When considering your options for retirement living, understanding the difference between an entrance fee community and a rental senior living model is an important part of making an informed decision. At Park Place of Elmhurst — a not-for-profit Life Plan Community — we offer an entrance fee model that provides both exceptional lifestyle advantages and long-term financial value.
Here’s why an entrance fee community can be a smart and secure investment in your future.
What Is an Entrance Fee Senior Living Community?
An entrance fee or Life Plan senior living community requires a one-time investment upon move-in, followed by predictable monthly service fees. In return, residents benefit from access to a full continuum of care — independent living, assisted living, memory support, skilled nursing and rehabilitation — all on one campus.
At Park Place of Elmhurst, this structure helps ensure that residents have a secure plan in place for the future, while enjoying a vibrant, maintenance-free lifestyle today.
1. Greater Financial Predictability
With an entrance fee or Life Plan Community like Park Place of Elmhurst, your monthly fees remain stable, even if your care needs increase over time. This is especially valuable in an unpredictable healthcare market. With a Life Care agreement, you’re protected from rising long-term care costs, offering reassurance for both you and your family.
For those who prefer a different financial approach, Park Place of Elmhurst also offers a Fee-for-Service agreement. This option provides a lower initial entrance fee and monthly service fee, with access to additional levels of support available at market rates when needed — a flexible solution for those with long-term care insurance or other personal resources in place.
2. Seamless Access to Future Care
Your entrance fee grants you priority access to additional levels of support as your needs evolve — from assisted living to memory support and skilled nursing. That means you won’t have to move to another community or search for care when the time comes. Everything is available right here on campus.
3. A Strong Return on Lifestyle
Entrance fee or Life Plan Communities are designed with long-term quality in mind. At Park Place of Elmhurst, this means spacious apartment residences, engaging wellness programs, exceptional dining and a close-knit community of neighbors and team members. Because we’re a not-for-profit organization, all resources are reinvested into enhancing your lifestyle — not going to outside investors.
4. Estate Planning and Tax Advantages
Depending on the contract type, a portion of the entrance fee may be refundable to your estate or family members. In many cases, a portion of the fee may also qualify as a medical expense deduction on your taxes. We recommend speaking with a financial advisor or one of our residency counselors to explore your personal situation.
5. A True Sense of Security
Knowing that you have a plan in place — for both where you’ll live and how you’ll be cared for — provides reassurance to families. It allows residents to be more present, more engaged and more confident in the lifestyle they’ve chosen.
Is an Entrance Fee Community Right for You?
If you’re looking for more than just a place to live and a thoughtful plan that protects your future and enhances your lifestyle today, an entrance fee senior living community may be the right fit.
Contact our team to learn more about how Park Place of Elmhurst supports every stage of the journey with security, connection and personalized living.