Deciding to move into a senior living community is a big decision. Choosing which one to call home is an even bigger one. It’s natural to have many questions. You may wonder about the culture, the people, the food and the amenities. But the most common questions usually center around the costs associated with senior living and what’s included in senior living fees.
While every community has its own fee structure, here’s an overview of the most common senior living fees and what they cover.
Senior Living Fees Breakdown
Many senior living communities charge two fees: a one-time entry fee and a recurring monthly fee. As the term implies, the entry fee is the cost to “enter” or become a resident of the community. This is a one-time fee that may vary anywhere from $100,000 to $1 million for Life Plan Communities, also called Continuing Care Retirement Communities (CCRCs). The entry fee in a Life Plan Community typically includes several components designed to provide a comprehensive living experience and long-term care for residents.
The second type of fee you can expect to pay to live at a senior living community is a monthly service fee. This is a recurring fee that helps pay for normal living expenses, which may include rent, maintenance, food and utilities.
Each senior living community has their own fees and inclusions. In the next sections, we will explain what’s included in senior living fees at John Knox Village.
What Does My Entry Fee Cover?
The Life Plan of John Knox Village of Central Florida provides residents with peace of mind knowing that as their needs change, they can seamlessly transition to a higher level of care right on our campus. Our Life Plan entry fee is a one-time payment that provides lifetime access to a continuum of care. Coverage includes assisted living, memory care, skilled nursing, rehabilitation and home healthcare services.
Depending on the specific plan and residence you choose, these fees vary and may or may not be refundable. When searching for a Life Plan or a Continuing Care Retirement Community, it’s important to ask about the specific refund policies of their plans.
What Does My Monthly Fee Cover?
In addition to the one-time entry fee, you’ll also have a monthly service fee as a resident of John Knox Village. This fee varies depending on the specifics of your contract and covers the costs of day-to-day living, including:
- Flexible dining program
- Complete maintenance of your residence, including pest control
- All utilities, including cable (phone and internet are not included)
- Housekeeping every two weeks
- Transportation on and off campus
- Unlimited care in our nursing center
- 24/7 campus security
- Social, cultural, educational and spiritual activities
- Access to our fully equipped fitness center and wellness programs
- Unlimited use of our outdoor sportsplex with putting green bocce and shuffleboard courts
- Two pools and a private fishing lake
- And much more!
How Can I Pay for Costs Associated with Senior Living?
While no two financial situations are the same, many residents use their monthly income from social security, pensions and investments to cover monthly service fees. Due to the size of the one-time entry fee, it’s common for residents to use a combination of savings, long-term investments and money from the sale of their home. It’s also a good idea to speak to your accountant or financial advisor to discuss the best way to pay for these fees and determine whether you qualify for tax deductions.
Is Financial Assistance Available?
At John Knox Village, we understand that the decision to move into a retirement community is more than an emotional one; it’s also a financial one. To help offset some of the costs, we’re currently offering two promotions:
- Move-in Credit: Get a $20,000 credit when you sign a contract to become a resident of one of our move-in ready apartments or cottages for a limited time*.
- Military Discount: Save 10% on your entrance fee (up to $40,000 in savings) if you served in any branch of the United Stated Armed Forces.
How Do I Get Started?
It’s important to carefully review the specific terms and conditions and what’s included in senior living fees at any community you’re considering. We’d be happy to sit down with you to help you understand the different options available at John Knox Village of Central Florida.
To learn more about life in our community or to schedule a tour of our beautiful 200-acre campus, call 386-775-0788. *Offer valid on select move-in ready apartments or cottages. Must take occupancy by September 30, 2024.
*Offer valid on select move-in ready apartments or cottages. Must take occupancy by September 30, 2024.