Will Continuing Care Retirement Communities Continue?

Abstract

Financial viability of Continuing Care Retirement Communities (CCRCs) and Life Care Communities (LCCs) has gained wider public attention following the 2008 financial crisis, including a Congressional inquiry about financing practices. Pennsylvania has seen high profile bankruptcies that have raised questions among current and future residents about financial transparency and accountability. This article reports on surprising regulatory developments in Pennsylvania, trends in state and national resident rights organizations, and raises questions about resident membership on governing boards as a core component of accountability.

Keywords: Retirement communities, Continuing Care Communities, CCRCs, Life Care Communities, elder, elderly, older adults, resident rights

JEL Classification: K11, K23, K20, J14, G32, K00