When planning for your retirement, there are many factors to consider.
Will you stay at home or move to a senior living community? What’s your budget? Do you have any health concerns? What do you really desire out of retirement: relaxation or action?
These are all valid questions to help get the planning process started.
Many older adults consider moving to an independent living community because they understand it’s a senior living option that provides worry-free living with accessibility and choices. At The Estates at Carpenters, we can’t say we disagree!
Our Continuing Care Retirement Community (CCRC), also referred to as a Life Plan Community, inspires a life of activity and engagement with the financial security and promise of long-term care.
We offer a Lifecare contract, which provides the benefit of budgeting for ongoing care without the worry of higher costs or increased market rates when one needs additional assistance. Lifecare allows you to budget today for care that is needed further in your years.
Learn more about the different costs of independent living, the benefits of a CCRC versus a rental community, and everything The Estates offers to ensure a well-lived retirement.
The Breakdown of Independent Senior Living Expenses
To begin, it’s important to understand the difference between independent living and assisted living communities. Independent living is for seniors who are seeking an active lifestyle and who do not require daily support or medical supervision. Assisted living is for individuals who need help throughout the day with activities of daily living (ADLs) like dressing, bathing, grooming, and medication management.
Independent living costs vary by type of community (this includes contract types), location, health care services, and amenities offered. CCRCs like The Estates – and most other communities of this type – require a one-time entrance fee and ongoing monthly fees that cover the costs of:
- Housekeeping
- All indoor and outdoor home maintenance
- Your choice of residence
- Services and amenities, like dining and fitness facilities
- Most utilities
- Transportation
- Safety and security
To help pay for independent living in a CCRC, seniors often use personal retirement funds, pensions, Social Security benefits, annuity payments, insurance, or Veterans Aid & Attendance Benefits. Florida residents can also take advantage of certain tax benefits. Call to obtain information about medical tax deductions at 863-583-5911.
The Benefits of a Life Plan vs. a Rental Community
There are many types of senior living options, each with its own set of advantages. Let’s take a look at the benefits of a Lifecare Community first:
1. Lifecare
Lifecare Communities typically offer a continuum of care, including independent living, assisted living, rehabilitation, and skilled nursing care. Several communities will offer Memory Care, Occupational Therapy, Speech Therapy and Physical Therapy services as well. This allows residents to transition to higher levels of care as needed without having to move to a different community or facility.
2. Long-Term Planning
Residents have the assurance of having residence for life, even when their health needs change, eliminating any anxiety of having to move again for more care while assuring residents the sense of security that care is available throughout their lifetimes.
3. Community and Social Opportunities
Lifecare residents live an active and engaged lifestyle, and are provided with a range of services and amenities and organized activities that foster a sense of community among residents.
4. Predictable Costs
Life Plan Communities require one-time entrance fees, followed by a monthly fee for all living expenses, meals, maintenance, services, and amenities.
5. A Built-In Support Network
Residents have the opportunity to build strong social connections and a supportive network within the community, which is extremely valuable for emotional and social well-being.
If you believe renting your senior living apartment home is more aligned with your goals, there are plenty of advantages in that decision as well. You’ll have the same social opportunities, as well as the support network of the community, along with the following benefits:
1. Flexibility and Assurance
Embrace the flexibility of rental living while having the assurance of seamlessly transitioning to a Lifecare contract for peace of mind and comprehensive future care.
2. Maintenance-Free Lifestyle
Experience worry-free living with no property maintenance responsibilities, allowing you to focus on what you love. A Lifecare contract ensures future health care needs are covered.
3. Community Programs and Services
Senior living communities that offer rental agreements often have robust amenities and services for residents to enjoy. At The Estates, you will enjoy all the community programs and dining services.
The Lifecare option is a comprehensive Type A CCRC accommodating ongoing assisted living, skilled nursing care, or rehabilitation services and expenses if you or your spouse ever need additional care.
Investing in Lifecare at The Estates provides peace of mind knowing your future care is available when you need it at any level.
You can also calculate your best option when it comes to moving to a senior living community. Use our cost calculator and other financial resources to get started.
Find an Active Lifestyle at The Estates
If you’re considering independent living in Florida, The Estates provides a fulfilling and active lifestyle for its residents and a seamless transition to additional levels of senior care if they’re ever needed. Call us at 863-583-5911 to learn about the many options available to you and your loved ones.