People often ask me, “What is the best way to compare CCRC’s?” Since this appears to be a popular question I think the answer merits a post on this blog.
First and foremost, it is extremely difficult to use a single formula or measure to compare CCRC’s. For example, the contracts, fee structures, amenities, health care, and financials can differ drastically from one community to another. In fact, many communities offer multiple contracts and fee structures to choose from within their own community so this makes an apples-to-apples comparison among different continuing care retirement communities even more difficult.
Let’s suppose for a minute that it was possible to prepare a side-by-side comparison that somehow incorporates all of the details of the different CCRC’s. Until you understand all of the specifics, and more importantly, how the specifics would apply to your personal situation, it wouldn’t be very helpful and could actually cause more harm than good.
Therefore, I recommend that you begin the CCRC research process not with a comparison of the communities but, instead, with a personal analysis of what you most desire out of a community. In other words, the process must begin with you! For instance, what do you most desire out of a community? Close your eyes and visualize it? Also ask what you DO NOT desire out of a community. These two questions alone can go a long ways. There are many other questions you need to ask of yourself before you will begin to paint a picture in your mind of the type of community that would be best for you.
Next, you will need to have a clear understanding of the inner workings of contracts, fee structures, refund options, insurance, and the financial stability of the communities. This is an education process and is critical to choosing the right community.
Once you narrow it down to a few communities then you can begin to focus in on the communities. I wouldn’t describe this so much as a comparison as I would an in-depth analysis of each retirement community individually. I have developed a four part process for my clients that will walk them through the important details of this stage.
In summary, choosing a CCRC is a very significant lifestyle and financial commitment. It is important to make sure your first choice of a community is the right choice. As with any other important life decision, there is an in-depth planning process that should be followed and the process must start with you.