Continuing Care Retirement Communities Entrance Fees

Seniors typically encounter two types of entrance fees.

Continuing care retirement communities entrance fees.

Payments to a ccrc ffsccrc consist of two components. Entrance fees begin at approximately 115 000 for a single person independent living unit. To help you with your search browse the 53 reviews below for continuing care retirement communities in los angeles county. The aicpa has released guidance on asu 2014 09 revenue from contracts with customers for continuing care retirement communities.

Fred and wilma flintstone move to a class a ccrc in 2018 and pay an entrance fee of 800 000 non equity plan. Rent for an independent living unit is often 3 000 to 6 000 a month. A large portion of the entrance fee would be deductible in the year of closing. Example entry fee deduction.

Fees can vary greatly but usually range between 2 000 and 4 000 per month. And a monthly fee. This is higher than the national median of 2 387. On average consumers rate continuing care retirement communities in los angeles county 4 6 out of 5 stars.

Read on for more details. Along with the up front entrance fee you ll also need to pay monthly fees while you re living in a ccrc. Refundable entrance fees are higher in cost but at least 75 percent of the fee can be returned upon a senior moving or passing away. Effect on entrance fees monthly service fees bkd llp.

The average initial payment is 329 000 but it can top 1 million at some communities. Once residents move in they pay monthly maintenance or service fees that typically run 2 000 to 4 000. Revenue recognition for ccrcs. Non refundable entrance fees carry a smaller price tag but they generally do not allow money to be returned to a senior or his or her family in the event of a move or death after five years of living in the community.

An entrance fee generally comparable to the average value of residential homes in the community s geographic area.