Worrying about the future is not only exhausting, it can rob you of truly enjoying the present. That’s especially true if you believe there’s nothing you can do about what lies ahead. For seniors concerned about the increasing costs of senior living, there is a very bright spot on the horizon—one that guarantees both access to future care needs, as well as protection from rising prices.
That bright spot is the option of moving into a continuing care retirement community (CCRC). It might just be what you’ve been looking for.
Today’s CCRCs: a safeguard from increasing costs of senior living
What is a CCRC?
A CCRC offers a continuum of care that spans independent living, assisted living, memory care, and skilled nursing services. Inspired by the aging-in-place movement, these communities allow seniors to remain in the same community even as their needs change—an important consideration when considering increasing costs of senior living.
A Life Care CCRC (such as St. Mark Village) offers a continuum of care that begins with independent residences, and includes assisted living, memory care, skilled nursing, and rehabilitation. As a resident’s needs change, they may transition to the next level of care needed without having to leave the community.
Service and payment models vary quite a bit with CCRCs, though most operate on a rental basis. In most cases, the community also charges an initial entry fee. This cost covers routine expenses, as well as long-term care expenses. Residents then pay a monthly fee that is dictated by the specific living unit they choose, the amenities the community offers, and the long-term care contract.
How CCRCs help protect you from the increasing costs of senior living
Costs keep going up in every part of our lives. It’s why the increasing costs of senior living and of health care are major worries for seniors.
You may find yourself struggling with difficult questions:
- Should you move into an independent living community, with the realization you’ll most likely have to move again to seek a higher level of care at future prices?
- Should you try to remain at home as you age, and ultimately pay increased costs of at-home care, which also could be a burden on family?
Download our free guide,
Financial Planning Guide to Retirement Living at a Life Plan Community
Consider the benefits of a move to a CCRC
Your health care costs are included in your entry fee, so you will not be surprised with increased charges when you move to a higher level of care. Costs are predictable, and lower than what you would pay if you were not a resident of a CCRC.
- You have the benefit of lifelong care, regardless of what happens to your financial situation.
- Your family will not have to take over your care and face the challenge of skyrocketing health care costs. Your move to a CCRC also frees your loved ones from juggling their work with their families and responsibilities.
- You can relax in knowing the level of care that you might need in the future is right there. You’ve found an escape from the increasing costs of senior living.
- You won’t have to relocate to another community and leave your support system. You will be familiar with those who care for you, as well as already feel at home in a familiar setting.
The Life Care Promise at St. Mark Village
Guaranteed care for life: as a resident, you will receive the care you need, for as long as you need it, even if your financial situation changes. That’s the Life Care Promise that St. Mark Village offers you: seamless access to future care options.
In addition, there are other financial benefits. When you move to St. Mark Village, the IRS recognizes a percentage of both the admission fee and the monthly service fee as a pre-paid medical expense deduction.
Our best advice is to make a plan for your future that includes independent living, with the promise Lifetime Care and Life Care Subsidy. However, our complete Continuum of Care at St. Mark Village is available to those who do not first move into independent living. If you or your loved one find that you need assisted living, memory care, skilled nursing care, or in-patient rehab, please contact us. If you are uncertain what level of care you need, we will be happy to help you figure it out.
Face the future with confidence. 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.
