Continuing Care Retirement Communities (CCRCs), also known as Life Plan Communities, are growing in popularity as people realize the freedom and peace of mind that they offer. CCRCs differ from other retirement living options because they offer a continuum of housing and care, under an agreement that works similar to long-term care insurance. For that reason, most CCRCs require prospective residents to be in reasonably good health, determined by a medical exam completed prior to moving in.
How CCRCs work.
At a minimum, CCRCs offer three levels of care: residential living (independent), assisted living (personal care), and nursing care. These levels of living are provided under a contract for the life of a resident, ensuring care even if a person’s health situation changes. In Pennsylvania, CCRCs are licensed by the PA Insurance Department because of this.
There are different kinds of CCRC contracts, but one of the most common is a “Type A” contract. Let’s assume you paid a $400,000 entry fee (at Providence Point, this can be up to 90 percent refundable). You will also pay $4,000 a month while living in your apartment residence. If your health declines and you need to move to either the personal care or skilled nursing area of the community, you would be charged a significantly lesser amount than a non-CCRC person entering skilled nursing or personal care facility, (about $4,500 a month when the actual fee-for-service charges are $10,000 a month).
CCRCs are also known for providing plenty of opportunities for vibrant, active wellness-based lifestyles. Providence Point offers an unequaled social calendar, with access to arts, entertainment, and fitness opportunities. This is a win-win situation for the community. Healthy, active and independent seniors cost the organization less than those who rely on healthcare and personal assistance. So, your continued good health is in the organization’s best interest as well as yours. You’ll want to move while you are young and able to take advantage of all the wellness programs CCRCs have to offer.
The housing market in Pittsburgh is at an all-time high. High demand is driving new construction but currently supply is low. Homes are selling fast and providing older couples with a higher return on their investment.
Demand for senior housing.
There are many options for senior housing but relatively few CCRCs. As today’s active baby boomers age and begin to look for ways to simplify, increase their freedom, and reduce the time-consuming responsibilities of home maintenance, CCRCs like Providence Point are becoming more popular. Providence Point, which opened only eight years ago, is home to 350 seniors. It is full and has a waiting list. A third residential tower is being planned with projected completion in the next two years. Reservations are now being accepted.
Expanding your life.
Providence Point offers access to 55,000 sq. ft. of amenities, services, and options. There is a fitness center, a saltwater pool, four dining venues, patio, health clinic, bank, and all sorts of opportunities for ‘extra-curricular’ activities. Providence Point’s spacious Phase II apartment residences range from 888 to 1,746 sq. ft., and patio homes offer as much as 4,000 sq. ft. Though downsizing is never easy, it is a great way to simplify life and free-up time for the things you love.
This article is written and sponsored by Providence Point.