A Continuing Care Retirement Community (CCRC), also known as a Life-Care Community, is a type of retirement community where a number of aging care needs, from assisted living, independent living and nursing home care, may all be met within a single continuum of care.
CCRCs have emerged as a preferred living arrangement for many of today’s seniors. Typically, residents enter into a CCRC while living independently with few health risks or healthcare needs, although the primary benefit of a CCRC is the opportunity for residents to age in place and have immediate access to healthcare services should they require them.
In addition, CCRCs allow residents to maintain close ties to their local communities and continue relationships they may have developed over the years. CCRCs evolved in response to seniors’ desires to maintain their independence and active lifestyle, while gaining accessibility to healthcare. CCRCs may take many forms, but the primary defining characteristics include the levels of care within the community and the resident fee structure.
Most CCRCs currently being developed throughout the nation offer a full continuum of care through independent living units, assisted living units and skilled nursing care.
The continuum includes three basic components:
Independent Living may include individual cottages or apartments and is designed for the most active residents. Services may include congregate dining, housekeeping, hospitality services, maintenance and transportation.
Assisted Living may be provided in either the apartment units or specific rooms and is designed for residents who require a minimal amount of care. Assisted living services include personal grooming, bathing or dressing and supervision with self–administration of medications. It could also include services for those that suffer from some form of dementia, Alzheimer’s disease or other cognitive impairments, but do not require skilled nursing care.
Skilled Nursing Care offers custodial, skilled, rehabilitation or sub-acute care and is available for residents with the highest acuity needs.
The fee structure is the other defining characteristic of a CCRC. A CCRC may be based on an entrance fee, fee simple or rental model. Under the entrance fee model, a prospective resident pays a lump sum in addition to an ongoing monthly fee. In the fee simple model (condominium or cooperative), the resident pays for shares in a cooperative or ownership of a condominium unit. In addition to the purchase price of the shares or unit, the resident pays an ongoing monthly fee. Upon exit from the community (either by choice or due to death) the resident or their estate receives the proceeds from the sale of the cooperative shares or unit. In a rental model CCRC, a resident does not pay an up-front fee, just an ongoing monthly fee.