Since the time that the U. S. Senate Special Committee on Aging released their Investigative Report on CCRC’s there have been a number of articles in the national media giving rise to issues that retirees need to consider before moving into such a community. These are issues we have been talking about with our clients for quite some time. Most of the articles recommend that prospective residents take the contract to their attorney, CPA, or financial advisor to be reviewed. While this certainly isn’t a bad step to take the simple fact may be that beyond reviewing the document the advisor may not have any real knowledge about the industry in general or the types of things to specifically look for or questions to ask. You don’t want to pay a lot of money to an advisor just for them to say, “It looks like a standard contract to me.” It is important to be sure any advisor you use has an in-depth understanding of the industry, as well as the both the pros and cons of choosing a CCRC.

At Carolina Continuing Care Consultants we have studied the CCRC industry extensively and are aware of the pitfalls, risks, and special types of situations that prospective residents need to be aware. We bring the pertinent information to one central location and to serve as an objective resource for guidance.

People often wonder where to turn for information about Continuing Care Retirement Communities. There are many resources but the problem is getting below the surface level stuff. Gathering information will only help so much because what is right for one person may not be right for another person. Like any other big decision in life, it really comes down gaining an understanding of the issues and then planning appropriately. You have to be able to sort through the maze of details and apply them to your unique situation. Simply visiting communities and reading marketing materials does not constitute proper planning. It is important to understand the details and contracts, and how they vary from one community to another, and begin real planning to determine which type of community is ultimately best for you and your family.  At Carolina Continuing Care Planning we use our depth of knowledge and research to help people plan appropriately.

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.

Welcome to the official blog of Carolina Continuing Care Planning, LLC. We are excited to enter our first post on our new blog! We plan to post weekly so we hope you will visit often and let your friends and family know about us.

Since this is our first blog I would like to take this opportunity to tell you more about Carolina Continuing Care Planning, LLC and what you can expect from this blog.  Carolina Continuing Care Planning, LLC is a totally objective resource that provides in-depth and personal guidance to those who are considering a continuing care retirement community (also know as “CCRC” or “Life Care Community”) and other long-term care alternatives. With the baby boom generation approaching retirement, it has become increasingly clear to us that the interest in CCRC’s and other alternatives will continue to grow over the next couple of decades. The issue, however, is that there is a tremendous amount of confusion surrounding these communities and what to look for. We have dedicated hundreds of hours and significant resources towards researching details that many people may not be aware of, and we use this information to help them make choices that are best, both personally and financially, while also saving time, effort, and confusion.

Currently, most people who are considering a continuing care retirement community or senior living community typically seek guidance from a marketing representative of the community itself. Although this is an important step in the overall process, we feel that this step by itself lacks the level of objectivity that is critical when making a major life decision and a significant financial commitment. Therefore, as a central location for comprehensive and objective information, we want to serve as the first stop for those who think such a community may be appropriate for them. We will accept no advertising, compensation, or financial incentives from the communities.

Some of the aspects of the decision process that we walk our clients through are: residency and lifestyle considerations,  contract and fee structures, financial stability of the community, health care, and more.

With this blog you can expect to find helpful information about the above mentioned aspects of choosing a community and anything else that we feel you would benefit from reading about as it relates to this subject. Our goal is to be YOUR total resource for continuing care planning! For more information please visit our website at www.carolinacontinuingcare.com. Or, you may contact us directly at info@carolinacontinuingcare.com and by calling 919-773-2386. If you are out of town the toll free number is 877-699-2272.

Thank you for visiting our blog and we look forward to having you visit us again soon!