What Does a CCRC Cost?
Continuing Care Retirement Communities (CCRCs also known as LifePlan communities) are a fantastic living option for seniors who wish to age in place rather than having to move to a different location as their needs for at-home care and medical attention become greater. Still, it’s important to be realistic about the cost of a CCRC and know what to expect for your money.
What Am I Paying for at a CCRC?
Most CCRCs offer residents the opportunity to live comfortably in a rental unit with both onsite assisted living and medical care when necessary. If residents don’t need a certain type of care, then they won’t have to accept it until they do. They also won’t be forced to move from the area they feel comfortable with in order to gain this care in the future.
CCRCs also offer services like meals, lawn care, housekeeping, transportation, and security, as well as activities for senior residents. These amenities are usually included in the base cost. Senior care at these facilities is meant to be all-inclusive, so it is often understood that CCRCs are more expensive than the average senior housing facility.
How Much Does It Cost to Live in a CCRC?
Cost varies among CCRCs because they are run by different individuals and companies, and they offer a wide array of amenities. Some CCRCs can be more basic, while others provide near-luxury services. Still, because of the all-inclusive nature of this senior housing option, CCRCs tend to be expensive.
These facilities are usually rent-based, so residents make monthly payments. In addition to their monthly payments, residents are also expected to make a one-time, entrance payment when moving into the facility. For some facilities, this down payment is the first month’s rent, but this isn’t always the case. In many situations, the down payment is much higher than the monthly rent.
Depending on the facility, the level of luxury and amenities it offers, and other variables, the entrance payment is usually between $2,000 and $500,000, while monthly payments are often between $2,000 and $5,000. Of course, these numbers represent averages. In addition, some facilities offer refunds for entrance fees, but this is another variable.
Learning More About CCRC Cost
If you know you want to move toward living in a CCRC, it is important to thoroughly research your options. Remember to ask about monthly costs and entrance fees well before moving in. Also, make sure to ask if the entrance fee can be refunded and to what extent. It is always better to be informed about a facility and to know what to expect before you make the decision to live there.