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
Who Is a Life Plan Community For?
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.
How Much Does a Life Plan Community Cost?
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:
- Amenities
- Floor plans
- Contract type
- Level of care needed
- Location
- Refundability of your entrance deposit
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.
The Benefits and Features of a Life Plan Community
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.
What Levels of Care Do Life Plan Communities Offer?
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.
Assisted Living
- If the needs arise, assisted living at Moorings Park Communities provides aid with the activities of daily living in private suites by licensed professionals.
- Residents receive all the benefits of Moorings Park Communities’ award-winning continuum of care that includes social, intellectual, spiritual, and recreational activities, and events, as well as dining, in a beautiful setting.
- At Moorings Park Communities, assisted living residences and services are enhanced through an Extended Congregate Care (ECC) license. This allows them to provide higher levels of care in an assisted living setting, something that a skilled care facility would have provided in the past. This is preferred, as most residents would much rather be in a residential setting.
Memory Support
- Memory support in a Life Plan Community provides specialized, compassionate care to residents with varying degrees of dementia or Alzheimer’s and their families.
- Moorings Park Communities uses the acclaimed Best Friends™ approach when a loved one experiences memory loss, which offers person-centered care through unique tools designed to engage residents in purposeful communication and camaraderie with their neighbors. This empathic approach helps them feel safe, secure, and valued.
- Moorings Park Communities’ expertise in memory support and their commitment to continued research ensures an unsurpassed quality of care.
Skilled Nursing and Long-Term Care
- Skilled nursing, like that found at The Chateau® at Moorings Park, provides short-term rehabilitation services including physical, occupational, and speech therapies following surgical procedures, while long-term care offers support for a variety of chronic illnesses or disabilities.
- Residents who utilize The Chateau for rehabilitation services receive a personal therapy plan based on the type of surgery they are to receive, individual capabilities, and their personal goals.
- Whether participating in an abundance of planned activities or enjoying quiet time in bright, airy rooms, lounges, or on our lushly landscaped campus grounds, The Chateau offers its guests the utmost in long-term and short-term care.
Learn More about 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.
