Here’s a little information about continuing care retirement communities.
CCRC stands for Continuing Care Retirement Community. There are some other names you’ll hear used interchangeably, such as life care community or life plan community. If you hear the phrase “continuum of care,” that doesn’t necessarily mean a community is a CCRC. That’s a very specific type of license that a community will have.
What makes a CCRC different from other types of retirement communities? First, CCRCs offer multiple levels of care. If someone should have a change in their health or cognitive abilities, they can still live in that community. You’ll see independent living, assisted living, memory care, long-term care, and skilled care in a CCRC.
You’ll also notice that there is typically an entry fee required when moving to a CCRC. Oftentimes, residents are selling their homes just to enter one of these communities. To give you some perspective, the lowest price point for an entry fee might be somewhere around $50,000 and could climb as high or higher than $1 million in some markets. It depends on the type and size of community, size of the units available, services provided, and more. Just know that the entry fee is designed for a couple of very specific purposes.
“The entry fee is designed for a couple of very specific purposes.”
There are also some qualifications that people must meet (financially and medically) to move into a CCRC. They are committing to take care of the person that’s moving there for the rest of their life, and that’s a pretty big commitment that most retirement communities do not make.
Why is this important for you to know as an agent? Information is power, and while you may not necessarily be selling or leasing a CCRC residence, you may very well have clients who are looking at one as an option. If they invite you to their home and tell you what the amount is that they’re placing for an entry fee, I don’t want you to be shocked. I’ve heard of agents who act shocked and then put their client behind the eight ball. It just shows the CCRC (and the client) that you’re uninformed when it comes to senior living options.
For more info on this topic, check out mylifesite.net. Brad Breeding has done a ton of research and has a lot of great information on his website.
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