Retired adults are becoming increasingly interested in Continuing Care Retirement Communities (CCRCs) for the great value and the peace of mind they offer for the future. If you have researched CCRCs like The Overlook, you have probably heard the term “entrance fee” being used when referring to pricing and contracts, and by now you may be wondering: What is an entrance fee? And what exactly does it cover?
These are the questions we are here to answer.
What is the entrance fee?
When you move into a CCRC like The Overlook, you pay a one-time, refundable fee known as an entrance fee. The entrance fee helps cover two primary expenses:
- The cost of your residence. The Overlook offers a wide variety of residences from apartment homes to cottages. Depending on the size of your residence, your entrance fee will vary accordingly.
- Life Care. If you choose a Life Care contract, your entrance fee helps reduce and stabilize the cost of any care you may receive at The Overlook, should the need arise in the future. And regardless of the contract you choose, one of the biggest advantages of CCRCs is that you will have access to an entire spectrum of care right on campus! If your needs change, you won’t have to move to a new community. Instead, you can receive top-notch care in a comfortable, neighborhood setting.
Your entrance fee is also largely refundable. Exactly how much of it is refundable depends on the specific contract, and that refundability will decrease over time. But should you ever no longer reside at The Overlook, you or your family will get a substantial portion of your payment back.
Two ways to pay: The Overlook offers two convenient contract options
At The Overlook, we know that every person has a unique circumstance and specific set of preferences. As a result, you or your loved one will have a number of different contract options. However, these various options all fall under one of two categories:
- The first category is known as Fee-for-Service. Fee-for-Service contracts mean that your entrance fee and monthly service fee are markedly lower. However, if your needs ever change and you move into to a higher level of care, your monthly fee will increase as well. Some choose this option because they may prefer their own private long-term health insurance, or because they don’t want to pay for care they may never need. Because of the initially lower cost, this option is also less committal.
- The second category is known as a Life Care contract. A Life Care contract means that your entrance fee will be higher, but if your needs ever change, your monthly service fee will remain relatively the same. This option is perfect for a lot of people because it offers them peace of mind for the future.
Ultimately, these options epitomize what The Overlook wants to offer to all residents: choice. You choose how to spend your day, your energy and your money. Whatever option makes the most sense for your individual circumstances, you can find peace of mind and a wonderful, active community at The Overlook. If you want to learn more, call 866-753-5429 or click here to request a free brochure.