If you or an elderly loved one is considering a Continuing Care Retirement Community, then you may be wondering about the details surrounding fees, entry and how to pay for the CCRC. Before entering into a contract with any retirement community, you should consult with an elder law attorney at Stano Law Firm. Here are some of the high level details about entry requirements, contract and available funding sources for a CCRC.

Entry Requirements

These requirements can vary from community to community. Generally, they require an entry fee and that the potential residents be of good health. There may also be a minimum and maximum age for residents.

Others may include affiliation with religious organizations, memberships in fraternal orders or even simply proving that the finances exist to pay for the services rendered by the CCRC.

Generally, these entry fees are not lost. They are used to pay for care and other needs of the resident as time progresses through the resident’s stay. In rare cases these fees are not refundable. In most cases the fees will be returned to the resident minus any expenses that are taken out of them when the contract with the resident is terminated.

Medicare or Medicaid for Fees

CCRCs charge an entry fee and also charge a monthly fee for residents. These monthly charges cover the basic costs of living.

These fees are typically covered by the resident out of pocket using retirement funds and social security or other income sources. For medical costs, most CCRCs will accept Medicare. This would include emergency doctor visits, routine medical care and other medical issues. Anything that Medicare would normally cover for seniors are covered by residents of a CCRC. Most do not even require that in-house doctors are used.

CCRCs will also accept Medicaid for their services, but the resident fees are typically high enough that most residents don’t qualify for Medicaid benefits. Since Medicaid benefits are linked directly to income and need, residents of CCRCs typically do not qualify for Medicaid benefits to cover their care.

This does not mean that there are not cases where a trust or other method of payment may still let a resident qualify. If that is the case, then the CCRC will accept Medicaid payment.

Contracting

Living at a CCRC typically requires signing a contract. Much like any other lease or residential contract, there will be specific provisions for costs, level of care for those costs and how to handle any issues. Some contracts even require long term care insurance.

Contracts will differ from community to community. You should look for a community that offers a contract that fits with your lifestyle and income best. There are many of these communities around, so make sure that you find the one that best suits you by looking thoroughly before choosing one.

Contact Elder Law Experts at Stano Law Firm

Before signing any contract for a CCRC or any other long term care facility, contact an elder law expert at Stano Law Firm for assistance.