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3 Things You Didn’t Know About Paying for a CCRC

Oct 5, 2021

More and more senior adults are entertaining the idea of living their golden years in style at a retirement community. This is especially true today, as many senior living communities are reinventing themselves to offer a vibrant, engaged lifestyle that attracts active seniors while also offering the levels of care that allow older adults to remain at a community for life.

“Continuing Care Retirement Communities, or CCRCs, has great appeal for today’s senior,” says Lynda Marino, Marketing Director at Canterbury Woods Gates Circle. “However, knowing how to pay for CCRC senior living can be confusing. It’s important to understand what you’re paying for as well as what CCRC benefits you’re getting when you buy into a community.”

What is a CCRC? The CCRC meaning is fairly simple: a community where continuing care is provided, allowing residents to live on campus for as long as they live, no matter how their health needs change. The fees and costs, however, are not nearly as simple. How does the fee differ from other senior living options? What does the monthly fee cover? Why is an entry fee charged, and what happens to that money if you leave?

Here are three things you should know about paying for a CCRC:

1. There are financial advantages to choosing a CCRC for your retirement years.
If you move into a CCRC when you’re young, active and healthy, you may end up finding that your lifestyle is cheaper over the long term compared to living in your own home. One of the biggest benefits of a CCRC is the fact that you live maintenance-free in an all-inclusive model, which results in a lower monthly payment overall. If you tally up what you would pay in the “real world” as well as any health care costs you might accrue during your senior years, you can find that CCRCs are truly an economic advantage. Not only does your entrance fee provide you priority access to health care services, but many CCRCs also offer a special benevolence fund. This is in place so that if a resident loses or outlives their financial resources, they will still be able to have a home and receive the care they need.

2. Your money is protected (as are you).
There are three distinct types of CCRC contract models that you can choose from. Type A is the first type and the most inclusive (and the most classic). In this model, individuals pay a lump sum up front as an entrance fee, which then ensures one monthly rate for the remainder of their days, no matter how their health needs change. Type B is a variation on a theme – there’s a smaller entrance fee, and the monthly fee only has a modest increase if care levels change. Type C is a pay-as-you-go model with the lowest entrance fee. Depending on the type of contract, part of the entrance fee can be refunded if you choose to leave a CCRC or pass away. It’s an excellent option to preserve part of your estate and protect it for your loved ones.

3. There are many different ways to pay for a CCRC.
Many seniors balk at the idea of a CCRC because of the large entrance fee. However, there are many ways to pay for a CCRC, from selling your current home to using long-term care insurance. The way you choose to pay for a retirement community near you will depend on your own preferences, insurance and asset allocation.

Some individuals may be able to pay the entrance fee from cash assets or through the sale of their homes. Other individuals may use funds from long-term care insurance or even bridge financing specifically designed to help seniors fund their move to a retirement community. You’ll want to sit down with your financial planner to determine what strategy is right for you and what makes the most fiscal sense in your situation.

“Canterbury Woods Gates Circle is a Life Care Community, which provides care and service for life,” says Lynda. “Our Life Care plans help protect residents from skyrocketing long-term care costs, ensures access to the quality of care you deserve and comprehensively answers the question, what happens if? This provides peace of mind and gives you the freedom to enjoy, live and engage in your golden years to the fullest extent possible.”

Continuum of Care

As a Life Care Community, Canterbury Woods Communities provide a comfortable environment and first-rate services to support every level of need. Assisted living apartments allow Gates Circle residents to benefit from additional support while maintaining their independent lifestyle, but if additional support is not needed, independent living is also offered at our Life Care Community. If skilled nursing, rehabilitation or memory care is ever needed, residents can experience the support they require at our sister community in Williamsville.

Contact us today to discover more about Canterbury Woods Gates Circle! ​(716) 427-6678

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