Learn about Florida CCRCs (Continuing Care Retirement Communities) and Life Plan Communities offering the benefit of Life Care.

At Second Act Financial Services we help seniors fund their moves to Florida CCRCs all the time! If you are interested in a Continuing Care Retirement Community (CCRCs) or Life Plan Community in Florida, we are here with helpful information so you can decide if these communities are right for you. On this page you will learn:

1. What CCRCs are
2. The fee structure of CCRCs
3. How seniors pay for their Entry Fees in CCRCs along with a helpful Funding Guide
4. The relevant state office that regulates CCRCs
5. Associations that CCRC community professionals as well as residents, can be a part of and
6. Browse by city, a list of the 71 CCRCs and Life Plan Communities in Florida.

What is a Continuing Care Retirement Community (CCRC) or Life Plan Community?

The letters CCRC stand for “Continuing Care Retirement Communities” or CCRCs. They are also referred to as Life Plan Communities. These communities are highly sought after by seniors who want an active, engaging, vibrant retirement lifestyle, along with the peace of mind of having a full continuum of care available as needed. This Continuum is referred to as “Life Care” which infers offering and providing care for life.

This housing and care structure is planning oriented. You move into a CCRC typically when you are independent and healthy. As you age if you have care needs, care can usually be provided on the same campus providing the peace of mind of not having to move again. Essentially “Life Care” is a form of insurance. That is why CCRCs in the state of Florida are regulated by the Florida State Office of Insurance Regulation which we discuss in more detail below under regulation.

Most CCRCs and Life Plan communities offer a large campus-like setting providing housing, hospitality services, and amenities to independent and active seniors, along with care services that are available as needed, typically including assisted living, memory care and skilled nursing care.

According to the Florida Office of Insurance Regulation, there are 71 CCRCs in Florida.

What is the Fee Structure of CCRCs and Life Plan Communities in Florida?

Most CCRCs and Life Plan Communities require what is called an “Entry Fee”, which may be partially to fully refundable to one’s estate, and possibly sooner if the resident vacates the unit. An Entry Fee enables you to buy into the community and lock in a certain level of services at certain prices. In essence it is a form of insurance for your long-term well being and care as you get older.

In addition to Entry Fees, residents pay a monthly service fee which provides for the services, amenities, and care if needed. This monthly service fee tends to be lower if you pay a higher Entry Fee or higher if you pay a lower Entry Fee.

The portion of your Entry Fee that may be refundable to your estate depends on your contract type which we explain in detail our blog article titled “The Four Main Types of Entry Fee Contracts in CCRCs and Life Plan Communities.“

A few of the CCRCs and Life Plan communities in Florida operate either on a rental-only basis or an equity (or co-op) ownership model whereby you own your home or a share of the community’s corporation, but still pay monthly fees for the available services.

How do seniors pay for their Entry Fees in CCRCs or Life Plan Communities in Florida?

An Entry Fee is usually hundreds of thousands of dollars. As previously discussed, it may be fully or partially refundable to your estate and it buys you the peace of mind of “life care”, care for life by locking in pricing at certain levels, depending on your contract type.

Most seniors usually sell their home and use the cash proceeds from their home sale to pay for their Entry Fee. For those seniors who would like to move into a CCRC first and enjoy the benefit of time to prepare, list and sell their home, a Home Equity Line of Credit for Senior Living such as the one offered by Second Act can act as a financial bridge, a bridge loan for your CCRC entry fee. And yet others draw down from retirement accounts or borrow from their securities through what is called a Margin Loan.

Second Act has a helpful Funding Guide you can download by clicking here. It shares with you the various ways seniors across the state of Florida fund their CCRC Entry Fees. Download the Guide here.

Who Regulates CCRCs in Florida?

Primary Florida State Regulator for CCRCs:

The primary regulator of CCRCs in Florida is the Florida Office of Insurance Regulation. The office can be reached via email at ccrcteam@floir.com or by phone at (850) 413-3153.

Florida CCRC Industry Association

Florida also has a state association for CCRCs and Life Plan Communities. This association is called LeadingAge Florida and also known as Leading Age Southeast. Anyone can attend the state conference, including seniors interested in CCRCs, current residents of CCRC communities, and of course, the professionals who operate and support the 71 CCRCs in Florida.

Florida CCRC Residents Association

For the residents enjoying life in these 71 CCRCs throughout Florida, there is an association for you as well! The Association is called FLiCRA – Florida Life Care Residents Association. The Associations mission to ensure the quality of life of residents in CCRCs and Life Plan Communities. The Association also represents residents as a recognized voice before the Florida state legislature and state regulatory agencies. It is located in Talahassee and can be contacted by emailing flicra@executiveoffice.org.