Wednesday, April 19, 2017

What You Need to Know about Continuing Care Retirement Communities

By Dina Mestel, Sales Trainer

Many of your clients may already be looking into how they want to live and spend their years as they age. However, many others may be unaware of the Continuing Care Retirement Community (CCRC) options available to them. If this is a subject unfamiliar to you, it may be a wise decision to do your homework so you can engage in meaningful conversations with clients about their retirement goals and situation.

A CCRC is a facility that provides its residents with housing and services that range from independent living to care needed through the end of life. They are not just retirement villages or nursing homes, but can be a combination of these and everything in between. The levels of CCRCs are typically independent living, assisted living, and skilled nursing home care.
 

Clients may be interested in CCRCs for a variety of reasons.
 

Often as clients age they may become more isolated due to driving less, not having family or friends living nearby, and mobility issues. CCRCs provide a social network for aging clients.
 

Amenities available vary by facility. CCRCs may provide meals, host social events, or offer transportation, on-site pharmacies, recreational facilities, housekeeping, security, and emergency care.
 

If your client believes a CCRC is right for them, deciding on which type ends up being a very personal choice. There are multiple types of CCRCs with varying fee structures, which may include an entrance fee and a range of monthly fees, and the fees may or may not change based on level of care and current market rates. With the varying amenities and services provided, the costs can vary greatly. You can see why getting to know a facility’s reputation and financial status is an important consideration.
 

It is crucial for clients to evaluate the pros and cons of CCRCs in order to determine what is important to them. This is one of the largest financial decisions they may ever make, so it is in their best interest to follow up with questions and find out such factors as application fees, upfront fees or deposits, monthly fees that may change from facility to facility, and any changes to those fees.
 

Another relevant consideration is for the facility to be accredited. Also, determining who manages the company can be important. Probably the single most valuable test will be to visit the facility many times to see if the facility is a good fit for the individual.
 

Start learning for yourself more about CCRCs in your area and call Ann Arbor Annuity Exchange at 800.321.3924 for ideas on how to bridge the dialogue with your clients about CCRC living and retirement income planning.

Dina Mestel | Sales Trainer
Ann Arbor Annuity Exchange
Ph: 800.321.3924 x119 | Dir: 734.786.6119
dmestel@annuity-exchange.com

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