According to a Wall Street Journal article by Kelly Greene published last Friday, an increasing number of families and financial advisors are considering continuing care retirement communities (CCRCs) to address potential long-term care needs. Rising long-term care insurance premiums and a shrinking number of insurers offering such policies have pushed many to explore alternatives.
Greene advises that prospective CCRC residents carefully review the specific type of contract a community offers and evaluate the community’s long-term financial stability before committing. Different contract types entail varying levels of services, fee structures, and future care guarantees, so understanding the details is essential to making an informed decision.
Families should also investigate a community’s financial health by reviewing audited financial statements, debt levels, occupancy trends, and oversight by regulators or rating agencies. Visiting communities, speaking with current residents, and consulting unbiased financial and legal advisors can help clarify how a CCRC’s offerings align with personal care needs and financial plans.
While CCRCs can provide convenience, continuity of care, and a single-campus option that adapts as needs change, they are not the only solution. Prospective residents should weigh alternatives such as in-home care, assisted living, or hybrid arrangements, considering factors like cost, flexibility, quality of care, and proximity to family and support networks.
Ultimately, choosing a CCRC requires careful due diligence: compare contract types, analyze the community’s finances, verify services and staffing levels, and seek independent advice. This approach will help ensure that the selected option both meets care needs and fits long-term financial goals.