What’s Does My Entry Fee Cover?
| Community News, News
Investing in your retirement is one of the most important decisions you can make.
There are many different types of communities out there to choose from to meet not only your lifestyle requirements, but also your financial requirements.
When researching which type of community, two of the most frequently asked questions are why is the entry fee so high, and what do I get for my entry fee? When looking at Continuing Care Retirement Communities (CCRCs), also known as Life Plan Communities, entry fees can run between $100,000 and $1 million. The average entry fee nationwide is about $300,000. The money paid to the community as the entry fee is prepayment for your care and living arrangements, as well as to also fund costs within the community. At John Knox Village of Central Florida, the prepayment is for your care and living arrangements and capital costs within the community.
Depending upon what type of contract is offered, these entry fees may or may not be refundable. When doing your research you will want to ask how much if any of your entry fee is refundable.
In addition to your initial entry fee, as a resident of a CCRC/Life Plan Community you will also have a monthly service fee. At John Knox Village of Central Florida, the amount you pay as your monthly service fees cover day to day operating costs. Monthly service fees will vary based on size of residential unit, level of care provided, and which contract type. As a resident, of JKV, your monthly service covers:
- Unlimited number of days in our nursing center
- 24/7 campus security
- Complete maintenance of your residence
- All utilities, including cable TV (does not include phone and internet)
- Housekeeping every two weeks
- Scheduled transportation
- Planned social, cultural, educational and spiritual activities
- Fully equipped fitness center and wellness programs
- Outdoor sportsplex with putting green, bocce and shuffle board courts
- Two pools
- Private fishing lake
- Pest control
- Much, Much More!
How do I fund my move to a CCRC?
Residents of CCRCs typically pay for their entrance fees from some combination of:
- The sale of their home
Monthly service fees are typically funded from your monthly income which may include:
- Social security
- Investment income
While many may think that investing in your retirement future by moving to a CCRC may be financially out of reach, scheduling an appointment to meet with a retirement counselor to discuss your options, might prove otherwise. Begin your search by calling (800) 344-4504 to speak with a John Knox Village Retirement Counselor.