Last Updated: April 1, 2024

Inside this Article:

An excerpt from Scott Miller’s presentation, “Florida Retirement Guide: Senior Living, Care Options, Family Choices & Future Trends”

scott miller ceo headshot

Frequently Asked Question: Are There Senior Living Communities in Florida That Have All Forms of Care in One Place?

Yes, there are senior living communities that have all forms of care in one place. These communities exist on a very limited basis with a pricey model. It’s called a CCRC.

A CCRC is a continuing care retirement community, which means every level of care is available on one campus except the hospital. You have independent living, assisted living, memory care, and you have skilled nursing all in one environment. Those come in a lot of different shapes and sizes. Westminster Point Pleasant in Bradenton, Florida is an example. Westminster is a large not-for-profit that has CCRCs all over the state of Florida. Very well run model if that’s something you’re considering.

Some of the disadvantages to a CCRC: most of them are buy-ins, which means you have to come up with a pretty good sum of money up front to be able to get in. Now I’m going to give you a sticker shock. Those buy-ins can be anywhere from $100,000 to $1 million, and more.

The good ones are the not-for-profits. Be leery of for-profit CCRCs. Because if they take that money up front, you want to be sure that that money is being well-invested. That money is there to create a profit pool, to maintain that property, to invest in that property, to reinvest in its residents, but many of the for-profit companies don’t do it that way. So if you’re ever looking for that environment, look at the not-for-profit first and then know that you’re going to be paying some money up front.

Now the advantage. If you went to a Westminster community, for example, it costs you maybe $100,000 to $175,000 up front. The communities are to the nines, they’re beautiful, and their care model is incredible. What’s really nice is the money you put up front can be a declining balance back to you or your estate, and it locks in amongst the people that you would pay for as long as you live. And, it’s much lower than most assisted living communities. So, you could pay $150,000 up front. They’ll take away 2% of that per month. So over the course of 4 years that money goes away. If you only stay 2, half of it comes back to you.

You can pay more and they’ll guarantee you a 90% rate back over time. The nice part is the cost of living there – which they don’t call rent, they call maintenance – is somewhere between $3,000 and $4,000 dollars a month, all inclusive. You end up in a place where everything is covered.

Try to compare the costs of living at home versus in an assisted living environment. Those figures are important when you understand the total costs that go into that particular community.

Nobody really knows how much they’re actually paying at home unless they are very, very budget conscious. But, $3,000 a month to be in that environment is very inexpensive when you consider that it’s three meals a day, seven days a week, your utilities, all of your maintenance, all of the upkeep, anything you could imagine, and full care delivery as you age. And in these communities you can age in place, so if you have to go over to skilled nursing, you don’t pay a dime. If you have to go into memory care, you don’t pay a dime more.

Florida CCRCs are a great option to consider if you are looking for all your senior care in one place.

-Scott Miller, CEO of Florida Senior Consulting

Don’t wait for a crisis! Florida Senior Consulting is here to help you prepare for your retirement journey and find the best senior living communities in Florida, including CCRCs.

Call us today at (800) 969-7176 or visit FloridaSeniorConsulting.com to start your journey. The choice should be yours.

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