How to choose a continuing-care retirement community

Dear Savvy Senior: Can you give me some tips on picking an all-inclusive residential retirement community that offers independent housing along with assisted living and nursing care? My husband and I are looking to downsize and simplify, but we want our next move to be our last. — Approaching 80

Dear Approaching: If you want your next move to be your final one, an all-inclusive retirement community — also known as a continuing-care retirement community, or CCRC — is a great option to consider, but they aren’t cheap.

CCRCs are different from other types of senior housing because they provide all levels of housing, services and care in one convenient location.

While they vary greatly in appearance and services, most CCRCs offer apartments or sometimes single-family homes for active independent seniors. Also, they offer on-site assisted living for seniors who require help with basic living tasks such as bathing, dressing or going to the bathroom, and nursing home care for residents when their health declines.

CCRCs also provide a bevy of resort-style amenities and services that include community dining halls, exercise facilities, housekeeping and transportation, as well as many social and recreational activities.

But be aware that these services come at a hefty price. Most communities have entry fees that range from the low to mid-six figures, plus ongoing monthly fees that can range from around $2,000 to more than $4,000 depending on the facility, services and contract option.

With more than 2,000 CCRCs in operation throughout the U.S, finding a facility that fits your lifestyle, needs and budget will require some legwork. Here are some steps that can help. Make a list: Start by calling the Area Agency on Aging (call 800-677-1116 for contact information) for a list of nearby CCRCs, or search websites such as caring.com. Call the facilities: Once you’ve located a few, call them to find out if they have any vacancies, what they charge and if they provide the types of services you want or need. Take a tour: Many CCRCs encourage potential residents to stay overnight and have a few meals in their dining hall. During your visit, notice the upkeep of the facility and talk to residents to see how they like living there. Also, check out the assisted living and nursing facilities, and find out how decisions are made to move residents from one level of care to another.

To check up on a facility, call the state long-term care ombudsman (see ltcombudsman.org), who can tell you if the assisted living and nursing care services within the CCRC have had any complaints or other problems. You can also use Medicare’s nursing home compare tool at medicare.gov/ nursinghomecompare. Review contracts and fees: Most CCRCs offer three types of contracts: life-care, or Type A, contracts, which have the highest entry fee but cover all levels of longterm care as needed; Type B, or modified, contracts that have lower entry fees but limit long-term care services in the initial fee; and Type C,

or fee-for-service, contracts, which offer the lowest entrance fees but require you to pay extra for longterm care if you need it.

You also need to find out what yearly price increases you can expect. How much of your entry fee is refundable if you move or die? And what happens if you outlive your financial resources? Research the CCRC:

Find out who owns the facility and get a copy of the most recently audited financial statement and review it, along with a copy of the contract, with your lawyer or financial adviser. Also get the community’s occupancy rate. Unless it’s a newer community filling up, occupancy below 85 percent can be a red flag that the facility is having financial or management problems.