A Life Plan Community, formerly known as a Continuing Care Retirement Community (CCRC), provides seniors and boomers in independent living with a continuum of care that can include assisted living with memory support, skilled nursing, and other opportunities for wellness and prevention.
Related Blog: Life Plan Community: Experience the Benefits of an Active Retirement Lifestyle
Life Plan Communities appeal to retirees seeking an independent, active lifestyle with the benefit of included healthcare, should they ever need it. This type of community can equally cater to couples without the need to relocate or separate, regardless of how their healthcare needs evolve as they age. This provides residents and their families with peace of mind, fostering a sense of stability and security.
To move into a Life Plan Community, residents initially must be able to live independently. Since residents must qualify both financially and medically, it’s important to plan ahead. And because you have to qualify from both a physical and cognitive perspective, it’s better to be five years too early as opposed to five minutes too late when qualifying.
The cost of a Life Plan Community can vary widely based on several factors. Generally, Life Plan Communities have an entrance deposit and a monthly fee, also known as a monthly service package. The entrance deposit, which is what most people consider the purchase price, covers the cost of long-term care. Most communities offer different variations of refundability on their entrance fees. The higher the refundability, the higher the cost of the entrance fee. Since the IRS views the entrance fee as a pre-paid health benefit, there can be sizable one-time deductions on the entrance fee and annual deductions for your monthly fees.
Monthly fees are for living expenses, amenities, and healthcare services. When moving to a Life Plan Community, you are not purchasing any real estate. What you are doing is signing a life lease on a residence that comes with a long-term care insurance component. There are various factors that impact pricing including:
Understanding these variables will help you make an informed decision about the financial commitment involved in joining a Life Plan Community. It’s also important to note that when you move to a Life Plan Community, there are no real estate taxes, no condo assessments, and no home insurance costs, although renter’s insurance is recommended.
A Life Plan Community offers many benefits to boomers and seniors who want to enjoy the luxuries of living independently with the peace of mind that comes with a continuum of care. From upscale residences and amenities to social and educational opportunities, Moorings Park Communities provides a fulfilling, wellness-focused lifestyle to each and every resident.
Moorings Park Communities offers a variety of floor plans and residential options across their three Naples-based luxury senior living communities that can all be customized in a selection studio, and each community has its own variety of upscale amenities and features. Some of these include access to resident-focused, physician-based services at the Center for Healthy Living®, social, educational, and recreational programs and activities that provide opportunities to connect with neighbors, rubberized walking trails and fitness centers specially designed for seniors, resort-style swimming pools, beautiful landscaping, transportation and security, home maintenance, and five-star casual and fine dining restaurants that consistently provide a high-end, gourmet experience. Many of these services are covered by a resident’s monthly fee.
In addition to luxurious independent residences, Moorings Park Communities offers on-site healthcare. Read on for a brief breakdown of the different types of care and services offered by Life Plan Communities like Moorings Park Communities.
Moorings Park Communities is a nationally accredited, Medicare-certified, non-profit retirement living provider and one of the only senior living organizations in the country with A or A+ ratings by Fitch Ratings and S&P Global Ratings. Ranked the #1 retirement community provider in Southwest Florida, Moorings Park Communities is setting the standard for luxury retirement living, offering upscale residences, world-class amenities, and outstanding healthcare services across all three campuses in Naples, Florida: Moorings Park, Moorings Park at Grey Oaks, and Moorings Park Grande Lake. To learn more, please visit www.MooringsPark.org.