They've been around for a long time, but there's been a burst of new ones springing up recently. The best ones can add a lot to our long-term eldercare options. What are they? Continuing Care Retirement Communities - often known as "CCRCs."

A Continuing Care Retirement Community offers the whole "continuum of care" under one roof, so to speak. Whether it's one large building or a multi-building group on a large campus, a CCRC will have retirement living for the healthy and active senior, assisted living for those who need some help every day, and a nursing center. Some offer specialized secure Alzheimer's/ dementia care, too.

Some even have two and three bedroom houses, tennis courts, pools and all the amenities you'd expect to find in an exclusive residential community.

The Advantages of a CCRC:

The peace of mind of knowing that everything is right there, should you need it. Visiting is easy if one parent eventually needs more care than the other. "Aging in place" really is possible at a CCRC.

The Disadvantages of a CCRC:

Many CCRCs require that residents be in good health to buy into their retirement living. So, to get the best deal seniors can't wait too long. They're expensive. Many have entry fees between $100,000 and $200,000. If you decide you've made the wrong choice and choose to leave you may have to forfeit some of that fee. Resale of the residence can be complicated and subject to approval. Some CCRCs require that the unit be resold only by the CCRC itself.

What To Investigate Before You Decide:

Is the facility accredited? The Continuing Care Accreditation Commission  provides a list of accredited CCRCs. The process of getting accredited is costly and time-consuming, so accreditation is a good sign.

Is the contract written in plain English and easy to read? Even so, have your lawyer and your investment advisor review it. This step is not negotiable if you don't want to take the chance of nasty financial surprises.

How financially sound is the community? You may be about to invest a considerable sum of money and you want to know that it will be properly accounted for. If the CCRC has been around for several years it will have a track record. In many states the state insurance commission regulates the financial side of CCRCs. Check with your State Commissioner.

What is the refund policy? Can you get all your investment back if you leave before the end of a defined trial period?

How does the nursing home on campus perform? If the nursing home gets high grades, there's a good chance the rest of the community will, too. Check the Medicare nursing home reports (scroll to "Nursing Home Compare").

What is the CCRC's plan if the nursing, assisted living or Alzheimer's section is full when you need it? Does the nursing home participate in Medicare should you need short-term rehabilitation?

Who sponsors the community? Many are affiliated with a religious group or denomination.

Buying in to a CCRC is one of the largest investments a senior may ever make. Never permit yourself to be rushed into making a decision. Take the extra time to review everything with your attorney and your financial advisor because this is one decision that may not be easily or completely reversible if you change your mind.