With the upcoming price hikes that are being announced to be inevitable to long term care insurance policy holders within the next few months, some people are searching for alternatives that would be more affordable and would still provide the range of care that many seniors need in their older age. CCRCs, or Continuing Care Retirement Communities, are now becoming more considered and focused upon as people search for adequate replacements for their long term care insurance. The main question is whether or not this option would be a reasonable alternative for attaining access to long term care and if there are any programs that can be changed and reformed to make it a more reasonable option for the public.
CCRCs provide people 60 years of age and over with a long term continuing care contract that will ensure that they are provided for in terms of residential care, assisted living care, independent living units, and skilled nursing care. These options are usually provided for within one location and will be provided for the lifetime of the resident. However, most CCRCs have a large entrance fee that must be paid by the senior in question during the time of admission. This can range from a ‘lower’ price of $100,000 to easily over a million dollars – which is why many are wondering if they can be adapted differently to make them more affordable for the public and more reasonable for seniors to afford. Some seniors argue that the higher price for CCRCs is reasonable because they have promised long term care throughout the rest of their lifetime – though lower prices would make it easily more affordable for those who are in the middle class or lower class threshold in terms of finances.
Although the prices associated with CCRCs may seem substantially expensive to most people, some seniors have noted that it is actually cheaper for them to pay for a CCRC than to pay for living at home or other living options that are typically offered to older individuals, including medical treatment. CCRCs are able to offer a variety of different types of treatment while allowing the individual to remain in the same location, which is convenient for most seniors because it ensures that they can be near to family members and loved ones even as their care continues to change. It’s also a good option for people who are dealing with mental conditions such as Alzheimer’s and dementia because seniors who are suffering from these conditions experience less confusion since they are always in a familiar setting. For seniors who would be entering CCRCs as a couple with their spouse, they would have to pay an additional entrance fee and a monthly fee so that they would be able to cover the care provided to the additional person. In some situations, the payment of the contract is refundable to that resident if the spouse decides to leave the community.