Aug 03, 2020
Key Questions to Ask When Choosing a Continuing Care Retirement Community
Aug 03, 2020
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.