Is a CCRC a Sound Long-Term Investment?
Choosing a Continuing Care Retirement Community (CCRC) is more than just choosing a place to live. It’s also a financial investment in exchange for certain services, amenities, and the peace of mind that they will have access to a full continuum of care services should they ever need them.
Investing in a CCRC means having access to high-quality care and services for the rest of your life, no matter how your needs change. However, like any investment, choosing the right CCRC requires careful consideration to ensure it will be a sound long-term investment.
Here are some tips to help you have confidence that a CCRC will be a sound long-term investment:
- Do your research: Before committing to a CCRC, research different options thoroughly. Make sure to read reviews, visit the facilities, and speak to current residents to get a sense of the community’s culture and the quality of care they provide.
- Check the financial stability of the CCRC: Look into the financial stability of the CCRC to ensure they will be able to provide the promised care and services for the long-term. You can do this by reviewing their chapter 651 financial statements and asking for references from financial experts.
- Consider the location: Location is an essential factor to consider when choosing a CCRC. Make sure the community is in a safe and accessible location, close to family and friends, and in an area with good weather.
- Evaluate the amenities and services: CCRCs offer a range of amenities and services, from fitness centers and pools to dining options and transportation services. Make sure the CCRC you choose has the amenities and services that fit your needs and preferences.
- Understand the contract: Before signing a contract with a CCRC, make sure you understand the terms and conditions fully. Review the contract with an attorney who specializes in senior living communities to ensure you understand your rights and obligations.
Investing in a CCRC can be a sound long-term investment, provided you do your research. Check the financial stability of the community, consider the location, evaluate the amenities and services, and understand the contract.
By following these tips, you can have confidence that you are making a good investment that will provide you with high-quality care and services for the rest of your life.
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