What is a CCRC (Continuing Care Retirement Community)?

A Continuing Care Retirement Community, or CCRC, is a senior community which offers housing, services and nursing care, all in one location.

In order to attain a CCRC certificate, an organization applies to the PA Department of Insurance for a “certificate of authority.” If granted, the organization is able to use the title of continuing care retirement community and qualifies for certain tax benefits.

So, how can seniors be sure which continuing care retirement community is right for them? “The key is knowing that the services that will be rendered to you are governed by the written agreement between the community and the resident. These agreements must be read carefully to determine exactly what is—or isn’t included,” says Mark D. Bondi, President and CEO of Sherwood Oaks Retirement Community.

CCRCs offer many different types of agreements. Sherwood Oaks Retirement Community is a Type A community. The most commonly offered CCRC agreements are:

Type A (Extensive) Agreement – includes housing, residential services, amenities and unlimited, specific health-related services with little or no increase in monthly payments except to cover normal operating costs and inflation adjustments.

Type B (Modified) Agreement – like A above, except that a specified amount of health care services are included. After the specified amount of health care is used, a discounted rate or full per day rates for required health services will be charged.

Type C (Fee-for-Service) – Includes housing, residential services and amenities for the fees stated in the agreement. Access to health care is guaranteed, but it may be required at full fee-for-service rates.

     Rental Agreement – Allows residents the opportunity to rent their housing and provides, but does not guarantee, access to health care services paid on a fee-for-service basis.

Bondi describes an example to illustrate the big differences between CCRC agreements. “If a resident becomes ill at Sherwood Oaks, our Type A agreement offers multiple levels of care at no additional cost allowing the residents’ needs to be met on campus as they change. Other types of agreements do not. Residents who fall ill at other CCRCs will need to find a health provider and arrange for payment of health services on their own. And these payments may be significant—costs for one year of skilled nursing services can exceed $90,000.”

Residents choose Sherwood Oaks because their healthcare, including personal care, are here on campus and guaranteed. They are glad to come to Sherwood Oaks when healthy enough to enjoy life, friendships and fun.  Click here to learn more about Continuing Care at Sherwood Oaks.