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Retire Your Way: A Guide for Senior Living Options

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Plan Your Future With Confidence

As you’ve likely discovered, today’s senior living offers a wider variety of options than ever before. This is fantastic news! With diverse choices, you’re guaranteed to find a retirement lifestyle that suits your needs and desires. However, navigating these options and understanding their differences can feel overwhelming.

Here to help is Springpoint, a leading non-profit provider of senior living services in the Mid-Atlantic region. We’ve created this comprehensive guide as your one-stop resource for understanding the various retirement communities that are available. Join us as we explore our Life Plan Community concept, a model recognized as the gold standard for exceptional senior living today.

You deserve to make informed decisions about your future. Finding the perfect retirement lifestyle requires thorough research, asking the right questions, and having all the information at your fingertips. With over 100 years of senior living experience, we have curated a comprehensive guide that will be your trusted companion as you embark on planning the next exciting chapter of your life.

Senior Living Options: A Streamlined Guide

Choosing the right senior living option can feel overwhelming, so let’s start by breaking it down into 3 main categories:

  • Independent Living: Ideal for those who can live independently but want to keep a social and active lifestyle while benefiting from all-inclusive services and amenities. Independent living provides daily activities and outings, many include housekeeping and meals as well. May not be suitable for those needing significant care.
  • Assisted Living: For those who need help with daily tasks like bathing, dressing, or medication management. Assisted living offers a supportive environment but may not be appropriate for those needing 24/7 medical care.
  • Skilled Nursing: Provides a high level of services and rehabilitation for individuals who cannot be cared for at home or in another setting. Staffed by nurses and aides for help when needed. 

Life Plan Communities:

When you combine all three main senior living categories mentioned above, you get a comprehensive option called a Life Plan Community, also known as a Continuing Care Retirement Community (CCRC).  Becoming increasingly popular, these communities offer a full continuum of care with the security of knowing future needs are addressed. Here’s what sets them apart from traditional senior living options:

  • Independent Living with Support: Enjoy an active lifestyle with social opportunities, cultural events, and wellness programs.
  • Services and Amenities: Includes dining, housekeeping, transportation, fitness facilities, and more.
  • Healthcare Access: Provides a range of care options like personal care, memory care, and skilled nursing, all on-site.
  • Peace of Mind: Life Plan Communities offer a secure future with regulations ensuring quality care. Residents consistently report high satisfaction.

Considering a Life Plan Community?

A continuum of care option, or a Life Plan Community, is the perfect fit for individuals who desire an independent and active lifestyle with the security of readily available support and services. These communities foster an enriching and engaging environment with ample social and cultural opportunities to keep you connected. The most significant benefit is the peace of mind that comes with knowing your future healthcare needs are covered, allowing you to focus on enjoying your retirement to the fullest.

Financial Considerations for Life Plan Communities

Life Plan Communities offer a compelling lifestyle package, but affordability is a key concern among many. Here’s a breakdown of the financial aspects to consider when making a decision:

Entrance Fees:

  • One-time payment based on apartment size and occupancy. 
  • There are two types of entrance fees: Traditional or Refundable (check specific terms for each).

Traditional: Lower entrance fee, but typically no refund upon move-out.

Refundable: Higher entrance fee, with a portion refunded to your estate or beneficiary upon move-out.

    • It covers access to healthcare services and supports future care needs.

Monthly Service Fees:

  • Based on apartment size and occupancy.
  • Covers a wide range of services and amenities:

Meals: Restaurant-style dining with various options to suit dietary needs and preferences.

Housekeeping: Regular cleaning and maintenance of your apartment, freeing you from chores.

Maintenance: Interior and exterior maintenance of your apartment and the community grounds, ensuring a worry-free living experience.

Fitness Facilities: Access to gyms, pools, and fitness classes to stay active and healthy.

Programs and Entertainment: A calendar of events, clubs, and activities to keep you engaged and social.

Utilities: All utilities are typically included, eliminating separate bills and simplifying budgeting.

Security: 24-hour security for peace of mind.

  • Predictable monthly expenses simplify budgeting.

Tax Savings:

  • A portion of fees paid to a Life Plan Community may qualify as prepaid medical expenses which could affect your tax burden (consult a tax professional for specific details).

Contract Choices to Fit Your Needs

Life Plan Communities offer a variety of care level options to match your budget and preferences:

Type A: Lifecare :

  • Full access to all services and amenities.
  • It covers all future healthcare needs at a predictable cost (e.g., assisted living, skilled nursing), providing peace of mind and protection against unexpected healthcare expenses.

Type B: Modified Plan :

  • Access to all services and amenities.
  • Discounted rates for future healthcare needs.
  • It is ideal for those who don’t prioritize guaranteed future healthcare costs.

Type C: Fee-for-Service Plan :

  • Access to services and amenities.
  • Pay market rate for any healthcare needed.
  • It is best for those comfortable managing future healthcare costs.

The Truth About Aging in Place at Home

While aging in place can hold a certain sentimental value, a Springpoint Life Plan Community offers a compelling alternative. Springpoint communities provide the comfort and familiarity of home combined with a wider range of social activities, amenities, and readily available healthcare services. You’ll enjoy peace of mind knowing future care needs are covered, with a variety of contract options to fit your budget and needs. Springpoint communities free you from home maintenance burdens and foster a vibrant social atmosphere, ensuring a fulfilling and active retirement experience.

Finding Your Perfect Fit: What to Consider When Choosing a Life Plan Community

Choosing a Life Plan Community marks the beginning of an exciting new chapter filled with friends, fun, and a carefree lifestyle. Here’s a roadmap to guide you in finding the perfect fit:

Living Accommodations:
Life Plan Communities typically offer a range of apartment-style living options, from cozy studios to spacious two-bedroom units, with various floor plans to suit your preferences. Many communities are expanding their offerings to include freestanding homes, providing the privacy and space of a traditional house with full access to all community activities and amenities.

Services and Amenities:
Consider how you like to spend your time and what enriches your life. Most communities boast a vibrant calendar packed with social, educational, and cultural activities. Art classes, lectures, musical performances – the possibilities are endless. Fitness enthusiasts will appreciate on-site gyms, indoor pools, and organized fitness classes.

Lifestyle Fit:
Beyond the physical space, consider the heart of the community – the residents and staff. During your visit, observe interactions and get a feel for the atmosphere. Think about your personality and preferred living environment and how it will fit into your new surroundings. 

Reputation and Stability:
Choosing a Life Plan Community is an investment in your future. Research the community’s financial health and reputation. 

By carefully considering these key points, you’ll be well-equipped to select a Life Plan Community that aligns perfectly with your vision for a fulfilling and enriching retirement experience.

Create a Fulfilling Retirement: Download Your Free Retire Your Way Guide

Uncover the key considerations for choosing the right senior living option and discover the many benefits of Springpoint Life Plan Communities. This comprehensive guide equips you with valuable tools and information to confidently navigate your retirement journey. 

Download your free copy today!

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If you have questions or comments about Springpoint or our communities, we’re here to help.

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