With so many senior living options to choose from, how do you determine which is right for you?
The key to choosing the perfect community is to ask yourself a few essential questions about your lifestyle preferences, heath needs and financial situation. This is especially important as you make one of your first key decisions on this journey: the choice between a rental senior living community or a Life Care community.
While these options may seem similar at first glance, choosing one over the other can have a real long-term impact on your financial health. Here, we’ll examine the differences between these two options and provide insights to help you determine which is right for you.
What is Life Care?
While contract options may differ, a Life Care community essentially ensures that your future health needs are planned for today. In exchange for an entrance fee and predictable monthly fee, you receive guaranteed access to higher levels of care without a change in rate. For instance, if you join a Life Care community as an independent living resident but later require assisted living services, you will not be charged an additional rate for these services.
What are Rental Communities?
At a rental community, you pay a monthly fee for access to housing and any amenities and services included in that rate. Rental communities typically do not charge an entrance fee, and your monthly fee is based on the current market rate for the level of care you receive at the time. If you are an independent living resident and later need assisted living services, you will be paying a significantly larger monthly fee to access this care, whether you need to move on-site or off-site to receive it. As healthcare costs continue to rise, so will your cost of care. In 2022 alone, healthcare costs rose 14.5%.
Costs Differences Between Rental and Life Care Communities
At a rental community, you pay no entrance fee, but as your healthcare needs change, you may end up paying more over time. A Life Care community will require an entrance fee, but the cost of your healthcare needs will remain stable. The choice between these two types of communities often comes down to a preference for the long-term stability and predictability of Life Care over the flexible, month-to-month gamble of a rental community.
At a rental community, if your care needs change, you will need to pay market rate for care — with no guarantee that you will be able to afford it at that time.
Comparing Lifestyle Differences
While some rental communities do offer a range of activities and amenities, Life Care communities typically feature more robust, higher-end offerings. Many have chef-led dining venues, state-of-the-art fitness centers, lifelong learning opportunities, and housekeeping and maintenance services all included in the monthly fee.
As Life Care communities tend to draw those seeking a long-term living experience, residents also stay longer than at rental communities. This helps to foster a closer and more convivial atmosphere where you actually get to know your neighbors. Life Care is, after all, built to last a lifetime.
Explore Life Care Options at Village on the Green
At Village on the Green, we offer residents extraordinary opportunities to nurture both their physical and mental wellness. Nestled among 80 acres of secluded serenity, this vibrant community offers all the benefits of nearby Orlando attractions and dining options without the hustle and bustle of the big city. We are a Life Care community that offers two types of Life Care contract options, so you can select one that works for you.
Contact us to discover more about this exceptional resort-like community, or fill out the form below.