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CARF International Offers Help For Consumers Considering A Continuing Care Retirement Community

Leading accreditor offers free guide to understanding financial performance and reporting

A typical older couple - let's call them the Wilsons - were confident their investments, savings, pensions and social security would provide a secure nest egg in their retirement years. Wishing to unload the responsibilities of home maintenance and wanting more companionship of people their own age, they were tempted to sell their home and move to a continuing care retirement community (CCRC).

However, the Wilsons learned selecting the right CCRC carries serious lifestyle and financial ramifications and risks. Moving to a CCRC may require a long-term contract and an entrance fee, which can range from $20,000 to more than $400,000, depending on the community and type of agreement, plus $200 to $2,500 in monthly fees. In return, a CCRC provides for its residents' housing and healthcare needs, ranging from independent living to assisted living to skilled nursing care, on one campus. Meals, transportation, housekeeping, recreation, social outings and other amenities might also be included.

Bewildered by the options in services, plans and financial commitments, the Wilsons hesitated in making a decision. Then, hearing stories about CCRCs that had failed or reduced their staffing and services, the Wilsons were paralyzed by fear of losing their assets or finding themselves trapped in a setting that could not provide for their end-of-life needs.

The Wilsons are not alone. More than 42 million persons aged 65 and over live in the United States and Canada, many of whom will face a decision to move to a community for seniors.

Help is now available for the Wilsons and others weighing the benefits and risks of choosing the right CCRC. CARF-CCAC, the nation's leading accreditor for CCRCs, has produced the "Consumer Guide to Understanding Financial Performance and Reporting in Continuing Care Retirement Communities."

The guide can be downloaded for free in PDF format from CARF-CCAC's Web site at 'http://www.carf.org/pdf/ccrc.pdf'. Consumers, senior resource organizations and accredited providers may request a free single printed version by sending their mailing address to as@carf.org. Bulk copies may be purchased from 'http://bookstore.carf.org' by clicking on the "Continuing Care Retirement Communities" product category.

In easy-to-follow language, the guide covers key financial indicators consumers should watch for and describes various fee structures and contract types. The guide also includes a list of questions consumers should ask about financial performance and security and ownership.

Members of the CARF-CCAC Financial Advisory Panel contributed their expertise to producing the 24-page guide. The Financial Advisory Panel comprises leading finance experts in banking, accounting and related fields plus CFOs and consumers from accredited CCRCs.

A list of CCRCs accredited by CARF-CCAC can be by downloaded from 'http://www.carf.org/aging' by choosing the 'Search for a Provider' option.

Although accreditation alone is not a guarantee of financial health, the accreditation process requires CCRCs to follow a rigorous set of standards based on industry trends and undergo a survey to determine conformance to those standards. The standards address the organization's business practices and financial performance in addition to other matters of importance to CCRC residents and their families. A CCRC accredited by CARF-CCAC has developed processes for financial planning and management and regularly reviews its financial performance. The standards also require the organization to evaluate its fee structure, profitability, cash management and investment strategies. CARF-CCAC reviews the annual financial audit reports and evaluates margin/profitability ratios, liquidity ratios and capital structure ratios for all accredited CCRCs.

For more information, e-mail the CARF-CCAC office in Washington, D.C. at as@carf.org or call toll-free 866.888.1122.

Founded in 1966 as the Commission on Accreditation of Rehabilitation Facilities, CARF International is an independent, nonprofit accreditor of human service providers in the areas of aging services, behavioral health, child and youth services, DMEPOS, employment and community services and medical rehabilitation. The CARF family of organizations currently accredits more than 5,000 providers at more than 18,000 locations in the United States, Canada, Western Europe and South America. Close to six million persons of all ages are served annually by CARF-accredited providers.

The Continuing Care Accreditation Commission (CCAC), based in Washington, D.C., was founded in 1985 as the nation's only accrediting body of continuing care retirement communities and aging services networks. CARF acquired CCAC in 2003.

CARF Canada was launched in 2002 as a private, not-for-profit organization serving Canadian providers.

For more information about the accreditation process, visit the CARF web site at 'http://www.carf.org', the CARF-CCAC portal at 'http://www.carf.org/aging', or the CARF Canada portal at 'http://www.carfcanada.ca'.

The CARF International offices are located at 4891 East Grant Road, Tucson, AZ 85712, toll-free 888.281.6531. CARF-CCAC is located at 1730 Rhode Island Avenue NW, Suite 209, Washington, DC 20036, toll-free 866.888.1122. CARF Canada is located at 10665 Jasper Avenue, Suite 1400A, Edmonton, AB T5J 3S9, Canada, toll free 877.434.5444.

The CARF family of organizations is committed to providing equal opportunity in all its employment practices, including selection, hiring, promotion, transfer and compensation, to all qualified applicants and employees without regard to race, color, national origin, sex, disability, age, sexual orientation, ancestry, marital status, gender identity, religion, familial and/or any other status protected by law.
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   Corporate Communications
   CARF International 
   Tucson,    AZ,    85712
   USA
   520-325-1044 (phone)
   520-318-1129 (fax)
   awhitehurst@carf.org
   www.carf.org