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What Are The Differences Between a Life Plan Community and a Rental Community?

What Are The Differences Between a Life Plan Community and a Rental Community?

You’re ready to leave the responsibility of homeownership behind and enjoy a maintenance-free lifestyle at a senior living community. However, sorting through all the jargon on the internet can make the path to your new home a little difficult.

Life Plan Community vs. a rental retirement community — what’s the difference and which one is right for your retirement? We’ve got the answers you’ve been looking for in this fast guide to senior living communities.

What Is a Rental Retirement Community?

A rental retirement community is a senior living community where you pay a monthly fee for your residence. Most rental communities offer limited or no health care services for their residents. If they do offer senior care, it won’t be included in your monthly fee, and you’ll have to pay full market rates for the level of care you need.

Also, if you need short-term care, you may have to simultaneously pay your monthly rent at the community and a daily or weekly rate to receive care at an outside facility.

What Is a Life Plan Community?

Life Plan Communities (also known as Continuing Care Retirement Communities or CCRCs) offer Independent Living and  a continuum of care that may include some of or all these levels:Assisted Living, Memory Support, Skilled Nursing, Rehabilitative Services.

This care is almost always provided right on-site,which means you won’t need to move as your health care needs increase. Most Life Plan Communities require a one-time entrance fee and ongoing monthly fees; this financial arrangement provides lifetime residency and priority admission to higher levels of care at predictable rates that are far below market rate.

Life Plan Communities Offer Premium Amenities

Both senior living communities and rental communities offer services and amenities that are thoughtfully curated around the interests and needs of their residents.

However, Life Plan Communities usually have a few extra features. That’s because your entrance fee has an immediate impact on improving, maintaining and adding to your community, while also securing any senior care you may need in the future.

Here are just some services and amenities you might find in a Life Plan Community that makes life easier to enjoy during retirement:

  • A private apartment home
  • Delicious, chef-inspired meals
  • Special events and endless social opportunities
  • Maintenance-free lifestyle
  • Opportunities to improve your wellness
  • Scheduled transportation
  • Access to a top-of-the-line fitness center
  • Indoor or outdoor pools
  • Community gardens

In many Life Plan Communities,  your monthly fee also conveniently covers basic utilities;phone and internet are sometimes excluded. That means you can worry less about budgeting for an unexpected electric bill and spend more time lounging by the community pool.

There Are Big Benefits to Moving into a Life Plan Community Before You Need Advanced Care

Most Life Plan Communitieshave age restrictions. However, the sooner you move into a community, the more time you have to take full advantage of everything they offer. Here are just a few ways you can live retirement on your terms in a Life Plan Community::

  • Quickly make new friendships and spend more time building them.
  • Create a consistent schedule and design the lifestyle you want.
  • Explore new interests with continuing education classes, lectures and study groups.
  • Make a difference in your senior living community by being a part of the Resident’s Council.

When you focus on the future by moving into a Life Plan Community, you’ll have everything you need for an enriched lifestyle that elevates each day of your retirement.

Are Life Plan CommunitiesMore Expensive than Rental Retirement Communities?

Life Plan Communities are more expensive than rental retirement communities when it comes to upfront costs. However, the entrance fee you pay when you initially move into a Life Plan Community ensures that if you ever need long-term care, you’ll know where you’ll receive it, who will provide it, and how much it will cost. Your costs will be predictable and much lower than if you had to find them on the open market. This saves you a lot of money in the future, especially when you consider the rising cost of health care in America.

This peace of mind is something rental retirement communities just can’t offer. Whatever the future holds for your health, you and your family can relax knowing your needs will be met, while being able to remain in the community you’ve grown to love.

Experience Modern Charm and Unrivaled Hospitality at Stevenson Oaks

Our Life Plan Community in Fort Worth, Texas, provides an environment where each resident can experience life to its full potential. From vibrant Independent Living to our incredible variety of services and amenities to our compassionate senior care, you’ll find something that nurtures your mind, body and soul around every corner.

To discover how you can enjoy every moment of your retirement at Stevenson Oaks, contact our sales counselors and schedule a tour of our beautiful senior living community!          

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