Financial Planning Considerations for Moving into a CCRC
Continuing Care Retirement Communities (CCRCs) are designed to meet the health and lifestyle needs of seniors. Moving into a CCRC can be a great choice for retirees that want to downsize but stay independent, as these communities can scale up services as healthcare needs change. As with any big decision, there are serious financial questions to ask before you sign up. Here is some advice from our CCRC in Sussex County, New Jersey:
- What Are Their Finances Like?
When considering this move, many people look closely at their own finances, but forget to consider the financial health of the CCRC. It is important to look into their independently audited financial statements, as a CCRC filing for bankruptcy or being financially mismanaged can have devastating effects on the residents.
In the State of New Jersey, the Continuing Care Retirement Community Regulation and Financial Disclosure Act helps govern these regulations to ensure the CCRC is financially stable. CARF International is another useful resource for understanding CCRC finances as a consumer.
- Get a Breakdown of All Fees and History of Past Fee Increases
CCRCs offer a wide range of services that scale as a resident’s needs change, from housing fees to assisted living, so understanding the fees and contracts can be challenging. Before making any decisions, ask for a full breakdown of all fees as well as past increases, so you can get an understanding of current as well as future costs.
You should feel free to take these records as well as proposed contracts to your own financial planner or elder lawyer if you need additional assistance in understanding them and seeing if they fit in with your financial situation. Your financial planner can also help you build a strategy to include anticipated increases in costs.
- Understanding Their Offering
No two CCRCs are the same. And, while that’s wonderful in terms of the different lifestyle and care options open to seniors, it can make finding the right CCRC a bit overwhelming.
It’s best to compare communities in terms of what each will cost you using a thorough breakdown, so you know what is right for you. For example, it’s pointless paying for a CCRC that has an award-winning golf course if you don’t play the game. On the other hand, scalable healthcare services are a good idea because then you’ll only be paying for the services you actually use, when you need them.
Join an Independent Community at Our CCRC in Sussex County, New Jersey
Bristol Glen is a CCRC based in Sussex County that aims to provide seniors with comfortable, serviced living arrangements that free up your time to enjoy life. To find out more please visit our website at https://bristolglen.umcommunities.org/, and book your visit today.