Older adults newly exploring the world of senior living often reach the same conclusion very quickly: there’s a lot of lingo to learn! Fortunately, learning the terminology can empower you to make informed choices as you explore your retirement options.
For many older adults approaching — or in the early stages of — retirement, senior living communities may be among those options. However, communities vary significantly, offering a wide range of living arrangements, amenities and services for residents.
One type of community, called a Life Plan Community, is a popular choice for seniors who are interested in not just where they’ll live, but how they’ll live. That’s because the community combines living space and generous lifestyle amenities, along with access to supportive services and higher levels of care, all on one campus or within one organization.
Life Plan Communities vs. Continuing Care Retirement Communities
First, it’s worth noting that Life Plan Communities refer to a specific type of community — but you may hear that category referenced by other names. For example, historically, this type of community was commonly called a “continuing care retirement community,” or a CCRC for short.
“Life Plan Community” is a more contemporary term and it reflects a shift in thinking about senior living over the past few decades. By definition, this type of community does provide a continuum of care, but the transition toward this newer label represents an increased focus on lifestyle and amenities within these communities.
Despite that evolution, when you’re comparing one community to another, it’s good to know that the terms “Life Plan Community” vs. CCRC are essentially interchangeable as you dig into understanding how a Life Plan Community works.
What New Residents Should Expect
As noted above, a Life Plan Community typically combines residential living space, lifestyle amenities and a continuum of additional levels of care.
Typically, residents enter the community’s independent living neighborhood, which may be an apartment building or freestanding homes, depending on the community. This means that they’re able to immediately begin taking advantage of all that the community offers, with the peace of mind that additional care is available if the need arises in the future.
Even while living fully autonomously, independent living residents can still count on services and perks that make daily living easier and more convenient. A variety of dining options, regular housekeeping and home maintenance are just some of the many benefits that free residents’ time so they can fill their days with whatever brings them joy.
They don’t have to look far, since Life Plan Communities typically offer robust amenities designed specifically to meet older adults’ interests. From senior-friendly fitness facilities and wellness programming to social events and lifelong learning opportunities, there are numerous productive and engaging ways to embrace community living.
Some communities also offer expansive lifestyle amenities, like hair salons and day spas, crafting studios, woodworking shops and even on-site entertainment venues or auditoriums.
Accessing Additional Care
No one knows exactly what the future may bring, and that’s one of the biggest benefits of a Life Plan Community: It gives you a plan. For life.
No matter how your health may change with time, you can count on guaranteed priority access to all levels of on-campus care.
That means if you eventually need a little extra help with things like dressing or bathing, you can get assisted living care in the same familiar community where you’re already comfortably settled. Memory support is available, as is skilled nursing if you eventually require ongoing care from a trained and credentialed medical professional.
In the meantime, if you get sick or experience an injury, you might benefit from short-term rehabilitation or outpatient services like physical, occupational and speech therapy. Those are all available within the community’s continuum of care.
Some communities, including Covenant Woods, even offer more immediate health resources, such as on-site primary care, pharmacy services and personal care.
Financial Considerations
While your lifestyle and a life plan are important considerations, so are the financial aspects of your retirement. In a Life Plan Community, you can expect to pay an entrance fee, as well as monthly service fees.
Unlike other options, such as a 55-plus or rental retirement community, your monthly fee covers far more than your monthly rent or mortgage. In fact, it’s a single payment that covers most — if not all — of your monthly living expenses.
The exact amount depends on factors like the size and location of your living space, but generally it includes the residence itself, utilities, housekeeping, interior and exterior maintenance, repairs, 24-hour security, shuttle or transportation services, use of community amenities and access to all resident programming.
The entrance fee depends on the type of contract you choose, and different communities offer different types of contracts. Two common examples are Lifecare, such as what is offered at Covenant Woods, and Fee-for-Service contracts.
A Lifecare contract provides predictable rates for the rest of your life — without any significant increase in the monthly fee you pay for your independent living residence if you need to access a higher level of care. Within the Lifecare agreement, you also typically have the ability to choose different fee structures depending on your financial situation and long-term goals.
Some communities also offer Fee-for-Service contracts, which provide for a lower entrance fee and monthly fees and the possibility of a partial refund of your entrance fee, depending on how long you live in the community. Your guaranteed access is the same under either contract, but under a Fee-for-Service agreement, you will pay the full rate in effect at the time you receive care.
A Plan for a Secure Future
A Life Plan Community is far more than a place to receive care as you age. Rather, it’s a long-term lifestyle and planning option that will be in place to support you as your needs change. And it can be an immediate solution to jump-start the retirement you’ve been envisioning, while creating a sense of security for you and your family.
The opportunity to explore one of Richmond’s leading Life Plan Communities, Covenant Woods, is just a phone call away. Get in touch to schedule a tour and start exploring your future in this vibrant, thriving community.