If you are caring for an aging parent or another elderly relative, you might be wondering what types of senior living options might be available to him or her. You may have heard of continuing care retirement communities and might wonder whether a CCRC is a good choice for your loved one. At Elder Care Direction, we are able to help you to understand the various senior living options so that you can decide whether a CCRC is an appropriate choice.
What is a continuing care retirement community?
A CCRC is a residential campus that includes a range of different levels of care facilities. There is a section of homes for independent living. There is also a section for assisted living, and there is a section that includes a nursing home. Residents are able to move from one level of care to the next without having to leave the CCRC.
The independent living portion may include rental units in which the seniors are able to live independently. If their needs progress to the point that they need assisted living, many CCRCs will allow them to remain in their same homes while receiving assisted living care. People are able to stay in their rental units until they need nursing care. CCRCs offer a continuum of care so that elderly adults do not have to deal with multiple disruptive moves as their needs change.
Cost of CCRCs
The cost of living in a CCRC can be expensive. Applicants will normally have to pay a substantial entry fee to move in. Depending on the CCRC and its location, the entry fee may range from $100,000 to $1 million. The residents will then need to pay monthly fees of $3,000 to $5,000. The fees can vary based on whether your loved one chooses to rent his or her unit or to purchase it.
CCRCs offer three basic types of contracts. The first is a life care contract, which is the most expensive. However, it provides unlimited services for your loved one. A modified contract offers a set list of services to your loved one. Finally, a fee-for-service contract may allow your loved one to enter at a lower fee, but he or she will need to pay for services at their fair market value.
Talk to Elder Care Direction
A CCRC may be a good option for your loved one if he or she has the financial means to pay for it. If your loved one is not able to afford living in a CCRC, there are other senior living options that may be available. Contact Elder Care Direction to learn more about the options that might work for your loved one.