Continuing Care Retirement Community

What Does Continuing Care Retirement Community Mean?

Continuing care retirement communities are designed for individuals to live during their retirement years while receiving professional assistance for their health issues. Long-term care insurance can help cover some of the costs associated with these accommodations and related healthcare expenses.

Insuranceopedia Explains Continuing Care Retirement Community

Continuing care retirement communities can be highly beneficial for elderly individuals facing severe or challenging health problems. These communities enable them to maintain a degree of independence rather than relying solely on relatives for care. They are one of several options for aging adults; our nursing home statistics page breaks down how many people currently live in facility-based care and what it costs on average.

However, residing in these communities can be quite expensive, particularly due to the number of healthcare professionals needed to provide support. Long-term care insurance can help offset some of these costs for the policyholder. Because these expenses can run into the tens of thousands per year, many retirees also review their life insurance for seniors options to make sure their remaining assets are not entirely consumed by care fees.