A residential retirement community where a variety of living and medical services are provided to residents who are in need of continuous care and/or supervision. This is generally used by those with financial means which gives an individual or couple the opportunity to “age in place” after buying into the community.
Usually, the purchaser will live in an independent living section which could be a single-family home within the community, or a condo or apartment. As people require care, they can move within the same community to the assisted living section or the nursing home section.
They usually feature two types of contracts, one if you have Long-Term Care Insurance and another if you do not have such a policy. In addition to the purchase price, there are monthly fees which are associated with the communities.