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As I have written recently we have begun investigating CCRCs. I am curious as to what other bills that you paid when you owned a house are eliminated or reduced, and if reduced by what percentage. Also what additional charges/bills might be incurred from the CCRC other than the obvious monthly fee.
Ideas I’m thinking may be eliminated are expenses such as property taxes, fuel for heating/cooking etc. is electricity included in the monthly charge. How many meals etc. I would assume these vary by facilities/contracts etc. I assume most get renters insurance which I would figure is less expensive than homeowners insurance.
Just curious, and thanks for any input which might be provided.
Look for a non-profit, financially sound CCRC. There are many, if you do your due diligence. Be wary of situations like these.
Isn’t it the case that while the individual may not pay many of the expenses listed directly, they are certainly paying them within their monthly fee and lost interest on entry fee. Expenses didn’t go away, they are just paid differently. It’s like saying healthcare is free, when it is paid for through taxes.
The real test is annual aggregate outflow compared between before and after living in a CCRC.
Dick the nexus of my question was to find out when someone is in a CCRC how do their other expenses change such as no electric, water/sewer, property taxes etc.. Essentially what do they still have to pay for beyond their monthly payments to their facility.
Hope the replies have helped, but you really have to look at the financial disclosure statements for each CCRC individually. I’ve heard of some that charge for parking, or for under-cover parking, for instance. Some cover internet and some don’t.