Benefits of a life plan community or continuing care retirement community

Benefits of a life plan community or continuing care retirement community

Have you ever wondered what a Continuing Care Retirement Community (CCRC) or Life Plan Community is? Have you done your research, explored the benefits and know your options? The state registered CCRC’s in Oregon range in location from Medford all the way to Portland. Each retirement  community is different and will vary in amenities, so be sure to do your homework and ask lots of questions!

Benefits of a CCRC:

  • Entrance Fee: An entrance fee is a one-time fee that a resident pays to move to the community. You are not purchasing real estate but investing in a plan for your future. A portion of the entrance fee goes toward the cost of additional care, discounting it significantly should you need it in the future.
  • Taxes: The federal government sees both an entrance fee and monthly fees at a CCRC as a pre-paid medical expense, which may give you a significant deduction. Please see your tax advisor for specific details.
  • Foundation: If you outlive your resources through no fault of your own, some CCRC’s foundations may offer subsidy to help with your monthly expenses for the remainder of your life. Ask about the community’s foundation when visiting.
  • Yearly Audit: Financial audits occur every year and you should  have access
    to that information at a CCRC.
  • Disclosure Statement: Information about a community’s financial status, board members and licensures for its community. On your next tour, ask for this packet of information.
  • Multiple Levels of Care: Each CCRC has different licensed levels of care. It’s very important to know what each community offers and how it benefits you and your loved one.

Questions to ask on your next tour:

  • How does my long term care policy work in a CCRC?
  • Over the last 3-5 years, what is the average fee increase?
  • Are you For-profit or Not-for-profit?
  • What happens if I run out of money?
  • What licensed levels of care do you offer?
  • Get a copy of the disclosure statement and audited financials

Article Provided by:
Capital Manor

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