Continuing Care Retirement Communities Entrance Fees

Once residents move in they pay monthly maintenance or service fees that typically run 2 000 to 4 000.

Continuing care retirement communities entrance fees.

The average cost of continuing care retirement communities in los angeles county is 2 811 per month. The aicpa has released guidance on asu 2014 09 revenue from contracts with customers for continuing care retirement communities. Along with the up front entrance fee you ll also need to pay monthly fees while you re living in a ccrc. Entrance fees begin at approximately 115 000 for a single person independent living unit.

This is higher than the national median of 2 387. Monthly fees are affected by the type of housing you ve chosen the contract you ve signed and the amenities that are available. Read on for more details. Effect on entrance fees monthly service fees bkd llp.

Revenue recognition for ccrcs. A large portion of the entrance fee would be deductible in the year of closing. Rent for an independent living unit is often 3 000 to 6 000 a month. 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.

An entrance fee generally comparable to the average value of residential homes in the community s geographic area. Seniors typically encounter two types of entrance fees. The average initial payment is 329 000 but it can top 1 million at some communities. Other continuing care communities operate on a rental model with no up front fee.

And a monthly fee. Payments to a ccrc ffsccrc consist of two components. Fees can vary greatly but usually range between 2 000 and 4 000 per month. To help you with your search browse the 53 reviews below for continuing care retirement communities in los angeles county.

Example entry fee deduction.