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I am interested in the actual costs of buying into and living in a Continuing Care Retirement Community. I would like to get any cost data on such communities in New York (which has only a few scattered throughout the state), New Jersey, Pennsylvania, New Hampshire, Texas and Florida in particular, but I would be grateful for any information at all on the real costs.
I am also interested to hear what people think of these communities. In general, are they more like independent apartment/house living, or are they more like medical facilities?
Thanks in advance for any information and/or opinions.
The cost for independent seniors to reside in a community that includes assisted living (Senior Living communities) is very expensive. As a rule, just to rent a unit as an independent senior the monthly rent usually starts at $3,000/mo.
If you'd rather buy into the community, there is still a large amount to pay upfront, plus the monthly maintenance fees.
Independents are subsidizing the cost for the assisted living section of the community.
You'd need to contact those you're interested in to determine the costs since they can vary from area to area.
I live next to a really nice one. The entry is $113,0000 and $2159 a month for a 500Sq ft studio to $356,000 and $4428 a month for a 1660 sq ft garden home. That is for one person. Another person would add $1500+ a month. They have many sizes and styles. I just gave you the lowest and highest to give you an idea about prices.
I live next to a really nice one. The entry is $113,0000 and $2159 a month for a 500Sq ft studio to $356,000 and $4428 a month for a 1660 sq ft garden home. That is for one person. Another person would add $1500+ a month. They have many sizes and styles. I just gave you the lowest and highest to give you an idea about prices.
The cost for independent seniors to reside in a community that includes assisted living (Senior Living communities) is very expensive. As a rule, just to rent a unit as an independent senior the monthly rent usually starts at $3,000/mo.
If you'd rather buy into the community, there is still a large amount to pay upfront, plus the monthly maintenance fees.
Independents are subsidizing the cost for the assisted living section of the community.
You'd need to contact those you're interested in to determine the costs since they can vary from area to area.
Thank you for your reply. I am trying to avoid giving out my email address to a bunch of real estate sales offices, which probably is who I would be contacting. I thought I would start here.
The CCRC near me has buy in costs of $208-567 K and monthly fees of $3300-$7100, per person. They will only take people who are relatively young and in good health.
Thank you for your reply. I am trying to avoid giving out my email address to a bunch of real estate sales offices, which probably is who I would be contacting. I thought I would start here.
I can't blame you for that! Try calling some of the communities, their sales staff will rush to the phone to chat with you. You don't need to give out any personal information, just tell them you are shopping around and need to know the buy-in and maintenance fees. I've done that with many of the communities in my area just to ascertain if they have any independent units that I could afford; they were ready, willing, and able to give out the costs over the phone whether it be renting or buying.
Or, you could create an email address separate from your main address for such inquiries. I've done that and it avoids my primary email being overloaded, plus avoiding spam.
The CCRC near me has buy in costs of $208-567 K and monthly fees of $3300-$7100, per person. They will only take people who are relatively young and in good health.
The average age of someone moving into a CCRC is around 78-80. Many people at that age are going to have some health issue. They want people to be in fairly good condition as they want them to live independently for as long as possible. At one of the ones we looked at, the only requirement is that you be able to live independently when you move in. Certain illnesses, such as cancer, Parkinson's, may preclude you from being considered. All the ones we're considering have independent living, assisted living, and skilled care (nursing home). Entrance requirements vary, but they closely look at your financial affairs. CCRCs cater to people in the upper income/asset brackets. You need to be pretty well off to be considered. Entrance fees are high, as well as monthly fees. The ones we're considering: entrance fees about 500-650k and monthly fees of 5500-6000 a month. The monthly fees increase about 3-5% a year, so you need to do some projections and make sure you can afford the monthly fee in 30 years when it is over 10,000 a month. Keep in mind that you will have other living expenses in addition to these monthly expenses, such as insurance, additional meals (most only cover a limited number of meals), etc.. If you want any of the entrance fee to be refunded after your death, the entrance fee is going to be even higher. We are looking at CCRCs in several states and have already visited some. Some of the nicer ones have waiting lists as long as 6 years or longer. I have found sales staffs to be anything but aggressive. They don't have to be as most have long waiting lists. I would encourage you to do research. They are huge differences in CCRCs . We want a LifeCare contract (Type A) where we are guaranteed care for the rest of our lives, no matter what. Don't want to depend on anyone for care or to coordinate our care, should we need it. We don't plan to move in until we're at least 75, but plan to get on the waiting list. Many of these are very nice, but expensive. Some of the things you should look at include accreditation status, availability of skilled nursing, financial condition, facility condition, activities and offerings, etc. It is imperative to schedule a visit, perhaps more than one. You may also want to consider other possibilities. There are some nice developments/communities that do not require a buy-in, only monthly fees, but these are primarily assisted living. There are others that require a buy-in, but you maintain more control over future health decisions that may have to be made. However, typically, you will need someone to coordinate your care, in case you or a spouse cannot.
The above poster Lizap is right in line with what my in laws have found in the search for CC Communities . Large buy in and over 6,000 a month in fees for two . Yes they have a entrance procedure looking at each persons medical history and do deny some with certian medical conditions . The costs vary , want lower monthly fees there's a higher buy in , different monthly meal credits as well...best in your search
Friends recently moved to a CCRC. The buy-in was 450K and the rent is 7.5K a month for two. The CCRC made them prove they had enough income and assets to continue to pay the rent through age 100. That was first I'd heard of that requirement.
Our plan is to stay in our hacienda and if we need caregivers to have them live in our separate casita. We know other expats who have had 24 hour care which is very affordable here. And in all instances their care has been excellent....we once lived across the street from an 84 year old who had round the clock care, even when she was still mobile. A driver who took her to see friends, restaurants, etc. A woman whose main job was doing the woman's hair and makeup and making meals. She lived to be 94. In her own home.
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