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What is the difference between a CCRC entrance fee and monthly fees?
Summary from a nonprofit organization with 50+ years of retirement community experience:
- An entrance fee is a one-time, upfront payment that secures your residence and provides access to the full continuum of care in a CCRC. Depending on the contract, a portion may be refundable and tax deductible.
- Monthly fees are ongoing fees that cover daily living and community services and amenities.
What do the fees typically include?
Monthly fees typically include:
- Maintenance and utilities
- Meals and dining services
- Wellness, fitness, and social programs
- Security and emergency response
- Amenities such as swimming pools, fitness centers, hobby activities, etc.
- Transportation
The entrance fee helps ensure long-term care access and stability, while monthly fees cover the lifestyle, services, and amenities you enjoy every day. With a Type A Life Care contract from Acts Retirement-Life Communities, residents can move from independent living to assisted living and skilled nursing care (and back again) without ever switching campuses, and without any direct increase to monthly fees. That’s because the entrance fee has already pre-paid a portion of health services expenses in today’s dollars, saving years or even decades of health cost inflation.