The Cost of Senior Living: Invest in Your Future

As retirement inches closer, the time to begin considering options for where you want to live out the best years of your life is quickly approaching. In the process, you’ll have to decide what sort of lifestyle you want to lead and what sort of things are important to living that lifestyle.

Making these decisions sooner rather than later will save you and your family time and headaches down the line, bringing unnecessary stress into a period of time that’s supposed to be all about prioritizing the happiness you’ve earned. Because while spending retirement in your home has its benefits, it tends to come with a load of responsibilities and hazards – things nobody wants to deal with as they get into the later years of their life. Thankfully, you have options on where to spend your retirement, allowing you to hand over many of your current responsibilities and leaving you free to focus on what’s important: enjoying your golden years.

Understanding your senior living options

Before you look at a price tag, you first need to decide what sort of senior living community is right for you and your lifestyle. There are multiple senior living community types to choose from, and each has its pros and cons.

Active independent living communities

This type of community is for older adults who still consider themselves independent and need no additional care. In most cases, they offer residences ranging from townhomes to apartments and provide a variety of amenities, services, social activities, and more – the list varies from community to community. The cost depends on the services and amenities provided and, generally, residents are required to buy a home or sign on for an extended lease. Most independent living communities offer minimal care on campus should the need arise.

Single service rental retirement communities

Known more widely as “free-standing” communities, single service rental communities allow residents to rent their residence and only pay for the services they need. Most residents in this type of community enter their rental for a specific level of care (assisted living, memory care, skilled nursing/rehab, etc.) and plan on remaining in that level of care for the foreseeable future. 

These communities generally don’t have an entrance fee; instead, new residents sign a lease for a predetermined amount of time, like you would for a typical home or apartment. Should your health needs exceed your chosen level of care, you may be required to break your lease and move elsewhere, which can put an unexpected burden on you or your loved ones.

Assisted living communities

Assisted living communities are modeled to help older adults who can live independently but may require additional assistance with daily activities around the house and beyond. That assistance can be as minimal as help with laundry or managing medications but can also extend to include activities such as bathing, dressing, housekeeping, and more. 

The cost of these communities is high compared to the average adult’s living expenses and can vary depending on how extensive the care is. Most have a long waiting list that can take years to break through, leaving family members and friends to help out in the meantime. For many, long-term care insurance will help cover the fees associated with an assisted living community. However, you may want to check with your insurance before signing a lease at one of these communities, as some funds are only available for a limited time, depending on insurance plans.

The Value of Senior Living

As you begin to plan out your future, you’ll likely find yourself considering the costs associated with each of the options you have in front of you. Ultimately these costs may sway you in one direction or another as you decide what sort of retirement destination you see yourself in. But as you crunch those numbers, you’ll also want to ask how you can invest in your future as well. That’s where a life plan community comes in.

What is the Life Plan Community model?

At a life plan community, or continuing care retirement community (CCRC), you’ll enjoy all the benefits of living independently without managing the responsibilities or risks of living alone. You won’t have to sit down each month to write a check or pay multiple bills online. Your one bill is all-inclusive and, in most communities, will cover:

1. Housing cost
2. Insurance
3. Utilities 
4. Maintenance 
5. Property taxes 
6. Meals  
7. Services and Amenities

Additionally (and perhaps most importantly), these communities provide on-site care for all levels of need. That means that should you suffer an injury or fall ill, medical support is available right on campus to help get you back on your feet. To go a step further, that same support remains on standby in the form of assisted living, skilled nursing, memory care, and more, meaning you’ll never have to worry about packing boxes and making another move as you age.

What is life like at a Life Plan Community?

Not only do Life Plan Communities take bills and responsibilities out of your hands, they also put power in your hands as well, providing you with the resources necessary to live life as you please. For many current residents, the term “resort-style living” has become a popular descriptor – and with good reason.

Life Plan Communities are designed to offer you all the amenities you might expect out of a vacation home. This includes restaurant-style dining venues, pools and spas, wellness centers, performance venues, outdoor and indoor gathering areas, as well as a wide range of entertainment options across their campus. Many offer forms of transportation, providing residents with the means to head to town with some friends and make their way back, all without calling a taxi or taking public transit.

The services at these sorts of communities follow the same style as well, each with their own comprehensive list that speaks to hassle-free living. Here are just some of the most common services to expect at a Life Plan Community:

1. Housekeeping and linen dry-cleaning
2. Wi-Fi and internet access
3. Secure parking
4. Concierge services
5. Indoor and Outdoor maintenance
6. Recreational, social, and educational programs
   
   

If this easy and independent lifestyle interests you, a life plan community might be the best option for your retirement. Convenient living, an active social life, consolidated costs, independence, abundant amenities, and care available if you need it – these are just some of the benefits of living out your retirement in a life plan community. Start making your retirement plans early to ensure an easy and well-thought-out transition. 

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If you’re ready to learn more about what a life plan community offers and if it’s right for you, consider Mozaic Concierge Living. Our experienced and welcoming staff is ready to answer your questions. Learn more on our website or by calling 203-487-5977.