In an effort to help consumers navigate the Continuing Care Retirement Community search process as well as establish a database for CCRC details and information, LifeSite Logics launched last week providing an online resource to do both.
Since September 2011, the company has been gathering CCRC data from occupancy rates to available services and entrance fees, all of which it lists by community on its website, now accessible to consumers and the communities themselves.
“The reason we chose to focus on CCRCs is that there tends to be the most confusion on CCRCs because of the contracts, levels of care and other options,” says Brad Breeding, LifeSite Logics president and Certified Financial Planner. “It can be overwhelming. This community type has the biggest need for information, yet there is no central source for comprehensive and unbiased information.”
Consumers can search the database, currently 825 communities strong and spanning 22 states, by location. Much of the information is free of charge, while a full report will cost users about $40.
The company is making an effort to engage CCRC operators as well as professionals such as financial planners and investment advisors who work with consumers on their retirement plans. Through a monthly or annual subscription, businesses can gain access to the entire database, allowing them to help clients navigate the CCRC landscape.
“With the number of 65-plus households expected to grow, advisory firms are looking for a unique way to capitalize on that,” Breeding says. “As more and more people are looking at where they are going to live, to have an objective resource who can speak to that is a huge value add.”
LifeSite Logics is encouraging CCRCs to enter into the dialogue, as well, Breeding says.
“We very much want to be a partner in the industry,” he says. “We want CCRCs to reach out to us. If their information is in the database and they haven’t reviewed it, we want them to make sure it is up to date. We have an open line of communication.”
Written by Elizabeth Ecker