The U.S. Government Accountability Office (GAO) released the finding of its report today in conjunction with the Senate Committee on Aging’s hearings entitled "Continuing Care Retirement Communities (CCRCs): Secure Retirement or Risky Investment?". The report identifies key issues associated with the risks of CCRCs but notes that they provide an important role in a consumers ability to meet their healthcare and housing needs in one location.
The report identifies four key areas:
- CCRCs can be beneficial to aging Americans
- Long term fiscal viability needs to be examined more closely at each community
- Monitoring of on-going fiscal and operational health of each community needs more oversight
- Requiring escrowed entry deposits and mandating specific and clear disclosures
For the full report, visit:
For coverage of the hearing, visit: Senate Committee on Aging Hears Testimony on Senior Housing