As you explore the financial aspects of senior living — specifically Continuing Care Retirement Communities (CCRCs) like Vi — one of the terms you’ll hear a lot is “entrance fee.”
Sometimes referred to as “buy-in,” these one-time fees are higher in Inclusive (Type A) CCRC contracts because they ensure access to higher levels of care with predictable monthly fees.
Thanks in part to this payment, residents in Type A CCRCs can move among their campus’s independent living, assisted living, skilled nursing and memory care for little to no change in their monthly fees.
In Vi communities, a resident’s entrance fee is based on their chosen floor plan, care option and return option.
A return option refunds a portion of a resident’s entrance fee to a designated beneficiary upon leaving the community — with a range of options, from 0% to as much as 90%, depending on your estate plans.
Learn more about both of these financial components in the brief video below.
Glad to be connected!
There’s a lot to consider when embarking on the next phase of retirement—and contacting us is a big step. (Well done!)
We’ll be in touch soon to share expert insights and resident perspectives that we hope are helpful, and one of our team members will also be reaching out to answer any questions you may have.