Members: CCRC/Retirement Community
Continuing Care Retirement Communities (CCRCs) offer an innovative lifestyle that includes independent living as well as nursing care or personal services. In return for an entrance fee and monthly payments, residents have access to a wide array of services and amenities such as dining options, fitness clubs, beauty salons, housekeeping, transportation, emergency help, recreational and educational activities, and much more. Most of Florida's 71 CCRCs (click here for map) have both a nursing home and assisted living facility licensed by the Agency for Health Care Administration on campus. Some also have a licensed home health agency. Residents often describe the security of knowing that long-term care is available in a familiar setting as a major reason for entering into a continuing care contract.
Continuing care contracts are regulated under Chapter 651, Florida Statutes, by the Florida Office of Insurance Regulation (OIR). Florida is generally known to have one of the strongest laws in the country in terms of startup requirements and mandated financial reserves.
Depending on the contract type that is chosen, the amount of service covered by the entrance and monthly fees varies. There are generally three types of CCRC contracts:
- Type-A Contracts provide residents with unlimited, lifetime access to independent living and skilled nursing or assisted living with little or no increase in the monthly fee when a resident moves from independent living to a higher level of care.
- Type-B Contracts provide residents with a discounted rate for independent living and a limited period of assisted living or skilled nursing care. Should the resident need a higher level of care beyond that limited period, they pay a daily rate for their care.
- Fee-for-service or rental contracts include a lower monthly service fee for independent living residents, but charge a daily rate to residents needing assisted living or skilled nursing care services.
Entrance fees are usually required with refund provisions that vary depending on the type of contract that is chosen. Consumers may have to do research to determine which makes most sense for them financially. The entrance fee does not entitle residents to ownership rights. Because Florida is a retirement mecca, retirement communities similar to CCRCs have emerged. It is important to note that although they may offer similar services and amenities to a CCRC, they are not regulated by OIR. No regulatory agency scrutinizes their finances, contracts, or fee structure. That does not necessarily mean that they are less worthy of consideration by consumers.
LeadingAge Florida offers extensive resources to its CCRC members. We track developments in regulation, tax exemptions, and social accountability. Our goal is to provide members with the information needed to fulfill their mission and compete in the market place.