Everything Seniors Need to Know About Life Care vs. Rental Communities
Retirement is an exciting milestone in one’s life. After a lifetime of careful planning (and a lot of hard work!), it’s time to spend your days in the ways you find most meaningful; to focus on yourself and pursue your passions. As many seniors explore their living options in the years to come they often come across two very different types of senior housing offerings. One choice is a month-to-month rental community, and another is a Life Care community like Friendship Village of Bloomington. Both say they include a range of services and amenities, but which one is right for you and your long-term goals?
What is Life Care?
A Life Care community like Friendship Village of Bloomington provides residents with access to a continuum of care, no matter how their health needs change over time. For example, you might start off in an independent living residence paying a predictable monthly fee. As you require more assistance with daily tasks, you can seamlessly move to a higher level of care on the same campus.
In a Life Care community, depending on your contract type, you enter into an arrangement whereby you pay a one-time entrance fee that offers you lifetime access to higher levels of care in addition to many services and amenities. This is in addition to a predictable monthly fee. In some instances, a portion of your entrance fee may be refundable. Be sure to ask about your options.
What is a Rental Community?
Rental retirement communities are typically geared toward residents who are seeking a cost-conscious, flexible living option. These communities require no long-term financial commitment, meaning you can move out at any time with little extra cost (provided you abide by the 60 or 90 day notice period in your contract).
For those who do require higher levels of care, they may be able to reside in the same community to access it, but will have to pay market rate for additional care. This option can lead to more unpredictability in the future, as where you end up and how much it costs for your care will be open questions.
4 Reasons Seniors Choose Life Care
Every situation is unique, and understanding your options can help you make the best choice in retirement. While there are advantages to each community type, here are four reasons why many seniors choose Life Care over rental communities.
More Predictable Costs
After the initial entrance fee is paid, Life Care communities offer more predictable monthly costs for seniors thinking about their long-term care needs. In fact, 70% of seniors will need some form of long-term care, which Medicare doesn’t generally cover. In a Life Care community, any additional levels of care you need are not subject to the whims of the market but are included in your predictable monthly fee. Be sure to check your contract type for details.
Services and Amenities
Services and amenities make a huge difference in the value you get from your community of choice. While many high-end rental communities can offer a similar suite of amenities and services as Life Care communities, these can vary. Ensure you are getting the lifestyle you crave, whether that’s enjoying a selection of chef-led dining venues and personal garden areas to state-of-the-art fitness centers and indoor pools.
Access to Care
Should you need a higher level of care at a Life Care community, you won’t have to leave the home you’ve come to know and love. Instead, you can seamlessly transition to the next care level at the same predictable monthly rate. Another added advantage is that by staying in the same community, you can build stronger relationships with care providers who better understand your specific needs.
Comfort and Stability
One of the biggest benefits of Life Care is that you have the comfort and stability of knowing you’re settled at home for life. No matter your needs, they can all be met now and in the future, whatever that future may bring.
Explore Senior Living Options at Friendship Village of Bloomington
At Friendship Village of Bloomington, we are a Life Care community that offers a wide range of senior living options for every situation. From independent living and assisted living to skilled nursing and memory care, our team is dedicated to helping residents live their best lives, no matter their care needs. We work with each individual to understand their needs and craft a custom wellness plan that helps them accomplish their goals. Living here is a true joy, offering residents numerous opportunities for personal growth and enrichment.
If you’d like to learn more about what makes our community at Friendship Village of Bloomington so special, please contact us or fill out the form below.