Continuing Care Retirement Communities (CCRCs) or Life Plan Communities like Moorings Park Communities offer a blend of independent living and future care security, making them an appealing option for retirees. However, understanding Life Plan Community costs is key to determining if this lifestyle aligns with your financial goals.
In this article, Moorings Park Communities' Life Plan Community fees will be explained to help you understand how they work and decide if relocating in your retirement is the right choice.
Life Plan Community, or CCRC, costs usually have two main components: entrance fees and monthly service package fees. The entrance fee is a one-time cost that secures your home in the community and includes access to a range of amenities like dining, fitness centers, and social activities. Monthly service packages costs cover services such as maintenance and utilities.
One of the biggest benefits of a CCRC, or Life Plan Community, is the peace of mind that comes with knowing your future care needs are covered. If your health changes, you can move to assisted living with memory support without increasing your costs. This is because many Life Plan Communities offer a single fee structure that provides a continuum of care.
An entrance fee, what most people think of as the purchase price, is really a life lease, the one-time cost you pay when you join a Life Plan Community or CCRC, such as Moorings Park Communities.
The cost of an entrance fee varies based on several factors, including:
Moorings Park Communities offers three distinct luxury Life Plan Communities in Naples, Florida, each with its own entrance fee structure. Like most Life Plan Communities, Moorings Park Communities requires all residents to have Medicare Part A and Part B, which cover hospital and other medical services, as well as supplemental health insurance, which helps cover costs that Medicare doesn’t.
Entrance fees at Moorings Park start at $584,000, and there are two plans to choose from. The traditional plan is fully amortized, meaning it’s non-refundable. Alternatively, the 50% refundable plan allows half of your entrance fee to be refunded to you or your estate. Additionally, a sizable portion of the entrance fee often qualifies as a medical deduction, offering potential tax advantages. Be sure to consult your tax advisor for details tailored to your situation.
With Moorings Park Communities’ largest residences, refundable entrance fees at Moorings Park Grande Lake start at $3.7 million. There are three plans to choose from: a non-refundable, 50% and a 70% refundable plan. As previously discussed, there is often a one-time tax deduction on the entrance fee, and an annual deduction on the monthly service fees, providing potential tax advantages.
Because residents of Moorings Park at Grey Oaks are automatically members of the Grey Oak Country Club, we like to say they have twice the fun. Prices at Moorings Park at Grey Oaks start at $1.4 million, with two contract options to suit your needs. The traditional plan is fully amortized, while the 50% refundable plan allows half of your entrance fee to be refunded to you or your estate. As with our two other communities, part of the entrance fee may qualify as a medical expense, offering potential tax advantages.
Moorings Park Communities insures the structural and mechanical parts of your residence, including walls, ceilings, roofing, doors, bathroom fixtures, flooring, kitchen appliances, plumbing, and electrical systems.
While Moorings Park Communities takes care of the building, you’ll need your own insurance for:
Moorings Park Communities suggests getting a HO-4 insurance policy, often called a "Tenants Policy” or “Renter’s Insurance." This covers your personal property and liability.
When comparing a luxurious, high-end Life Plan Community like Moorings Park Communities to the average cost of other senior living communities or aging in place at home, the advantages are clear, both financially and in terms of lifestyle.
Moorings Park Communities offers a luxurious, worry-free retirement experience that goes beyond the ordinary. Here’s what sets it apart:
While the upfront costs of a Life Plan Community may seem significant, they often pale in comparison to the rising expenses of home maintenance, property taxes, in-home care services, or standalone senior living. Moorings Park Communities’ comprehensive fee structure ensures you’re prepared for the future without unexpected financial burdens.
See what an expert had to say about Life Plan Communities’ cost of living.
If you’re ready to invest in a retirement that combines financial security, exceptional personal care, and unparalleled luxury, Moorings Park Communities is here to welcome you. Schedule a tour today.