A longer life than ever before can be expected by today’s retirement age adults. As humans, our longevity is considered – in all of modern history – to be one of the most significant social achievements. About one out of every five Americans will be age 65 and over by the 2030s. That’s roughly 78 million individuals.
New and different challenges, however, come along with the gift of longevity. One such challenge is to find a residence where, as you age, you can manage any illnesses that should arise, be surrounded by like-minded people, thrive, and stay active. To do so, you’ll have to figure out a way of financing senior living in a retirement community. Why a retirement community? With all of the amenities included in most of today’s independent living communities, it just makes the most sense.
Making the Move
Don’t fall into the trap of looking at retirement communities in an old-school frame of mind. Today they are equipped with modern technology and, as previously mentioned, include so many amenities, it’s practically like staying at a resort. Will you be able to finance a move such as this, however? Ask yourself the following questions to determine what some of the financial aspects will include:
- Is there an entrance fee that I need to pay? If I pass away or leave the community, what happens to that money?
- What is covered by a life plan community (continuing care retirement community) entrance fee?
- Is there a monthly fee and what does it cover?
- Compared to assisted living communities or other retirement living options, how does an independent living plan community rate differ?
Now let’s look at what you can do about financing.
Options For Financing Retirement Living
There are any number of ways to pay for your retirement community apartment including the following (some or all may be available to you):
- Medicaid or Medicare
- Veterans’ household or aid and attendance benefits
- Savings
- Investment income
- Pension
- Long-term care insurance
Protect Your Investment, Your Heirs, and Yourself
Consider the type of care community you will be moving into. The type of community will help to determine the contract you sign before moving in. There are three basic models for contracts:
- Classic life plan community model
- Modified pay-as-you-go and month-to-month models
- Extensive life care model – your fees don’t go up if you move to a more advanced living option
Feel free to discuss these with the retirement community you are considering. One will likely suit your purposes better than the other two. You may also want to discuss this with your family.
When looking over a contract, look closely at things like entrance fee reimbursements, refundability, and more.
Retirement Communities Offer Savings Opportunities
In addition to enjoying the many amenities that go along with most of today’s retirement communities, you’re also going to save a lot of the costs you used to experience when you owned your own home. Some of these include the following:
- Unexpected repairs like HVAC, appliances, roofing, etc.
- Regular home upkeep – exterior and interior
- Utilities
- HOA fees
- Property taxes
- Renter’s or homeowner’s insurance
- Rent or mortgage
Experience Retirement Living at Its Best
From delicious and nutritious meals served in a fine dining atmosphere, to social activities and events, to beautifully manicured greenery and more, the amenities found at our retirement community are numerous. Discover retirement the way it should be – stylish and enjoyable.
For general inquiries, please contact one of our representatives at 972-491-3100. For sales and leasing questions, please call us at 972-559-0659. You can also use our convenient online form to begin communicating with us. Simply fill it out, send it in, and we’ll get back to you.
To find out what we are truly all about, schedule a tour of our community. We look forward to meeting you.
