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States Vary Greatly in Their CCRC Regulations
Financial : States Vary Greatly in Their CCRC Regulations
When it comes to Continuing Care Retirement Communities (CCRC) it would be a bad assumption to think that state regulations protect you and your investment in them equally. That's because the states are uneven hodgepodge of regulations when it comes to definitions and even more important areas, such as refund disclosure.
We believe that CCRCs are a wonderful institution. People who want the assurance that they will be taken care of, no matter what their health situation, should embrace the concept. But, until you live in a CCRC you might not fully appreciate the issues that come up. One of the most important is refunds. A typical situation is a long time resident who decides to move to another state to be near one's chidren. Unfortunately they might not fully understand refund policies - and be unpleasantly surprised to find they won't get back what they thought. According to a new Ziegler Study, some states like Pennsylvania, California, Florida, Texas, Kansas, Indiana, Iowa, and Minnesota have a medium number of regulations on refund disclosures. But Ohio and Illinois, which have a signficant number of CCRCs, have a very low level of regulation.
Another sticky issue that can come up in a CCRC is what happens if you become very ill or have a difficult form of Allzheimers. You might either be forced to go to another facility, or have to stay against your preference (and perhaps not get the care you want). You will want to know, before you turn over your money, exactly what happens in various scenarios. GIven the lack of consistent regulation, your own due diligence is extremely important Here is the link to an informative article from Senior Housing News, "One Size Doesn't Fit All for CCRC Entrance Fee Disclosure Rules".
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