When researching senior living, it’s important to understand that you’re making more than a lifestyle decision – you’re making a long-term investment in your future.
Whether you’re exploring 55-plus, a rental senior living, or a continuing care retirement or Life Plan community, understanding the long-term costs and the financial health of the organization matters just as much as the amenities and services offered.
At Westminster Communities of Florida, the state’s largest not-for-profit Life Plan provider, we’ve spent more than 70 years helping older adults make confident choices about their futures.
In this article, we’ll lay out the financial structure of continuing care retirement communities and how to assess their financial stability.
Entrance Fee vs. Monthly Services Fee
In a Life Plan community like those offered by Westminster Communities, you pay a one-time entrance fee and an ongoing monthly services fee.
Entrance fees vary widely depending on the type of community you choose, its location, and the size of the residence you desire. Westminster offers entrance fee options for as low as $50,000 for some studios with many in the $300,000 range.
What does the entrance fee of a CCRC cover?
- Priority access to on-site assisted living, rehabilitation, skilled nursing and supportive services. Westminster residents receive a 20 percent discount.
- Upgrades to your new residence (e.g., flooring, kitchens, bathrooms)
- Capital improvements and campus enhancements
What does the monthly services fee include?
- Maintenance-free living (no more mowing or repairs!)
- A dining plan with chef-prepared meals and multiple dining venues
- Amenities like fitness centers, gathering spaces, events, and clubs
- Transportation, housekeeping, and 24/7 security
Staff that includes wellness, resident lifestyle, dining, housekeeping, maintenance, chaplains, and more
Life Plan or Life Care?
Continuing care retirement or Life Plan communities have three contract types that address differences in how health care services are handled. Westminster Communities of Florida offers a Type B contract.
- Type A LifeCare
Residents pay a higher entrance fee than at most Type B or Type C Life Plan communities,and, in return, their monthly fee does not increase if they move to assisted living, memory care, or long-term nursing care.
- Type B
Monthly fee increases when residents move to assisted living, memory care, or long-term care from independent living. Residents do receive discounts on those services and a certain number of days where care is fully covered.
- Type C
Monthly fee increases when residents move to assisted living, memory care, or long-term care from independent living. Residents do not receive discounted rates or any covered health care services.
Assessing the Financial Strength of a CCRC
A senior living community’s financial strength determines its ability to provide high-quality services, amenities, and health care—not just today, but for years to come. Here’s what to look for:
Fitch-Rated Bonds
- Is the community’s financial health validated by an outside agency?
Westminster Communities of Florida holds an A- bond rating from Fitch, one of the top credit rating agencies. This rating reflects low debt risk and strong financial management. Only 20% of Life Plan communities nationwide hold any Fitch rating, and just a fraction earn an A rating.
High Occupancy Rates
- Do they have high and stable occupancy?
Communities with 90% or higher occupancy show strong resident satisfaction and financial stability. Westminster closed its 2025 fiscal year with 95% occupancy, significantly higher than the national average—and has maintained that level even during economic downturns.
Ongoing Capital Investments
- How does the community look and feel?
Strong finances mean communities can invest in beautiful, well-maintained campuses, updated wellness spaces, dining areas, and new residences.
In addition to financial data, use this checklist to evaluate a community’s transparency and long-term viability:
- How long has the community been in business, and has it changed ownership?
- Is it part of a larger system? Larger systems often mean greater resources and stability.
- What is their five-year history of monthly fee increases?
- Do they hold third-party accreditations like Fitch or Moody’s?
- Are annual audits and financial statements available? Ask to review them.
Florida’s Oversight of Life Plan Communities
Florida CCRCs are regulated under Chapter 651 of the Florida Statutes, overseen by the Office of Insurance Regulation (OIR). These rules ensure transparency and financial accountability. To maintain licensure, communities must:
- Submit annual audited financials and quarterly updates to the state
- Undergo OIR audits every 3–5 years
- Maintain reserves for operations, depreciation, and debt service
The Not-for-Profit Difference
As a mission-driven, not-for-profit organization, Westminster Communities of Florida reinvests every dollar into improving the lives of residents and supporting the dedicated team members who serve them.
Through the Westminster Communities Foundation, we also provide benevolent assistance to residents who outlive their financial resources through no fault of their own.
Ready to Learn More?
Choosing a senior living community is a big decision. Let the experienced team at Westminster Communities of Florida help guide you. Visit WestminsterCommunitiesFL.org.
