Continuing Care Retirement Communities Benefit Senior’s Finances

Continuing Care Retirement Communities Benefit Senior’s Finances


For seniors living on their savings built over a lifetime, moving to a continuing care retirement community (CCRC) may offer exactly the stability that they want and need. The devaluation of the housing market and concern over our economic instability may play an important role in this decision. In fact, choosing a CCRC can actually reduce financial risk for seniors.

A CCRC is a particular type of retirement community that offers several levels of health care on one campus.

  • Independent Living – Also referred to as “residential living,” these freestanding units and independent living apartments are for residents who do not need personal assistance.
  • Assisted Living – Also referred to as “extended living,” this serves those who require some help with the activities of daily living.
  • Memory Care – Sometimes referred to as “special care,” these units provide for those suffering from Alzheimer or other memory impairing conditions that need attention that is more intensive.
  • Skilled Nursing and Rehabilitation – This option provides both short and long-term acre in an on-campus healthcare center.

A CCRC is a financially wise decision for a number of reasons.

Expenses Become Predictable

A CCRC plan eliminates worries about fluctuations in housing prices, expensive home repairs and having not purchased long-term healthcare. Monthly budgets become more predictable. In fact, when you compare the costs of renting a two-bedroom apartment along with all of the amenities included in some CCRCs, the cost is very similar.

CCRCs provide a lifestyle that includes housing options as well as social and other programs. Some facilities have an entry fee that includes a monthly charge that covers their housing plus a host of services and amenities.

May Help Avoid Financial Loss

Many seniors have been in their homes for over forty years, so they still have significant value in their homes despite fluctuations in the market. Since home values follow predictable cycles – dropping every thirty years and then rising at 2-3% each year – it may be best to sell now, instead of waiting for a recovery. It may be better financially to move to a CCRC now.

Offers Financial Stability

Many seniors are very concerned about their financial future, so a CCRC can provide the financial stability they need. If a resident’s health declines, their needs are met without moving to another place and creating financial upheaval. Couples find this aspect of CCRC living especially important. If one spouse needs the services provided in another part of campus, the other can easily visit and spend time together socializing, dining, or engaging in activities. Additionally, they know that their loved ones are receiving the services they need to thrive and maintain as much independence as possible.

Manages Healthcare Expenses

The appeal of CCRCs is they offer independent living for active seniors along with health services. Then, when needed, provisions can be made for assisted living, Alzheimer’s and memory support, or skilled nursing care. Since the facility provides all required healthcare, management of care and expenses is simplified.

Connected Risk Solutions understands the many benefits as well as the appeal of CCRCs and we can assist your agents as they provide the coverage needed for the multiple care options within these facilities. Please call us at one of our two offices in Chicago at 847-832-9100 or Phoenix at 847-832-9099 for further information about our programs.

About Connected Risk Solutions

At Connected Risk Solutions, we provide our agent partners with bold solutions for comprehensive insurance and risk management that are unmatched in the industry. We have market connections and collective decades of industry experience, including deep specialization in healthcare liability and managed care E&O, cyber and tech liability, management and professional liability, as well as captive management and risk management. We strive to develop creative solutions no other wholesaler can match and to help our agent partners give their clients the ability to achieve continued growth while simultaneously protecting against loss.

Our specialists, located in offices throughout the country, are responsive and engaged. To learn more, connect with us.

Table of Contents

Related Posts:
insurance for nursing homes
The Essential Role of Insurance for Nursing Homes
Nursing homes are vital in providing care and support for our aging population. The complexities of healthcare...
data protection in healthcare
Data Protection Strategies for Healthcare Providers
Healthcare data, which includes a wide range of patient information, is the lifeblood of the medical...
managed care
Insights Into the Challenges of Managed Care
The healthcare ecosystem relies on managed care organizations to coordinate the delivery of healthcare...