CCRC Entrance Fees vs. Renting in Independent Lifestyles

Doing your due diligence to plan for your future is almost a full-time job — and you are supposed to be retired. But with people over 65 outnumbering people under 18 by 2030, the competition for community living is increasing every day. It is more important than ever for people 65 or older to develop their long term plans earlier. Though your retirement options are more plentiful, there are two main types when it comes to community living; a Continuing Care Retirement Community (commonly called a CCRC) and an Independent Lifestyle Community. Though there are many differences between these communities, one of the most significant is how you pay for them — CCRC entrance fees vs. renting.

Homeowners Associations vs. Independent Lifestyle Community

If you are looking to rent without an entrance fee, you are likely going to look at an independent lifestyle community. Like a condo community with homeowners association fees that cover basics like pool maintenance and the exterior of the home, but not your utilities or interior home.

For a complete comparison between a Homeowner’s community and an independent lifestyle community, check out this article. But the major difference to keep in mind is that Independent Lifestyle Communities have age restrictions and the amenities offered are designed to appeal to retirees with expenses covered under a single monthly fee.

Amenities of Independent Lifestyle

The amenities that independent lifestyle offers can vary from campus to campus. These communities are designed to unburden residents of mundane chores so they can live their best lives. Some of the burdens they help with are:

• No maintenance or repairs
• Housekeeping options
• Lawn care and snow removal
• Dining options
• Social programs and events
• Spiritual services
• 24-hour security
• Wellness programming

CCRC Entrance Fees

Though the entrance fee at a CCRC certainly adds a greater initial cost, there are a lot of perks that come with it. First of all, entrance fees for a CCRC are designed to help residents get the entire continuum of care they came for. Similarly, paying the entrance fee ensures that they will be able to remain in the community they have chosen with fewer worries and responsibilities. This works both for the security of individuals and the community at large since the people who live there plan to stay there.

Amenities of a CCRC

Much like in an independent lifestyle, the amenities offered by a CCRC can vary, though most will offer some basics. Also, much like independent living, moving to a CCRC community is all about security and peace of mind. 

Furthermore, many assisted living communities will offer the same benefits as an independent lifestyle community, plus some additional aid:

• Personal support services
• Laundry services
• Assistance with daily self-care
• Medication management
• Health monitoring
• Enrichment programs for social and active living

Still getting ready for retirement? Learn about these essential documents for retirement.

No matter which option you think is right for you, there is a Life Enriching Communities resource to help you at every step of the decision making process. Cover all your bases with our FREE eBook and discover What Are My Senior Living Options.

Concord Reserve is a continuing care retirement community in Westlake, Ohio. For more information, contact Concord Reserve online or at 440-871-0090.