A relatively new option in long-term care living is the continuing care community, which offers three levels of care options for its residents. Seniors usually move in when they are healthy and active and enjoy independent living. When a member of the community can no longer live independently, they move to the second level of care, which mimics an assisted living community arrangement. When the time comes and a resident needs a higher level of care, they then move into a nursing home care environment within the community.
Continuing Care Communities seem to have it all. Once a senior is established in the community, they can look forward to the appropriate level of care for the rest of their lives as long as they can keep up with their required payments.
However, several of the earliest established continuing care communities have gone bankrupt after underestimating the care costs for their residents.
Over the last decade, continuing care communities have begun to readjust their cost estimates to better absorb the expenses of high-cost care needs among their residents. This means that the continuing care community you are eyeing may be more stable than previous communities, but it will also be much more expensive!