Continuing Care Retirement Centers, “A Retired Senior’s Best Choice.”
Retirement communities are not all the same and great care should be exercised in choosing which community best meets your needs. This blog, written by Village, CEO Mr. Tom Kelly supports this statement.
Continuing Care Retirement Communities (CCRCs) are regulated under Chapter 651 Florida Statutes through the Office of Insurance Regulation. This is the ultimate in consumer protection for seniors.
The regulations require many things of the CCRC provider of service including:
- Using State of Florida approved contracts.
- CCRCs must maintain significant cash reserves that the Office of Insurance Regulation has authority over protecting the residents’ contracts.
- Financial transactions of the community must be transparent and made available to the residents.
- Community residents must be provided a minimum four opportunities per year to meet directly with the Board of Directors/Trustee in an open meeting.
- Time specific refunds.
- Community must provide copies of inspection reports to the residents of the community and perspective residents upon request.
- Residents are self-governing and the State of Florida validates that management does not interfere with the residents being self-governing.
- Numerous other benefits for living in a CCRC.
Retirement communities (self-labeled) who are not Continuing Care Retirement Communities are not required and frequently do not meet all or any of the standards noted above.
The consumer in these non-CCRC type of organizations must rely upon the promises made without anyway of verifying the completeness of the promises.
Remember: It is always a good idea to trust and verify all promises made by all retirement communities prior to investing your retirement dollars.
At Village On The Isle we welcome this scrutiny and applaud the seniors for their due diligence. Check us out at (Facebook.com/villageontheisle), our website (villageontheisle.com) or call us at 941-486-5484 to arrange a tour 7 days per week 365 days per year. Carol will be happy to set-up a tour that is convenient for your schedule.
This blog was written by, Thomas Kelly, C.E.O. Director of Sales/Marketing