Buy-in senior living offers you control in your future, deciding where you want to be, and how much or how little you want your family and future generations to have to be involved in your care.
Many seniors do not want to burden their family members for their care in the same way they had to care for their own parents years before. Choosing buy-in senior living (a continuing care retirement community or CCRC) is just as much about peace of mind for you as it is a gift to your children.
What is a buy-in senior living community?
A buy-in or entry fee community is typically a life plan community or continuing care retirement community (CCRC). A CCRC offers at least three levels of care on one campus.
Although there are rental CCRCs as well, in buy-in senior living, you would move into independent living and pay an upfront fee in addition to your monthly fee. You could consider this fee as a down payment for your future care, should you, for example, need to move to assisted living or skilled nursing down the road.
At St. Mark Village in Pinellas County, we offer Independent Living, Assisted Living, Memory Care, Skilled Nursing, and Rehabilitation as well as our Life Care Promise: 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.
Download our free guide: Financial Planning Guide to Retirement Living at a Life Plan Community
The pros of buy-in senior living
Peace of mind
The buy-in senior living model gives you peace of mind knowing you won’t have to move elsewhere if needs change, protecting you from having to leave your trusted support system and familiar surroundings. In effect, once you move in, you can age in place.
Financial benefits
Your buy-in (admission) fee money can help to offset the more expensive care costs and is considered a prepaid medical expense by the IRS, so tax deductions may be available. In addition, with buy-in senior living, you may also have the option for up to 90 percent of your buy-in fee to be returned to your estate or designated beneficiary.
For seniors who itemize their taxes, the potential tax advantages of moving into a CCRC are two-fold:
- a one-time deduction of a percentage of your entrance fee
- an ongoing deduction of a percentage of your monthly fees
They key is to look past the sticker price to what you will actually pay once the tax advantage is factored in. Be sure to ask the person who prepares your tax returns if they know about and understand the CCRC deduction so that you can get the full benefits of buy-in senior living.
A fulfilling lifestyle
Living in an environment that fulfills your every need—body, mind, and spirit—inspires you to embrace your independence as never before. Today’s modern CCRCs are designed for your comfort, enjoyment, wellness and convenience. Exceptional amenities, important services, and a wide range of opportunities for socializing, learning, engaging, staying healthy and active and more abound.
Residents of St. Mark Village enjoy a vibrant, inspiring senior living environment where they find good friends, abundant opportunities to pursue physical health, intellectual and cultural fulfillment, and spiritual enrichment, and have quality care if needed, guaranteed—without having to leave the Village and their support system. That means seamless access to future care options.
The cons of buy-in senior living
Affordability
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.
Less flexibility
In a buy-in situation, it is not as easy to move elsewhere as it would be if you were in a rental community. However, you might not be as likely to move from buy-in senior living as you would from a rental model, since a rental model does not give you the predictability of knowing now what you’ll pay for future care—a major concern for many seniors.
Take a look at buy-in senior living and decide for yourself
St. Mark Village attracts active seniors who desire to live in a vibrant environment where they can savor every moment, with the knowledge that they will receive compassionate quality care, when and if needed. Let us tell you more.
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 to schedule a visit. We’d love to hear from you.
