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

Posted: Wednesday, January 12th, 2022 by Cristina Mank in Uncategorized

A Continuing Care Retirement Community (CCRC), sometimes known as a Life Plan Community, is a comprehensive senior living option for those with a variety of care needs. Moving to a CCRC helps you enjoy life without the obligations of home maintenance and gives you access to many levels of care should you need them.

Generally, CCRCs offer a full continuum of care under varying contract types. Health care access is provided through your payment of a one-time entry fee and an additional monthly rental cost that varies depending on the contract type. 

If you have financial questions about planning a move into senior living, we’ve got you covered. Keep reading to learn a little about the ins and outs of paying for CCRC like Peter Becker Community.

 

Your Investment Provides Health Care and a Home 

In CCRCs, there are three main contract types: 

  • Type A Life Care Contract
  • Modified Type B Contract
  • Type C Fee-for-Service Contract 

Consult with the CCRC’s representatives to determine which contract type is offered at the community and if it’s right for your needs. 

Here at Peter Becker Community, we offer a full continuum of on-site care services under a Type C contract. Your entrance fee gives you access to higher levels of care in the future if needed. Additional health care costs are covered by what you pay month to month and may increase your monthly cost.

A Type C contract asks for the most affordable monthly rates and entrance fees. Additional on-site health care services such as memory care, rehabilitation or skilled nursing care are often offered. With a Type C contract, you can be confident that a plan is in place for your future care should additional or unforeseen needs arise. 

Get in touch to learn about our multiple entry fee options.

 

CCRCs Can Be Paid For in Different Ways

While considering your move to a CCRC, you should know there’s a handful of ways to pay for your entrance fee. 

Older adults often sell their homes to gather funds for a community’s entrance fee, with savings, pensions and Social Security covering the monthly cost. 

It can be helpful to get in touch with a private financial advisor to weigh the value of your assets and the cost of getting started in Residential Living.

 

There Are Financial Advantages to a CCRC 

Living in a CCRC means you can rest assured that your entry fee is put to the best use. 

Apart from health care services, utilities, maintenance, and housing costs are covered by your monthly fee. This keeps your mind focused on all the wonderful amenities and lifestyle options provided by a Life Plan Community. 

Regardless of your entry fee plan at Peter Becker Community, your monthly care service package remains the same. This means that living here can help you save money in the long run when compared to a standard month-to-month retirement community. Note, however, that costs can increase if higher levels of care are required.

 

How the Peter Becker Community Is the Place for You

Peter Becker Community is a not-for-profit CCRC specializing in Residential Living, Personal Care, Skilled Nursing, Rehabilitation, Memory Care and Hospice Care. Come see why the Peter Becker Community is right for you.

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