CCRC Costs
Before you make a decision about moving into a continuing care retirement community (CCRC), there are a few things you need to know. For starters, there are multiple kinds of CCRCs. Some include more services than others, and each one comes with its own price tag. It’s also important to keep in mind that the actual cost of the community you pick will vary depending on things like the geographic location, apartment floor plan, service plan and contract you select.
But even though there are different price ranges for each type of community, the good news is that you have options no matter what your budget looks like. So what are you waiting for? Let’s dive in and find out what kind of continuing care retirement community is right for you.
How Can I Afford the Rental Fee?
When moving into a CCRC, you have to think about how you’re going to afford to pay the monthly fee. Fortunately, it could be easier than you think.
What if the monthly rental fee isn’t that different from your current monthly expenses?
Consider some of the things you already budget for each month:
- Mortgage
- Utilities
- Groceries
- Transportation
- Healthcare
- Entertainment
- Travel
Once you remember to factor in things like property taxes and homeowner’s insurance, you may already be paying as much as you would if you lived in a CCRC! The only difference is that when you live in a community, you get the added bonus of amenities and services like:
- Quality dining in a friendly environment
- Housekeeping services, like cleaning your apartment and doing your laundry
- Transportation to places like medical appointments, restaurants and shopping
- A planned activities calendar with fun-filled events and excursions to enjoy with new friends
- Health and wellness programs designed to help you stay strong and healthy
- Beautiful common areas where you can socialize and entertain
- Peace of mind knowing staff members are available 24 hours a day, seven days a week
Affording Continuing Care Retirement Community Could Be Easier Than You Imagine
Selling your home or using personal investments are two options to consider when planning to afford senior living. It's important to weigh the pros and cons of each option and carefully consider how much money you will need to cover the cost of living in a CCRC. Consulting with financial advisors or senior living specialists can help make an informed decision.
Continuing care retirement communities give you multiple levels of care on a single campus.
What are the benefits of choosing to move to a CCRC?
Finding the right CCRC is easy with these helpful tips.
*For information purposes only. This is not to be construed as tax advice. Please consult with a tax professional for advice specific to your situation.