If you’re searching for senior living options, you’ve probably come across terms like rental retirement communities, entrance fee communities, lifecare and CCRCs, which makes finding a home for your next chapter in retirement difficult.
So what exactly is the difference between these communities and are senior living entrance fees worth it? Read on to get the details from our experts at Legacy Pointe.
What Are Rental Retirement Communities?
Rental retirement communities are age-restricted communities that include independent living residences and, sometimes, support for assisted living and memory care. Services and support for higher levels of care vary by community, and if a resident requires care beyond what the community can provide, they will probably need to move.
If senior care is offered at a rental retirement community, it’s usually at or just below market rates. They rarely require senior living entrance fees, but often charge a nominal community fee, and it’s a standard expectation that monthly fees will increase annually, just like regular rental communities.
Though rental retirement communities come with financial flexibility because they don’t require an entrance fee, many don’t have the funding to provide the maintenance-free residences, senior care, services, amenities, activities, wellness programs and social opportunities required for a happy, healthy retirement.
What Are Entrance Fees for Retirement Communities?
Entrance fees are a one-time, upfront cost required by most Life Plan Communities, also known as continuing care retirement communities/CCRCs or entrance fee communities. Typically, entrance fees are required before you move in and serve as a way to secure a residence within the community, pay for future senior care, and contribute to capital improvements that enhance the community.
Older adults who don’t need help with daily activities can enjoy a carefree lifestyle in independent living, and if their health needs change, they can seamlessly transition to higher levels of living that include assisted living, memory care and skilled nursing.
Entrance fees are usually based on your residency contract, floor plan, location of the community and the services and amenities available. The entrance fee at Legacy Pointe starts at $322,217 and is 90% refundable for single individuals, and 80% refundable for couples, which allows you to preserve your estate. Also, there is no second-person entrance fee at Legacy Pointe.
Advantages of Entrance Fee Communities with Lifecare
There are several advantages to choosing a lifecare community, and the best one is that it provides a lifestyle all about you. From peace of mind to wellness programs, read these four reasons communities like Legacy Pointe are right for your retirement.
- Peace of mind
Even if you’re an on-the-go active adult with an exceptionally healthy lifestyle, you can still gain peace of mind for you and your loved ones by choosing a senior living community that offers a lifecare contract with priority access to a full continuum of on-site care.If your needs should ever change, you won’t have to join a long wait list for a higher level of living, move in with family members, or continue to live in a house that doesn’t provide you with the environment you need to thrive.
- Predictability
Lifecare communities provide high-quality care at predictable monthly rates for each level of living, and services that aren’t included with your monthly fee are typically well below market rates. Along with a refundable senior living entrance fee, this predictability and savings on care services can help you maximize the ability to preserve your estate.
- Spouses can stay together
Spouses who don’t live in a senior living community with priority access to a continuum of care risk having to move to separate communities where their needs can be better met. Lifecare communities like Legacy Pointe allow spouses to receive person-centered care, stay close to each other on the same campus and continue to enjoy a fantastic retirement lifestyle, no matter their level of living.
- Wellness programs
While lifecare communities feature a comprehensive continuum of care for the future, they’re also focused on your well-being right now. Legacy Pointe offers health and wellness programs to help you live better for longer. Measure and monitor your agility, balance, and mobility with physical therapists; use custom-designed rehabilitation programs to help you stay strong and active; and take full advantage of therapeutic massage and aging intervention programs offered at the on-site spa.
Why Do Entrance Fee Communities Also Require a Monthly Fee?
Your monthly fee at a lifecare community like Legacy Pointe affords you a retirement lifestyle with enriching campus amenities, timesaving services, menus with culinary creations and classic comfort foods at multiple dining venues, and a beautifully appointed residence.
Maintenance-free residences at our retirement community in Orlando, FL, cover your major utilities (including water, basic cable and electricity), which eliminates the need to budget for rising energy costs. Plus, you won’t need to worry about other costs of homeownership like property tax, HOA dues, landscaping and emergency repairs.
Here are just a few more ways we elevate retirement at Legacy Pointe:
- Culinary demonstrations by our chef
- Suggested wine pairings from sommeliers
- Fully equipped fitness center and yoga studio
- On-site beauty salon/barbershop and spa
- Heated outdoor pool
- Creative arts studio
- Game room
- Gardening areas
Our unique relationship with the University of Central Florida adds an extra layer of vibrancy to senior living at Legacy Pointe. Along with incredible services and amenities, our community also features a multigenerational campus, opportunities for residents to attend university classes, and youthful interns and students who are there to form meaningful relationships with residents.
Discover the Path to an Exceptional Retirement at Legacy Pointe
We’re redefining senior living and offering world-class distinction that will enhance every aspect of your retirement lifestyle at Legacy Pointe. Explore our floor plans and contact our sales counselors online or call us at 407-917-6418 to reserve your senior apartment before it’s no longer available.
