Life Care communities and rental communities are two of the most popular senior living options available. However, the industry terminology surrounding these communities is confusing, which makes it difficult to decide which option is right for your loved one.
While both options have their benefits, there are key differences between Life Care and rental communities that could impact the future of your family member.
What Is a Life Care Community?
Life Care communities, also known as Continuing Care Retirement Communities (CCRCs), are senior living communities that offer residential accommodations and a continuum of care to residents that may include Independent Living, Assisted Living, Memory Care, Skilled Nursing, and Rehabilitative Services.
These communities require a one-time entrance fee and an ongoing monthly fee that covers use of your residence and access to all services and amenities. It also includes lifetime unlimited access to on-site Assisted Living, Memory Care, and Skilled Nursing, generally with no or only a small increase in the monthly fee to receive this care..
With a full continuum of care, residents’ future health care needs will be met within the community, ensuring they won’t need to move away from their spouse, friends, and neighborhood they’ve grown to love over the years. They’ll always know where they’ll receive care, who will provide it, and exactly how much it will cost.
What Is a Rental Community?
In a senior rental community, or rental retirement community, you pay a monthly fee for a residence in an age-restricted community. Leases are signed for an agreed-upon amount of time, which offers flexibility for seniors who may want to move in the future.
While there is no entrance fee, there will likely be a security deposit, and the cost of rent can be raised every time the lease is renewed. If the renter can’t afford the increase in rent, they’ll have to move out.
Rental communities rarely offer a continuum of care. If they do, the renter has to pay full market price for any services they need to continue a high quality of life. If care isn’t available on-site, the renter may have to simultaneously pay for off-site care and their apartment rent on a short-term basis, or they may have to make a permanent move to a place where they can receive ongoing long-term care.
Which Is More Expensive – Life Care or a Rental Community?
Life Care communities use your entrance fee to cover the cost of different levels of care as you move through retirement. This saves considerable money on long-term care, especially when you consider rising health care costs.
In the short term, rental communities are less expensive than Life Care communities because they don’t require an entrance fee. This frees up money to travel or check big items off a bucket list. However, you might regret leaving yourself vulnerable to unpredicted health circumstances in the future.
Which Senior Living Community Offers a Better Lifestyle?
Both Life Care and rental communities offer a variety of services and amenities that enrich the lives of their residents.
Though most of the entrance fee for a Life Care community is used to cover the cost of future health care, a portion of it is used to improve and add amenities and services to meet the evolving interests of residents.
For instance, many Life Care communities focus on developing and growing the dimensions of wellness, which can include services and amenities like:
- Aquatic classes in indoor heated pools
- Community gardens
- Guest lectures, trivia nights, technology classes and brain fitness events
- Interdenominational on-campus services
- Scheduled transportation to off-site locations and events like baseball games or museums
- Social groups like community choirs, travel clubs and writing clubs
However, the services and amenities of senior rental communities are much like the ones in regular apartment complexes, and rent is likely to be higher with more amenities. While you may find some age-friendly activities to enjoy, a fitness center or a pool, they rarely focus on creating a neighborly environment that encourages residents to engage with their community.
Is a Life Care Community Right for Me or My Loved One?
Life Care Communities offer peace of mind to both you and your loved one. They’ll get to enjoy fantastic services and amenities that can enhance their retirement, and you’ll both be able to relax knowing you won’t have to worry about unexpected, expensive health care costs in the future.
Many senior living experts agree it’s best to move into a Life Care community as soon as possible. That way, your family member can lock in a good rate for increased levels of care, and your loved one can enjoy everything their community offers.
Learn More About Life Care at Friendship Village Senior Living Communities
For more than 40 years, Friendship Village has set the standard for senior living in St. Louis. Our Life Care communities offer your loved one a seamless transition through Independent Living, Assisted Living, Memory Care, Skilled Nursing, and Rehabilitation.
To learn more about our communities and how your loved one can benefit from Life Care at Friendship Village, contact our senior living representatives online, and we’ll get right back to you.