CCRC Debate One Sided. In an Economic Downturn, CCRCs give Seniors a Financial Chance

Today, Congress and the GAO took up the issue of reviewing CCRC regulation throughout the country.  They highlighted several risks within the industry, http://aging.senate.gov/letters/gaoccrcreport.pdf however, they only briefly mentioned the positives.

Think of it this way – without a CCRC structure, and especially those that attempt to commit to supporting residents for life regardless of economic circumstances, seniors who are not in a CCRC run the risk of becoming bankrupt and destitute earlier if health care needs exist and there is no government safety net to protect them.  If you are an assisted living resident without the support of a CCRC, and you run out of money paying for care along the way, what are  you suppose to do?  The story that was not told today during the hearings is that CCRCs allow hundreds if not thousands of people to spread risk among many; establish economies and services of scale, and ultimately are a representation of what “community” is really about – helping ones neighbor in a time of need.

CCRCs do involve a contract, so a lawyer is a good idea.  At the same time, finding out if there is consumer reviews of a CCRC are also helpful (hence sites like www.seniorDECISION.com).  However, if as a senior citizen you have a choice to “go it alone” or share the financial ride with others, there is more power and protection in numbers.