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What’s a Life Plan Community?
Senior Living | 09/9/21
For savvy seniors, planning for retirement isn’t just about envisioning where you’ll be tomorrow. It’s about looking at the long-term picture and ensuring that your physical and financial needs will be satisfied no matter what the future holds.
That’s precisely the reason that many seniors are attracted to continuing care retirement communities, commonly referred to as CCRCs. As a resident of a CCRC, you’re contractually guaranteed access to additional levels of senior care as your needs change over time.
More recently, you may have heard the term Life Plan Community used to refer to this type of senior living arrangement. Technically, a Life Plan Community and CCRC are one and the same. However, many people believe that Life Plan Community is a more accurate description for the retirement lifestyle these types of communities provide. It’s a modern take on the notion of aging in place, where seniors can live out their lives in comfortable, familiar surroundings with resources tailored to their interests and needs.
Older adults increasingly want more out of their retirement. As the desires and tastes of older Americans evolve, retirement communities are evolving to appeal to changing needs. The desire for access to a continuum of care is still strong, but so is interest in an active lifestyle with opportunities for enrichment and growth. Today’s retirees want to be active, stay connected, make new friends, and engage in enriching, meaningful activities.
A Life Plan Community reflects an intersection between a rewarding senior lifestyle and the benefits of future planning. It’s a strategy that positions you to live your life to the fullest, secure in the knowledge that your needs will be met.
Thanks to Springpoint’s financial strength, residents of Winchester Gardens can choose between two options when it comes to the one-time entrance fee agreement, which is based on the number of occupants and size of your residence.
A nonrefundable entrance fee requires a lower upfront commitment, which results in greater liquidity so you can manage your remaining assets as you wish. This is an attractive option for residents who have made provisions for their estate through other means. Alternatively, residents also have the ability to provide for their estate through a refundable entrance fee agreement, which returns a portion of the principal to you or your estate when you are no longer a resident at our community.
In addition, a monthly service fee covers an array of services, including housekeeping, interior and exterior maintenance, 24-hour security, all utilities, basic cable, local telephone calls, and property tax cost, as well as an attractive collection of resort-like amenities. This single monthly payment makes monthly expenses more predictable and financial planning easier.
Many residents take predictability one step further by taking advantage of a Lifecare contract, which guarantees the care you need for as long as you need it, at rates similar to what you would pay in independent living. This approach offers financial security, asset protection, tax advantages, and predictable payments, even if you need more care.
When a move to a Life Plan Community makes sense depends on your unique personal circumstances. It might be when you become empty nesters or when you officially retire from a professional career. You may be a few years into retirement and looking for fewer responsibilities or drawn by the allure of a luxury retirement lifestyle.
Transitioning into a Life Plan Community while you’re in your prime golden years is a good way to maximize your investment. The maintenance-free lifestyle gives you freedom to travel and enjoy your retirement years without encumberment, and it’s the ideal setting to forge friendships with like-minded peers who share your interests.
We invite you to experience a Life Plan Community firsthand with a visit to Winchester Gardens. As our guest, we’ll show you our living options that span a full continuum of care, as well as our new healthcare center located on site. You’ll also get to explore the unique amenities that make our community a true gem, like our historic Great Hall, multimedia theater, and well-equipped woodworking shop, all nestled within our charming campus, which resembles a fairyland garden when the flowers are in bloom. Schedule a visit to begin planning for a rewarding lifestyle and well-earned security for today and all the years ahead.