Deciding where to live later in life isn’t an easy task. Many seniors prefer to stay in their own homes but may need help managing medical issues or daily tasks. Others move in with their adult children or family members. One solution is a continuing care retirement community, or life plan community.

A CCRC is a community living facility retirees can access as they age. Care levels include independent living, assisted living, nursing care and memory care. Most CCRCs offer amenities and activities, such as on-site fitness centers and hobbies.

There’s evidence people living in CCRCs enjoy better health outcomes, and higher levels of social and emotional well-being. Moving to a CCRC requires a substantial financial compossibility it might be the last time to choose where you live.

People entering a CCRC start in independent living, with their own quarters. The cost could be on par with buying a house in the same area. The hefty price tag doesn’t mean you’re buying the property you live in; instead, the money helps cover part of the costs you may incur while living there and may be partially refundable to your estate after death.

Depending on your contract, monthly fees may cover certain healthcare costs. Type A contracts are the costliest option, covering comprehensive long-term-care services that remain the same, even if you need a higher level of care.

Type B contracts have lower upfront costs and lower monthly fees when you first move in. They provide the same access to housing and residential services but not the same level of access to healthcare services.

Type C contracts have the lowest upfront costs and may not include any entrance fee. Instead, the monthly fee changes to reflect the market rate for the type of healthcare needed. Monthly fees start lower when first entering independent living but can grow if higher-level care is needed.

ACCRC can help seniors maintain a happy, healthy and rewarding life. Make sure the facility is not only a good fit for your needs, but financially strong before signing a contract.