How Much Does it Cost on Average to Live in a Continuing Care Retirement Community?
The cost of living in a Continuing Care Retirement Community (CCRC) varies widely depending on your location, the community’s amenities, and the type of contract. However, if you’re looking for a ballpark figure, here are the average monthly costs. It varies for different levels of care:
1. Independent Living
Entrance Fee: $100,000 - $500,000+ (varies by location and contract type)
Monthly Fee: $2,000 - $5,000
2. Assisted Living
Monthly Fee: $4,500 - $7,000
This cost typically includes help with daily activities, meals, housekeeping, and some medical oversight.
3. Memory Care
Monthly Fee: $6,000 - $10,000
Higher cost due to specialized dementia care, 24/7 supervision, and secure environments.
In general, location truly matters. Urban areas and high-cost states (like California or New York) tend to be more expensive. Also, CCRCs have several contract types, so make sure the one you choose can accommodate your budget.
Contract Type:
- Type A (Life Care): Higher entrance fee, but predictable healthcare costs.
- Type B (Modified): Lower entrance fee, with some healthcare discounts.
- Type C (Fee-for-Service): Lower initial costs, but higher healthcare costs if needed later.
Keep in mind, more services and upscale amenities can drive up costs.
Acts Retirement-Life Communities operates 28 of the best continuing care retirement communities across 9 states. Acts is one of the biggest and most revered not-for-profit retirement community operators in the country.