Continuing Care Retirement Communities
What are Continuing Care Retirement Communities?
Continuing Care Retirement Communities (also known as CCRCs) offer several levels of senior living on one campus. From independent retirement living, through assisted living, and all the way to skilled nursing facility services. One big difference between a CCRC and other communities which have independent and assisted living, is that CCRCs usually require a large buy-in or entrance fee as well as a long-term contract. Sometimes a percentage of the entrance fee is refundable when the resident moves out or passes away. In addition to the entrance fee, residents also pay a monthly fee that is typically lower than at communities which do not require a buy-in. Many CCRCs have a non-profit foundation component that will cover a resident’s costs if they run out of money while they still live there.
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