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Senate Examines Continuing Care Retirement Communities

July 26, 2010

For seniors who want to plan for everything, Continuing Care Retirement Communities offer a thorough option. They include regular housing, assisted living and nursing homes, which you can move into as you need. Residents pay a large upfront fee plus monthly ones.

But in this economy, the Senate Select Committee on Aging wondered about CCRCs’ financial stability, reports U.S. News & World Report. So they ordered a study on the organizations. The committee discussed the study on Wednesday. From U.S. News & World Report:

Continuing care retirement communities (CCRCs) have weathered the recession with few bankruptcies or cautionary consumer tales, according to a government review. But many seniors literally commit their life savings to paying steep entrance and monthly maintenance fees. So the need for careful evaluation of financial and operational details remains very high, and, right now, falls largely on consumers and their families.

You can read the full article here: “Feds Study Retirement Community Risks.” Video of the Senate hearing is available here: “Continuing Care Retirement Communities (CCRCs): Secure Retirement or Risky Investment?” (Click on the “Click here” link beside the red circle.)

You may also be interested in these articles from OurParents:

If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.

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