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DH & I early this month put down the deposit to get on a waiting list for a CCRC spot, with the intent to land there no later than 10 years from now, sooner if our health starts deteriorating.
This is almost the last in a long series of planning, including funeral/cremation and will/trust/estate planning. The former is done and dusted, the latter still needs tweaking.
We feel really really good about the CCRC decision and will break out the bubbly this weekend to celebrate.
We're #261 on the waiting list, which historically means we'll be first offered a spot in 6-8 years. Perfect for us. If we're not ready then to accept (and we hope we're not), we can decline and remain on the top until we're ready.
Last edited by biscuitmom; 01-23-2018 at 10:38 PM..
For anyone wondering, here's how the $$$ shake out. Something to keep in mind: this particular CCRC has been around for 45+ years and has a great deal of support from the local community.
We paid 2k to get on the waiting list, which is unrefundable but there are perks. We immediately get many amenities including full access to fitness facilities and programs and activities, and limited dining privileges (1x a week).
If we eventually choose to move in, the 2k is applied to the move-in fee.
Move-in fee for us will be in the range of 120k-160K (depending upon inflation increases) for a 2-bedroom option. That fee will cover full move-in, including customizing apartment such as paint, upgraded flooring, countertops, appliance finishes, desired electrical and storage modifications, etc. (There are options that allow for refunding 50-75% of move-in fee, we will choose to pass on those.)
Monthly fee to cover both of us will be ca 4100-4800, again depending upon inflation increases. That's for a 2 bedroom apartment. Studios and 1-bedrooms are cheaper. The fee will cover rent, some medical expenses (physician's assistant on-call 24/7), transportation upon demand, full access to physical fitness and rehab facilities, 2x month house cleaning, weekly flat laundry, one meal a day, security and covered parking, all utilities including cable.
Since it's a CCRC, transition to assisted living and/or SNF care as needed is included with no additional fees.
CCRC should be a well understood option for anyone even approaching retirement years.
BTW, we have a similar community near us. Similar but about twice the cost. It also requires a non-refundable deposit and a long wait. This seems to be a catch 22 situation. Few people would not to live in the community while they are relatively young, healthy and active. Once they have too many health issues or are too old, the community will not take them. You need to bet against your health years in advance.
For anyone wondering, here's how the $$$ shake out. Something to keep in mind: this particular CCRC has been around for 45+ years and has a great deal of support from the local community.
We paid 2k to get on the waiting list, which is unrefundable but there are perks. We immediately get many amenities including full access to fitness facilities and programs and activities, and limited dining privileges (1x a week).
If we eventually choose to move in, the 2k is applied to the move-in fee.
Move-in fee for us will be in the range of 120k-160K (depending upon inflation increases) for a 2-bedroom option. That fee will cover full move-in, including customizing apartment such as paint, upgraded flooring, countertops, appliance finishes, desired electrical and storage modifications, etc. (There are options that allow for refunding 50-75% of move-in fee, we will choose to pass on those.)
Monthly fee to cover both of us will be ca 4100-4800, again depending upon inflation increases. That's for a 2 bedroom apartment. Studios and 1-bedrooms are cheaper. The fee will cover rent, some medical expenses (physician's assistant on-call 24/7), transportation upon demand, full access to physical fitness and rehab facilities, 2x month house cleaning, weekly flat laundry, one meal a day, security and covered parking, all utilities including cable.
Since it's a CCRC, transition to assisted living and/or SNF care as needed is included with no additional fees.
Thank you for laying out the costs. Very helpful.
I have a question about the move-in fee. If you own a house at the time a unit becomes available, can you move and then put the house up for sale? Will they give some type of grace period to sell the house in order to free up the money for the move-in fee?
Do you live close enough to take advantage of the perks?
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