When you enter a continuing care retirement community (CRCC), you will be asked to sign an agreement. Review the contract with an elder law attorney before you sign it to make sure all pertinent stipulations are covered. CCRC contracts should cover:
- Fees
- Health care services covered
- Insurance requirements
- Refunds and Cancellations
- Residences
- Services
- Conditions for transfer to other levels of care within the community
- The responsibility of the CCRC if a resident is unable to pay fees.
Your contract should also clearly specify the refund policy. You forfeit all or part of your entrance fee should you leave a CCRC. Most CCRCs offer several agreement choices with varying degrees of refundability. Typically, you have three fee schedule options:
- Extensive Contracts. The most expensive, which provides unlimited access to healthcare with little or no increase in the monthly maintenance fees.
- Modified Contracts. You get unlimited healthcare access, but you pay for it as you need it, often at discounted rates. Monthly maintenance fees may increase to cover your healthcare needs.
- Fee-For-Service Contracts. You pay all your health care costs. While this is the cheapest option, it can become costly if you eventually need extensive health care.
A CRCC may also offer a specific number of skilled care days every month with no increase in monthly maintenance fees. Do not hesitate to ask questions about charges and fees so you can understand how a CRCC applies its rates.
