If you’re looking into senior living options, you’ve likely encountered a jumble of terminology. And if you’re bewildered, you’re not alone. Adding to the confusion is the fact that terms like CCRC and Life Plan Community are often used interchangeably. What does each term mean? Here are some definitions to give you a clear picture as you navigate senior living choices.
Continuing Care Retirement Communities (CCRCs) and Life Plan Communities are different names for the same type of community. The name CCRC was widely used until 2015 when LeadingAge, a not-for-profit education and advocacy group in the field of aging, decided the name needed an update. Survey respondents weren’t keen on the name’s emphasis on “continuing care,” which brought to mind a nursing home setting. To better convey the lifestyle offered in these communities, researchers opted for the new name, Life Plan Community. Compassionate care remains a significant benefit in these communities, but the new name highlights the opportunity seniors have to flourish in their retirement years:
A Life Plan Community (and thus a CCRC) is a retirement community that offers independent living and a continuum of care, often offering long-term care options like assisted living, memory care and skilled nursing. Typically, in a Life Plan Community, a senior can move into independent living and, if their health care needs change, they can get the care they need on-site. The advantages of a Life Plan Community include:
In addition to a continuum of care, Life Plan Communities offer a rich variety of amenities and services that give residents the chance to enjoy maintenance-free living and cultural, social, intellectual, and spiritual opportunities that foster an active, vital lifestyle.
To add another layer to the definitions, some Life Plan Communities and CCRCs offer Life Care contracts. Life Care is a financial contract that ensures care for life. If your health care needs change so that you require a higher level of care, such as assisted living, memory care or skilled nursing, you’ll receive these services in the same community for virtually the same monthly fee you paid for independent living. Having Life Care means some of the questions that arise with aging — How will you get the care you need? How will you pay for it? — have clear answers.
Residents who choose a Life Care contract typically pay an entrance fee and a monthly fee. The entrance fee helps cover the cost of higher levels of care and, depending on the contract you choose, may be partially refundable when the resident leaves the community. Although the entrance fee can substantially raise the cost of moving into a retirement community, it may actually save you money in the long run. That’s because it allows you to lock in the cost of care, so even if health care prices rise significantly, your costs will remain stable. Moving into a community at the independent living level typically allows you to take the most advantage of the financial benefits of Life Care.
Friendship Village offers the only two Life Care communities in the St. Louis area. With all the advantages of a Life Plan Community, independent living residents at our recently expanded Chesterfield and Sunset Hills communities enjoy an array of services and amenities – multiple gourmet dining venues, housekeeping services, lovely grounds, fitness facilities, and creative spaces like an arts studio and woodworking shop. And if their care needs change, they have access to assisted living, memory care and our award-winning skilled nursing. Contact us to find out more about our community or to schedule a tour.