Know the ABC's of CCRC's

[Tom Young]

While this has been discussed before, knowing the financial part of selecting a CCRC, could have a big effect on one's finances.
Not understanding the choices between A, B and C plans upfront could eventually cost tens to hundreds of thousands of dollars. Not a simple decision, but one that is too often made without research.
The basics are here:

https://www.mylifesite.net/blog/post/choosing-a-ccrc-which-contract-model-is-best/

... but individual circumstances and planning well ahead of need is a must. Now, 15 years in, and looking back, we made the right decision, but that was sheer luck. Too often, the choice is made because the CCRC has become necessary, and the candidate(s) don't know there is a choice.

We live in Liberty Village, in Peru, Illinois, which is a type C contract. There are many reasons why this has been right for us, for the past 15 years, but for others, a Type A or B, might be a better choice.

 

[DaveA]

I hate to admit it but I didn't even know what CCRC meant until I looked at the attachment. I guess that means that my planning is not at an advanced stage but then again, I'm only 85 at the moment. Maybe I should give it some consideration.

 

[Lethe200]

Thanks, very useful site. We were aware of the CCRC types as we investigated this back in 2014 for my MIL. But there's lots of other important info on that site.

The one about estimating costs/length of long term care was REALLY eye-opening! I run across so many people in various other forums who insist they can self-insure with no problem. This article on LTC was quite an eye-opener, even for us (we have LTCi policies).

https://www.mylifesite.net/blog/post/so-ill-probably-need-long-term-care-but-for-how-long/