Many factors are involved in choosing a senior living community, from the location and amenities to size and reputation. Another consideration is the method of payment—monthly rent, up-front entrance fee, or a combination of both—especially when deciding between life plan communities and rental communities.
At St. Mark Village in Palm Harbor, we want to help you successfully navigate your search for the senior living option that works best for you. Here are some facts to consider about rental communities and life plan communities.
Rental communities
In rental senior living communities, you pay a monthly fee based on the level of care you require (independent living, assisted living, skilled nursing, etc.). In return, you enjoy a host of services and amenities, as well as a comfortable and well-appointed residence. In some cases, the cost increases as your care needs increase; in others, care is included in the monthly fee.
For many seniors, rental communities are more appealing than life plan communities since there is no buy-in fee. Not only do you save by not having to come up with funds to pay a large entrance fee, but you also only pay for what you need moving forward. In addition to this financial flexibility, you are not locked into a contract, making it much easier if you choose to move again later.
Download our free guide, Financial Planning Guide to Retirement Living at a Life Plan Community.
In addition, your monthly rent entitles you to enjoy all the exceptional benefits of a vibrant senior living community, such as exceptional amenities, countless opportunities for socializing and engagement, nutritious and delicious dining, and a range of services designed to make your life easier. For example:
A typical monthly fee often includes the following:
- Meals
- Home maintenance
- Housekeeping
- Social activities
- Some utilities
- Emergency call monitoring
- Security
- Amenities like salons, swimming pools, and fitness centers
- Transportation
Remember, choosing a rental community does not give you the predictability of knowing what you’ll pay for care in the future—and rising health care costs is a major concern for today’s seniors.
Buy-in communities
Senior living communities with a buy-in or entry fee method of payment are known as life plan communities or continuing care retirement communities (CCRC). A CCRC offers several levels of care on one campus. Although there are buy-in CCRCs as well, in a buy-in situation you would move into independent living and pay an upfront fee in addition to your monthly fee.
The upfront fee for the buy-in model can be tens to hundreds of thousands of dollars. Although many fund this through the sale of their house, realistically not everyone can afford it, especially seniors who rent their home or apartment. However, you could consider this fee as a down payment for your future care should you need to move to a higher level of support down the road, such as assisted living, memory care, or skilled nursing.
Many seniors like knowing that a full range of care options is available if needed. In life plan communities, you have the reassurance that you will not have to move again if your care needs change, and your children and family will not have to be burdened with your care.
The peace of mind a life plan community offers
St. Mark Village in Pinellas County guarantees you will receive the care you need for life—even if your financial situation changes. Choosing Life Care at St. Mark Village means financial security, value, and peace of mind knowing that you have seamless access to future health care needs.
No matter where you reside in our community, you benefit from the support, focus on total wellness, and strong social network that can lead to increased longevity. At St. Mark Village, we don’t want our residents to worry about anything—including future health care needs. We think our Life Care Promise gives you a plan and gives your family precious peace of mind. In fact, it may be the greatest gift you can give yourself and your loved ones.
We’d love to answer any questions you may have about life plan communities and tell you more about why we are so proud of ours!
Live the good life…and retire without worry. Download our free guide, Financial Planning Guide to Retirement Living at a Life Plan Community, or contact us. We’d love to hear from you.
