Continuing-Care Retirement Communities (CCRCs) are sought after for a reason. They offer health care, fine dining, community centers, and health clubs and are generally more active than nursing homes. However, the CCRC community is suffering because of the economy.
Keeping CCRCs at full capacity is extremely important for its success. They need to make a lot of money to continue to provide the services they offer and without this expected income from inhabitants it is hard for them to do so. To make up for the lost income, some CCRCs have resorted to going bankrupt, charging more, charging for things that previously were free or keeping entrance fee deposits which average $249,857.
The monthly cost of CCRCs depends on what services you have. There are many degrees of care they provide, but most offer health care and have a nursing staff to help. It all depends on the needs of senior residents and what they are willing to pay.
A recent post by the Wall Street Journal wrote about the problems with this industry and offered some tips when searching for the right CCRC.
- Research consumer guides. www.carf.org and www.aahsa.org were listed as important websites to check out.
- View the CCRC’s audited financial statements
- Find out the CCRC’s cash-to-debt ratio, which should be about 35%
- Find out the meeting terms of bond financing
- Look at the CCRC’s history to see who and what they are affiliated with
The care advisers at SilverCensus educate consumers seeking senior care services with the most comprehensive licensed providers worldwide. By giving consumers access to this information, SilverCensus is able to assist them in making well-informed, well-thought decisions regarding their health care needs.
Continuing-Care Retirement Communities and Post by Kate Valdovinos.
Information obtained from http://online.wsj.com/article/NA_WSJ_PUB:SB10001424052748704499604575407290112356422.html.
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