St. Andrews Estates Pricing

A Continuing Care Retirement Community (CCRC) entrance fee is a one-time payment made by new residents upon moving into the community. This fee, which can amount to several hundred thousand dollars, is generally intended to cover in part anticipated healthcare needs at current costs. The importance of this is to avoid paying inflated prices expected in the future.

Additionally, the entrance fee serves as an investment in the resident's future care, contributing to the expenses of advanced care levels, such as assisted living or skilled nursing, if necessary.

In essence, the resident moves in while fully independent and ready to enjoy the community’s amenities. When the need for a higher level of care, like assisted living, arises, the resident receives it on campus without a direct increase in their monthly fee. They have paid for much of their long-term healthcare in today’s dollars, thereby avoiding future inflation and unpredictability.

The specific terms and benefits provided by the entrance fee can differ based on the contract type chosen.

The monthly fee covers a wide range of services and amenities, including but not limited to:

• Utilities such as electric or natural gas, water, basic cable television, and wireless internet.
• Taxes, including property taxes.
• Maintenance services like repairs, equipment replacement, exterior cleaning, groundskeeping, lawn care, and snow removal.
• Personal services such as chef-prepared meals; access to recreation, fitness, and aquatics areas; enrichment programs; 24-hour security; around-the-clock access to resident nurses; a medical alert system; annual apartment inspections and cleaning; scheduled local transportation; extra storage; educational seminars, classes, and hobbies; and more.

If you or a family member are struggling to afford the monthly fees for a Continuing Care Retirement Community (CCRC), you might consider options such as moving to a smaller living space or seeking help from a community benevolent fund, if available. This can help ensure that residents can remain in the community even if they outlive their assets through no fault of their own. When evaluating retirement communities, it's essential to inquire about their policies for residents who outlive their assets and whether they offer a benevolent fund. A thorough financial assessment should typically be completed before residency, helping the resident to prepare for budgeting expenses while a member of the community.

According to NetCredit, retiring comfortably in Florida requires slightly more than $730,733.

The average expense of a Florida retirement community varies with the type of care required and the specific community selected. According to the National Investment Center for Seniors Housing & Care, the typical monthly cost across the U.S. is $3,960. Retirees should also keep in mind that Florida's overall cost of living tends to be relatively high.

Florida is well-known for being tax-friendly to retirees. The state lacks an income tax and does not tax Social Security benefits or retirement income, including pensions and 401(k)s. Moreover, there are no inheritance or estate taxes in Florida. Nevertheless, property taxes in the state are typically higher than the national average, mainly because of the hurricane risk.

In a Continuing Care Retirement Community (CCRC), many long-term healthcare costs are built into your contract, removing the need to determine their tax deductibility. Moreover, residents who itemize deductions can claim a large portion of CCRC fees as prepaid medical expenses, encompassing both the initial entrance fee and the monthly payments.