Choosing a Continuing-Care Retirement Community

If you want your next move to be your final one, an all-inclusive retirement community — also known as a continuing-care retirement community (CCRC) — is a great option to consider.

CCRCs are different from other types of senior housing because they provide all levels of housing, services and care in one convenient location. While they vary greatly in appearance and services, most CCRCs offer apartments or single-family homes for active independent seniors. They also offer onsite assisted living for seniors who require help with basic living tasks like bathing, dressing or going to the bathroom and nursing home care for residents who are in declining health.

CCRCs also provide a bevy of resort-style amenities and services that include community dining halls, exercise facilities, housekeeping and transportation, as well as many social and recreational activities. Be aware that these services often come at a hefty price. Most communities have entry fees that range from the low to mid-six figures plus ongoing monthly fees that can range from around $2,000 to over $4,000 depending on the facility, services and the contract option you choose.

With more than 2,000 CCRCs in operation throughout the U.S., finding a facility that fits your lifestyle, needs and budget will require some legwork. Here are some steps to help you proceed.

Make a list: Start by calling the Area Agency on Aging (call 800-677-1116 for contact information) in the area you want to live for a list of CCRCs.

Call the facilities: Once you have located a few local facilities, call them to find out if they have any vacancies, what they charge and if they provide the types of services you want or need.

Take a tour: Many CCRCs encourage potential residents to stay overnight and have a few meals in their dining hall. During your visit, notice the upkeep of the facility and talk to the current residents to see how they like living there. Also, check out the assisted living and nursing facilities and find out how decisions are made to move residents from one level of care to another.

To learn more about a particular facility, call the state long-term care ombudsman (see LTCombudsman.org) who can tell you whether the assisted living and nursing care services within the CCRC have had any complaints or other problems. You can also use Medicare's nursing home compare tool at Medicare.gov/nursinghomecompare.

Review contracts and fees: Most CCRCs offer three types of contracts: Type A, or life-care contracts, which have the highest entry fee but cover all levels of long-term care as needed; Type B, or modified contracts, which have lower entry fees but limit long-term care services in the initial fee; and Type C, or fee-for-service contracts, which offer the lowest entrance fees but require you to pay extra for long-term care if you need it.

You also need to find out what yearly price increases you can expect. You should also inquire as to how much of your entry fee is refundable if you move or die and what happens if you outlive your financial resources.

Research the CCRC: Find out who owns the facility, get a copy of their most recently audited financial statement and a copy of their contract and review these with your lawyer or financial advisor. You should also request information regarding their occupancy rate. Unless it is a newer community filling up, occupancy below 85% could be a red flag that the facility is having financial or management problems.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.