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Continuing Care Retirement Communities

Cost And Fees

It is relatively expensive to live in a CCRC. Data show that most individuals choosing CCRC's are in the middle- or upper-income bracket. Cost can be based on the type of contract negotiated, the size of apartment, and the services and amenities received. According to AARP, entry fees can range from $20,000 to $400,000, with monthly payments ranging from $200 to $2,500. AAHSA (1999) found that entry fees ranged from $34,000 for a studio apartment to $439,000 for a two bedroom home. The range of monthly fees was $1,383 for a single resident to $4,267 for a couple.

Whether or not one receives a refund of the entry fee, either for choosing to leave the community or upon one's death (in which case, a person's estate would receive the refund) depends on the particular CCRC. Organizations usually establish one of three types of refunds: declining scale, partial refund, or full refund. With a declining scale refund, the longer an individual stays at a facility, the more the entry fee refund decreases. With the partial refund option, a percentage of the fee will be refunded within a particular time period, after which there will be no refund. Full refunds are not generally available, though some CCRCs with high entry fees do offer them.

Additional topics

Medicine EncyclopediaAging Healthy - Part 1Continuing Care Retirement Communities - Definition And History, Ccrcs Today, The Contract, Cost And Fees, Regulations Governing Ccrcs - Requirements for entry