A CCRC, or Continuing Care Retirement Community (also known as a Life Plan Community), is a residential senior living community with multiple levels of care available on a single campus. CCRCs may offer independent living, assisted living, memory care, and skilled nursing, allowing residents to move between levels of care as needed. Many adults prefer to age in place or remain in their own home as they grow older but are concerned about obtaining the long-term care services they may need in the future. CCRCs provide a sense of security, allowing residents to stay on campus even as their needs change.
Licensing and regulation for CCRCs is regulated at the state level and contracts are more complicated because you are buying long-term care insurance bundled with a place to live. In Vermont, the Department of Financial Regulation regulates the insurance or “continuing care” contract provisions.
CCRCs are the most expensive of senior living options. The cost of a life plan community varies based on the location, levels of care, and range of amenities provided. The total cost includes a significant one-time entrance fee, which may or may not be partially refundable, in addition to a monthly fee based on the level of care provided.
Because your costs may vary over the years based on the level of care you are receiving in a CCRC, your eligibility for benefits will also vary.
Medicare does not pay for independent living or assisted living.
Medicaid may provide coverage for some aspects of assisted living, depending on the state and whether the person is eligible. In Vermont, Residential Care Homes and Assisted Living Facilities may choose to participate in the Medicaid programs.
Assisted living residential care and skilled nursing and memory care are partially covered by some long-term care insurance policies.
