Retirement communities offer some excellent solutions to problems we encounter as we age. However, entering a community can be a major investment and can present risk if the community is not examined carefully in relation to the needs of the prospective resident. Prospective retirement community residents and their financial and legal advisors who ask the following ten questions will be much better able to tell if the community is the right fit.
1. What does the Disclosure Statement say?
2. What does the Service Agreement say?
3. Who controls the community?
4. What is the financial strength of the community?
5. Is the community accredited?
6. What is the community's Center for Medicare Services "Star Rating"?
7. What is the resident satisfaction?
8. How do the community's services fit in with the prospective resident's long term care insurance program?
9. What have the fee increases been over the past 5 years?
10. Finally, how does the community look and feel?
It goes without saying that the prospective resident should visit the community. Many communities have extended visit programs and are worth taking a advantage of.
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