Deciding on a Move to a CCRC (Continuing Care Retirement Community)
Moving to a retirement community, whether a rental or a CCRC, is a financial decision that some people truly agonize about. While there are many life decisions we make that are also major financial commitments – like deciding to have children or moving to different parts of the globe – people don’t seem to worry about them quite as much as they do the decision to move to a CCRC.
Common Concerns About Moving into a CCRC
The most common concerns we hear from people have to do with whether they can afford their decision and how much their monthly costs will compare to remaining in their current home.
While a CCRC can be a big financial commitment, when you weigh it all out, many people find it’s a commitment worth making – just like the decision to have children!
The Cost-Benefit Analysis of a CCRC Move
For those who opt for a CCRC, there is an even greater perk that must be factored into the cost-benefit analysis. CCRC residents know that should their ability to live independently change, they will have access to a continuum of care services – usually on the same campus.
That means no future moves or concerns about care.
This can create the ultimate freedom for residents and give their loved ones peace of mind as they let go of worries about the future’s unknowns.
What About CCRC Entry Fees?
In today’s world, a long-term care policy is not the same as it was years ago. They cost much more and the coverage is not the same as originally offered.
However, a CCRC’s entry fee acts as a long-term care policy – which is usually a medical tax deduction (ask your financial expert about more specifics on this) – and specifically at Buena Vida Estates, will ensure that your care costs for assisted living, memory care and/or nursing care- will be less than the retail costs at a rental community.
An entry fee at a CCRC not only ensures that you know the costs ahead of you, but also that you will have a place when you need it. Unlike the rental communities which are month-to-month commitments, a CCRC has a contract that states you won’t be asked to leave for medical or financial changes. Talk about peace of mind and security!
Is a CCRC Right for You?
Moving to a retirement community isn’t right for every senior adult. Many different factors go into a senior living decision, and a person should make an informed choice based on their individual preferences, finances, and goals.
People considering their senior living options sometimes wrestle with what freedoms they may be giving up if they move to a CCRC or other type of retirement community. But besides giving up freedoms, consider that you may also gain new freedoms in exchange.
Just as with other decisions in life, like having children or traveling the world, the cost and relatively minor freedoms that may be given up with a retirement community move may be well worth it when they weigh the deciding factors that are most important to them.
