a resident enters into with a CCRC: extensive, modified, and fee-for-service. They are described as follows:
- An extensive contract offers unlimited long-term nursing care for little or no substantial increase in your usual monthly payments. Entrance fees and monthly costs under extensive contracts are typically higher than those under modified or fee-for-service contracts. The entrance fee may be refundable over time, partially refundable or nonrefundable. You may acquire ownership of your residence within the community, or you may be provided housing on a rental basis.
- A modified contract includes a specified amount of long-term nursing care beyond which you are responsible for payment. Once such specified amount of care is reached, the resident may continue to receive care, but most pay the facility's daily or monthly nursing rate.
- A fee-for-service contract covers the cost of your housing, residential services, and amenities. You pay full daily rates for all long-term nursing care required. Entrance and monthly fees are lower under this type of contract because residents are responsible for all long-term nursing and health care costs.
Kendal on Hudson offers seniors nice views of the Hudson River, along with many amenities including pools and fitness centers.
People considering purchasing into a CCRC community should have an attorney and accountant to evaluate the legal and financial obligations.