Senior Center

How to Pay for Continuing Care Community

By Daniel @ LivingSenior - July 5, 2013

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How to Pay for Continuing Care Community

After making the decision to move into a continuing care retirement community (CCRC) and finding a community you are interested in, you will need to figure out the financing aspect. You have options when it comes to paying for your living expenses, including private funds, pension, insurance, social security, and retirement funds.


Some insurance policies, such as long-term care insurance, will help pay for your stay at the continuing care community. This is especially true if you need nursing or assisted care due to a recent illness or procedure. These insurance policies offer short term and long term care where they will cover the costs of living in a CCRC. It might not cover all of the rent or fees you need to pay but it will definitely help avoid paying from your own private funds.

Social Security

Social security is money offered to seniors once they reach retirement age. It can be used for anything you want, but many use it for their housing options. Depending on the CCRC you choose and its location, it might not cover all of your costs, but you can get a good portion of your rent paid each month with the social security benefits you are entitled to.

Retirement and Pension

If you have a retirement savings account, it is a great resource for paying for the continuing care retirement community. Depending on how long you have had your retirement account, it might pay your costs in full each month during your stay, or at least the majority of the costs for the first few years. Your last job might have also had pension which is a set amount you will receive each year for the rest of your life. This is also money you can use toward your CCRC rent and fees.

Personal Funds

Lastly, you can use your personal funds, though this should be a last resort. If you’re lucky enough to have at least one other funding source, you won’t have to pay all of the costs from your private funds. If you need to move into senior housing, ask if your family can help pay for the continuing care community costs. They can get quite expensive, especially in the beginning with the deposits and extra fees involved. Keep in mind if you sell or rent out your house, you will be able to use those funds for the CCRC as well.