A Continuing Care Retirement Community (CCRC), also known as a Life Plan Community, offers more than just a place to live—it provides a thoughtful plan for the future. Designed for older adults who want to enjoy an active lifestyle today with the confidence of knowing support is available if their needs change, CCRCs offer a continuum of care. From independent living to assisted living, skilled nursing, and more, these communities are built to adapt as life evolves.
So, how much does a CCRC cost? That depends on a few key factors, including the type of contract, the level of care needed, the community’s location, and the services and amenities included. Understanding these costs can help families make informed choices and feel confident about the road ahead.
Types of CCRCs and What They Include
In a Life Plan Community, residents enjoy the comfort of knowing that as their needs change, the right level of care is available. Each level of care offers different types of support, such as:
Independent Living
Residents living independently typically pay for housing, dining, housekeeping, maintenance, and access to social and wellness programs. These costs may be lower than other levels of care, but still vary depending on the type of residence and included amenities.
Assisted Living
Seniors who need help with activities of daily living (ADLs), like bathing, dressing or medication management, will pay more for assisted living services. These additional costs cover personalized care while still offering access to the broader community’s amenities.
Skilled Nursing
For those who require 24/7 medical attention, such as in a nursing home setting, skilled nursing care is the most expensive level of support. It includes full-time clinical services, and monitoring.
Memory Care
Specialized memory care units provide services for individuals with Alzheimer’s or other forms of dementia. These units often require additional staffing and security, which can increase the overall cost.
Rehabilitation
Short-term rehabilitation services are often available for individuals recovering from surgery, illness, or injury. Rehabilitation focuses on physical therapy, occupational therapy, and speech therapy to help residents regain independence and return to their previous level of function. Costs for rehabilitation vary based on the intensity and length of therapy needed.
Pricing Models in CCRCs
CCRCs typically use a combination of entrance fees and monthly fees. Understanding how these models work can help you make an informed financial decision.
Entrance Fees
Entrance fees are one-time, up-front payments made to secure a residence within the community. They can range from tens of thousands to hundreds of thousands of dollars, depending on the community and residence type. These fees often include prepayment for future care services.
Monthly Fees
Monthly fees cover ongoing expenses like meals, utilities, housekeeping, and access to amenities. These fees may increase if a resident transitions to a higher level of care.
Fee-for-Service vs. Life Care Plans
- Fee-for-Service: Residents pay for care services as needed. While initial costs may be lower, long-term expenses can increase if care needs intensify.
- LifeCare: A more predictable pricing structure where higher entrance fees cover future care, often at little or no increase in monthly rates. At Sandhill Cove, residents benefit
from the security of a LifeCare contract, which offers access to levels of care under a comprehensive, stable financial plan. This approach helps protect against rising health care costs and provides lasting peace of mind for residents and their families.
Refundable vs. Non-Refundable Entrance Fees
Some CCRCs offer partially refundable entrance fees—returned to residents or their estates if they move out or pass away—while others are non-refundable but may have lower up-front costs.
Additional Factors That Impact the Cost of a CCRC
A variety of factors contribute to the overall cost of a CCRC, including:
- Location: Communities in urban or high-cost-of-living areas tend to have higher fees.
- Accommodation Size: Studios are more affordable, while larger apartments or villas come at a premium.
- Amenities: Pools, golf courses, fine dining, and wellness centers can add value.
- Health Care Services: On-site clinics, therapy programs or personal care services may be charged separately.
Other Costs To Consider
Beyond basic fees, additional expenses can impact your total financial commitment, such as:
- Extra Services: Transportation, pet care or salon services
- Upgrades: Custom cabinetry, flooring or appliance upgrades in your residence
- Health Care Costs: Out-of-pocket expenses for prescriptions or specialty treatments
- Moving Expenses: Costs related to downsizing, moving companies or home staging
How to Determine if a CCRC Is Worth the Cost
Choosing a CCRC is a significant financial and lifestyle decision. To make an informed choice, it’s important to look beyond just the entrance fee or monthly costs. Consider the full value a CCRC offers—both today and in the future. Here are key factors to guide your evaluation:
Assessing Value
Ask whether the services and lifestyle offered justify the cost. Consider not just the living space, but also the peace of mind that comes with having access to a full spectrum of care.
Understanding Long-Term Financial Impact
Compare CCRC costs to aging in place with at-home care, home maintenance, and private health care services. In many cases, CCRCs can provide better value and greater convenience.
Seeking Financial Assistance
Some residents use long-term care insurance, retirement savings or Veterans benefits to help cover costs. In certain cases, portions of CCRC entrance fees may be tax deductible.
Planning for a CCRC Like Sandhill Cove
Choosing the right CCRC is a significant decision, both personally and financially. At Sandhill Cove, we strive to make that decision easier with:
- Transparent pricing models
- A full continuum of care, from independent living to skilled nursing
- Waterfront dining, a modern fitness center, and vibrant social opportunities
We’re here to help you find a plan that fits your needs and budget while ensuring you enjoy every day to the fullest.
Discover the True Value of Senior Living at Sandhill Cove
At Sandhill Cove, it’s not just about where you live—it’s about how you live. From exceptional care and resort-style amenities to transparent pricing and personalized support, our community is designed to help you thrive.
Come experience the waterfront views, vibrant lifestyle, and peace of mind that make Sandhill Cove truly special. Schedule your personal visit today and see how your next chapter can be your best one yet.