Senior Living Research Guide
If you’re considering moving to a continuing care retirement community, here’s a helpful guide to commonly asked questions and important factors to consider when touring.
Q: I keep hearing the term LifePlan community. Is that the same thing as a LifeCare community?
A: LifePlan is simply a more up-to-date term for continuing care retirement communities, which began appearing in the 1980s. Several years ago, a task force of senior living professionals conducted focus groups to see which terms older adults felt best described the benefits and goals of a CCRC. LifePlan was the preferred choice, emphasizing the peace of mind that comes with planning and the focus on living well in your later years.
Q: What is a LifeCare community?
A: LifeCare speaks to the health care services that are guaranteed to residents. CCRCs have three primary contract types – all revolving around health care services.
Q: How do I know if this is a smart move financially?
A: Each community’s marketing team has detailed information on the costs of living at their community and worksheets that help you compare your expenses, as well as a financial qualification process. Contacting a financial advisor or CPA is a good idea. The fee for their services will be well worth a detailed analysis. People are often surprised to learn how much they still spend even though they own their house.
An important benefit of non-profit CCRCs is benevolent care, which provides financial support for residents who have outlived their resources through no fault of their own. In 2017, Asbury contributed more than $4 million in benevolent care across its eight communities.
Q: How do I know when I’ve found the right community?
A: Many new residents say they “had a feeling when they walked in,” but there’s plenty you can do to back up a hunch.