Choosing a continuing care community may be one of the largest financial decisions a person makes in retirement, yet the contract choices can be surprisingly difficult to compare.
A recent New York Times article offers a useful way to think about the financial side of the decision: Who bears the risk of your future health care? Type A, B, and C contracts distribute that risk differently between the resident and the community, trading higher entrance fees and monthly costs against greater protection from future care expenses.
The article also recommends looking beyond the entrance fee: examine refund provisions, historical fee increases, occupancy, audited financial statements, and the financial consequences of different care scenarios.
But a continuing care community is more than a financial arrangement. It is also a place where people hope to build a life among caring friends and neighbors, with opportunities for companionship, mutual support, purpose, and belonging.
So the real question is broader than which contract is cheapest or safest. It is whether the community offers a sound combination of financial resilience, dependable care, and a genuinely caring community in which one would want to grow older.
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Richmond Shreve
NaCCRA Board Member & VP
Forum Moderator