A Continuing Care Retirement Community is a type of retirement community in the U.S. where a variety of care needs can be met within the community—from independent living, assisted living, or even skilled nursing care. While there are many benefits to living in such a community, one of the downsides is the rather great financial cost. An individual could expect to pay anywhere in the range of $20,000 up to $500,000 just in entrance fees—though the exact figure depends on whether you actually purchase the unit.
There are other fees to be aware of, and one of them, the Buy-In Fee, is the focus of this article. While this fee might initially be confusing, it’s really not. All it is, is the cost you pay to buy your unit, though sometimes this isn’t even an option in some communities. Conversely, it’s required in others, as it is in the case of newer models, which often operate quite similarly to condos (which you actually purchase).
In many cases where a Continuing Care Retirement Community involves a buy-in fee, you’ll actually own your accommodations. However, in these situations, things like health care or any other services will be a separate expense.
The exact amount you’ll pay will vary depending on a number of things, such as the location and type of community, the size of the residential unit, etc., but often the cost of the unit will be comparable to any type of non-senior living facilities in the area.
When considering moving to a Continuing Care Retirement Community, there are a lot of T’s to cross and I’s to dot, so:
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.