CCRC GAO Report Sees Benefits But Warns of Risks

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:

1. CCRCs can be beneficial to aging Americans
2. Long term fiscal viability needs to be examined more closely at each community
3. Monitoring of on-going fiscal and operational health of each community needs more oversight
4. Requiring escrowed entry deposits and mandating specific and clear disclosures

For the full report, visit:

OLDER AMERICANS:  Continuing Care Retirement Communities Can Provide Benefits, but Not Without Some Risk

For coverage of the hearing, visit:  Senate Committee on Aging Hears Testimony on Senior Housing