The Groves and NewBridge on the Charles are Continuing Care Retirement Communities (CCRC). Waterstone at Wellesley describes itself as having “the services of a CCRC without the buy-in entry fee investment,’’ since residents pay monthly rent.
CCRCs offer supportive environments in which elders can live among their peers and receive services that will allow them to “age in place.’’ They provide housing, personal services, and health care, usually at one location. There are more than 30 CCRCs in Massachusetts.
CCRCs often have a variety of types and sizes of housing on one campus. These are paid for with a declining-refundable entrance fee, often ranging from less than $100,000 to more than $300,000. Luxurious communities may provide larger units for twice that or more. When the resident moves out or dies, a portion of the fee—usually most of it—is refunded. The size of the refund depends on the length of the stay.
For a monthly fee that can range from $700 to $3,000 a month, CCRCs provide or make available some combination of services, activities, and amenities designed to maximize independent living. These vary greatly at each CCRC, so it is important to be clear about which services are included in the monthly fee and which are available at an additional cost.
The variety and intensity of health care provided also varies by CCRC. Some provide services on-site, from home care providers to complete skilled nursing centers. Others make arrangements for care nearby. Some offer pre-paid insurance as part of regular fees; others require residents to purchase insurance on their own. Still others guarantee only the availability of care, paid for by residents on a fee-for-service basis. Be sure to learn about available services, on and off campus, and the pricing structures.