SENIOR LIVING
MICHELLE RAINER Director of Marketing & Sales The Delaney at South Shore
Evaluating Your Senior Living Options : RENTAL COMMUNITIES
2021 and Beyond : The Future of Senior Living
If you ’ ve been considering a senior living
community for yourself or a loved one , you ’ ve probably noticed that the options are vast and vary . It can seem a bit overwhelming . Where do you even start ?
A good place to begin is by looking at two of the most popular choices – Life Plan Communities ( also known as Continuing Care Retirement Communities or CCRCs ) and rental retirement communities .
While both types of independent senior living communities can offer similar benefits in the way of fitness and wellness programs , dining options , housekeeping and social , recreational programs , rental retirement communities don ’ t typically provide access to a full continuum of health care services like a Life Plan community .
However , more and more rental senior living communities are now providing higher levels of care , including assisted living and memory care – without requiring an entrance fee or long-term financial obligation . Many seniors find them attractive for the choice , flexibility , and control over how and when health care services are structured , scheduled and delivered . What is a Rental Senior Living Community ? Senior independent living rentals are considered less expensive than Life Plan communities because they don ’ t require a sizable entrance fee up front .
A rental senior living community typically offers apartment-style living for independent , or mostly independent seniors . It requires a resident to sign a lease and pay a security deposit , sometimes called a community fee , which may or may not be refundable . As well , a resident doesn ’ t have to meet medical and financial eligibility criteria for residency that ’ s required at a Life Plan community .
However , your rental fee can be increased when a lease is renewed . But on the flip side , there ’ s no longterm commitment at a rental senior living community . If you decide to leave the community , you may do so without much of a financial sacrifice .
Fees for Health Services at Rental Communities
Like Life Plan communities , rental retirement communities can offer higher levels of care such as assisted living and memory care . Historically , most stop short of offering an on-site healthcare center for skilled nursing and rehab , although there are some that do .
A Life Plan community requires a substantial entrance fee , which helps offset the future costs of health care if needed , plus an ongoing monthly fee . On the other hand , a rental senior living community ’ s fees for health care services are based on the needs of each resident . It ’ s pay as you go . That means if your health needs change , your monthly fees will also change , as you ’ ll be charged at market rates for each care service you receive . What ’ s Right For You ? When considering your senior living options , it ’ s important to be well informed . Many favor Life Plan communities for the peace of mind of knowing that they have guaranteed care for life . But if you prefer convenience and flexibility , and don ’ t find an entrance fee to be appealing , a rental retirement community may be the best choice for your needs .
22 MOMENTUM