Factors To Consider When Choosing A
Continuing Care Retirement Community

In Maryland, Continuing Care Retirement Communities (CCRC’s) offer older adults long-term care contracts for lifelong shelter and access to specified health care services.

The Maryland Department of Aging is the agency which regulates CCRC’s in Maryland. Before a CCRC may accept deposit money from prospective residents, the Department of Aging must have approved the CCRC’s feasibility study.

In its feasibility study, a CCRC must demonstrate that their proposed retirement community is marketable and financially feasible. CCRC’s are also required to submit certified financial statements, and operating budgets to the Department of Aging on an annual basis in order to renew their Certificate of Registration and continue operations.

The feasability statement, annual financial statements, and operating budget are important documents for prospective purchasers and their financial advisors to review prior to entering into a contract with a CCRC.

A CCRC is also required to include certain provisions in its continuing care agreement. The Department of Aging must approve the provisions contained in a CCRC’s contact prior to issuance of a Certificate of Registration by the Department, and operation of a CCRC. Despite the scrutiny of the Department of Aging, it is still important that prospective residents consult with an attorney prior to signing any agreement.

Although the Maryland Department of Aging regulates CCRC’s in Maryland, it does not rate CCRC’s. There are however, several organizations which do.

• The American Association of Homes and Services for the Aging (AAHSA) provides free consumer information and publishes the “Consumer’s Directory of Continuing Care Retirement Communities” which rates CCRC’s. AAHSA may be contacted at 1-800-508-9442 or at their website, http://www.aahsa.com/.
• The Guide to Retirement Living also publishes information on CCRC’s. They can be reached at 1-800-394-9990 or at their website, http://www.retirement-living.com/.

Disclaimer

All materials on this Web site are the property of Valerie A. Rocco, of the Law Offices of Valerie A. Rocco. © Copyright 1998 - 2005 Valerie A. Rocco. All rights reserved.