Aug 03, 2020

Key Questions to Ask When Choosing a Continuing Care Retirement Community

Aug 03, 2020

Iris Nguyen – JD
Wealth Architect

Continuing Care Retirement Communities (CCRCs) can be an interesting option for retirement living. However, there are a fair amount of details and fine print that matter. To help orient our community, we have created a list here of key questions to ask when interviewing a CCRC.

What is the average age of your residents and what types of programs do your residents attend on a weekly basis?
What services and amenities are included in my monthly fee?
Will my monthly fees increase? If yes, what is the average annual rate of increase in the past five years?
What is the financial health of the CCRC and how does it ensure that my entrance fee will be available to my estate upon my passing? May I review your audited financial statement?
Which expenses do my long-term care insurance policy cover? Are any of my expenses deductible for tax purposes? Will your staff assist me with filing my long-term care insurance claims?
If my entrance fee is refundable, when and how will it be refunded to me during my lifetime or after I pass?
What are the credentials of your staff members in the health care center? May I tour the health center, assisted living facility and memory care facility?
What is the typical turnover rate of your staff?
What happens if my spouse or partner requires a different level of care than I do?
What are my options if I deplete my financial resources while living in this retirement community?

For more information on CCRC’s and related topics, please feel free to reach out to us.

The information provided in this commentary is intended to be informative and not intended to be advice relative to any investment or portfolio offered through Wealth Architects. The views expressed in this commentary reflect the opinion of the author based on data available as of the date this article [essay] was written and is subject to change without notice. This commentary is not a complete analysis of any sector, industry or security. Individual investors should consult with their financial advisor before implementing changes in their portfolio based on opinions expressed. The information provided in this commentary is not a solicitation for the investment management or other services offered by Wealth Architects. References incorporated into the report [essay] from third party sources are as of the date specified and are believed to be reliable. Wealth Architects is not responsible for errors in the third party data.