Continuing-Care Community Contracts and Fees

What You Need to Know About Continuing-Care Contracts and Fees
money

With continuing care, review the contract carefully

What it costs. Continuing care is an expensive option. Payment systems vary quite a bit from one continuing-care community to another, and these systems can be complex. In most cases, older adults will pay a hefty entrance fee -- or, in some communities, they'll have to purchase the unit they move in to -- and then pay a monthly fee after that.

Costs vary widely, but older adults will likely be looking at paying upwards of $100,000 to move in and $2,000 or more a month after that. But if they can afford it, they can generally be confident that their needs will be met for the rest of their lives once they move in.

What is included. If they purchase a life-care contract, everything including housing, meals, medical care, and skilled nursing care will be covered, and the monthly fee shouldn't go up as they move from one level of care to the next. They can also choose a modified or fee-for-service contract. This is generally less expensive at first, but additional fees will be charged as more care or services are needed. Costs will also vary based on the size of the unit they choose.

Consider using an elder law attorney. Reading and understanding the contract is important in helping older adults choose any kind of housing option, but when it comes to continuing care, it's a must. In fact, because continuing care represents both a long-term commitment and a significant financial investment -- and because contracts can be long and complex as they detail what will happen as they move from one level of care to the next -- it may be worth it to have an elder law attorney go over the contract once you've selected a community or communities to consider.


almost 4 years ago, said...

I am 62 and work full time, but have been diagnosed with Parkinsons and I am considering continuous care. Can i start paying now or do i need to move in first?


almost 5 years ago, said...

Needs more specifics. Things to watch out for, common trouble spots in contracts; most contentious areas after the fact. How about giving us a sample Standard contract or recommended contract? how about rankiing facilities? One problem wiht contracts is the facilities don't post them or let you see them ahead or change anything... recommended attorneys?


about 5 years ago, said...

@MoralSurgeon Thank you for visiting Caring.com and sharing your feedback! Unfortunately, it sounds like you may have some inaccurate data about our Senior Living Directory Ratings & Reviews program, as well as about our Editorial process. You can learn more about our Ratings & Reviews program here: http://www.caring.com/about/reviews_faq.html So far, there are more than 10,000 consumer reviews posted on listing pages in the directory, with more added every day. You can add your reviews of eldercare providers here: http://www.caring.com/review_submissions/new?utm_source=Community . This article was created to help caregivers understand continuing care community contracts and fees, and we welcome specific feedback you may have to make it more helpful. As part of our mission to provide caregivers with expert, trustworthy content, we keep a strict separation between advertising and editorial content. We never allow advertisers to influence editorial content, and wherever an ad appears it is clearly labeled as an advertisement. We know that being objective and earning consumers' trust is critical for our business. Thanks again for your comment!


about 5 years ago, said...

this verges on illegal. there are ~5 "reviews" on the entire website? they writing is unformative and crassly biased. GIGO, this is the lowest form of secretly-paid-for advertising.


about 5 years ago, said...

WORTHLESS, PHONY website...


over 5 years ago, said...

I need an elder law attorney to explain the contract to me.


about 6 years ago, said...

I would think that a CCRC community necessary for those that have no children or family. As they age and one should die before the other, who will take care of the remaining one - should he/she develop dementia or alzheimers? With children, there is often a question of who will look after mom or dad? With none, a CCRC community seems to be a great option. Am I missing something here?