Learn about Gainesville 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 Gainesville, Florida, we are here with helpful information so you can decide if these communities are right for you.

In a previous page we provided an orientation on CCRCs and Life Plan Communities. To obtain a short, easy to understand orientation on these retirement communities, visit our Florida CCRC page to learn:

1. What CCRCs are.
2. The fee structure of CCRCs.
3. How seniors pay for their Entry Fees in CCRCs and a helpful Funding Guide.
4. The relevant state office that regulates Florida CCRCs.
5. Associations that Florida 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.

On this page we will feature:

1. What seniors find attractive about Gainesville Florida.
2. The one Life Plan Community regulated by the Florida Office of Insurance Regulation in Gainesville.
3. How Seniors Pay for their Entry Fee in Gainesville, Florida, CCRCs and a helpful Funding Guide.
4. Helpful Links to other CCRCs and Life Plan communities throughout the state of Florida.

There are 71 CCRCs and Life Plan Communities acknowledged and regulated by the Florida State Department of Insurance Regulation.

Why Do Seniors Like Gainesville Florida?

Gainesville is one of the most well known cities in the state of Florida because the University of Florida is a large part of the town’s energy, amenities, and activities for all generations.  From the sprawling campus full of educational opportunities and sports activities by University of Florida athletics, to the intergenerational interactions between the young and the slightly older and wiser retirees living in town, to the Florida Museum of Natural History, the Butterfly Rainforest and its many museums, Gainesville is a city with no shortage of meaningful experiences to be a part of or do. For these reasons, retirees find Gainesville, Florida, to be a highly sought after retirement location.

 

How Many CCRCs or Life Plan Communities are located in Gainesville, Florida?

According to the Florida Department of Insurance Regulation, there is only one Life Plan Community in Gainesville, Florida:

Oak Hammock at the University of Florida.

5100 S.W. 25th Blvd.
Gainesville, FL 32608
(352) 548-1024

Oak Hammock has a rich history of affiliation with the University of Florida which you can learn more about by visiting the community’s “History” Page. Its history and affiliation with the University of Florida makes Oak Hammock one of the most unique and attractive Life Plan communities in the state of Florida!

How much does Oak Hammock in Gainesville, Florida, Cost?

Entry Fees range from $400,000 to over $1 Million. Monthly service fees for a single person range from $4,000 to $9,000. According to the community’s website, Oak Hammock offers 50% and 95% refundable plans. You are also provided a five-month introductory period following the signing of your contract. If you decide to leave Oak Hammock and your contract is terminated, you will receive a refund of 96% of your Entry Fee.

Oak Hammock at the University of Florida offers four different types of contracts:

– Life Care: the most comprehensive benefits providing the most protection for needs as you get older.

– Lifestyle I and Lifestyle II: attractive alternatives that offer lower entrance fees

– Health Reserve: an option that can complement your existing long-term care plan.

As discussed previously usually the difference in Entry Fee costs and plans lies in the amount you will pay in an Entry Fee. Typically the higher the Entry Fee the less you have to pay for long-term care. The lower your Entry Fee, the more you would pay for long-term care.

 

How do seniors pay for their Entry Fees in CCRCs or Life Plan Communities in Gainesville 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.

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.“

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 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.

Download this helpful Funding Guide which explains the various ways seniors in Gainesville Florida fund their Entry Fees in a CCRC or Life Plan Community, 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.