CONTINUOUS CARE RETIREMENT COMMUNITIES
 
PDF Handout: Continuous Care Retirement Community

Continuing care retirement communities (CCRCs) offer seniors long-term contracts that guarantee lifelong shelter and access to specified health care services. In return, residents usually pay a lump-sum entrance fee and regular monthly payments. Depending on the contract, the entrance fee may be nonrefundable, refundable on a declining basis over time, partially refundable, or fully refundable. CCRC residents enjoy an independent lifestyle with the knowledge that if they become sick or frail, their needs will continue to be met.
 
Most CCRCs establish minimum requirements for incoming residents based on age, financial assets, income level, and physical health and mobility. In general, residents are expected to move into the community while they are still independent and able to take care of themselves.
 

Source: Guide To Retirement Living