I. Introduction -
Continuing care retirement communities (CCRCs) are professionally managed retirement communities, many of which also function as long-term skilled nursing care facilities. CCRCs offer residents lifestyle amenities and coordinated social activities as well as various degrees of medical care and assisted-living services. CCRCs generally provide residents with progressive levels of care, ranging from independent living to assisted living to skilled nursing care. This tiered-care approach permits residents to increase their level of assistive services as needed, based on changes in their mental or physical health.
Not all CCRCs are operated in the same manner. For example, skilled nursing services may be offered either onsite or offsite and sometimes are provided through a referral agreement with a third party. The costs associated with residing at a CCRC may vary significantly depending on the continuing care agreement offered by the CCRC. Further, some CCRCs allow for sharing of the appreciation or risk of downside in the value of the unit. Thus, there is no one-size-fits-all model for CCRCs.
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