What You Need to Know About Life Plan Communities

Mar 13, 2023 | Life at Park Place

What You Need to Know About Life Plan Communities
CCRCs are now called Life Plan Communities, but what does that mean?

You have more options than ever when it comes to retirement living. Continuing Care Retirement Communities (CCRCs) are a popular choice for those with the future in mind. This type of active adult community provides a full spectrum of residential services, nursing services, and health care, should you need it. The common misconception is that many CCRCs are prohibitively expensive, but does that math really add up?

What is a Life Plan Community?

Some words used interchangeably with “CCRC” are “Life Plan” and “Life Care.” With so much industry jargon being thrown around online, it can be hard to know the difference. Don’t let the terminology confuse you, “Life Plan Community” is simply the new way of saying “CCRC.” In a Life Plan Community, you’ll have access to multiple levels of health care when or if you should need it. Levels of care generally include independent living, assisted living, skilled nursing, and memory care. You can rest assured knowing the right care is all right here at Park Place of Elmhurst.

Life Care contracts include an initial entrance fee, and then a reasonable monthly fee from there on, like a monthly assessment in a condominium association. Together these fees will serve as an investment in your present and your future.  

Protecting your assets

The cost of health care is rising. An unforeseen accident or long-term illness can be financially detrimental at any age, but this can be especially concerning as a retiree. Included in your monthly Park Place fee, you’ll get the peace of mind of knowing that the cost of your future care is locked in with your monthly service fee.

Of course, not all assets are financial.  Personal health and mobility play a huge role in our quality of life as we age. We offer a bevy of opportunities to stay fit and socialize with new people. Compared to those who choose to age in place, Life Plan Community residents report a better quality of life. Increased physical activity and more personal connections all serve to bolster a greater sense of satisfaction with life.

The more attention you can pay to your wellness, the more enjoyment you’ll get out of life. You’ve worked hard, and you should be able to reap the rewards of your retirement, and part of that comes from being mindful of your health.  

Sounds great, but can I afford it?

As Suze Orman famously says, “show me the money.” When comparing Life Plan Communities to the cost of a simple retirement rental, they can seem expensive. However, once you understand the fee and contract options, Life Plan Communities offer a much better value and are considered an investment. In some cases, a portion of these fees can be tax deductible. Most communities even offer contracts that refund up to 90% of your entrance fee.

The best way to gauge cost is by meeting with a residency advisor who can answer all your questions in detail and provide a more accurate estimate of costs. Our easy to use financial calculator will asses which Park Place of Elmhurst independent living option might be a fit for you.

When you look at how much is included with the monthly fee, the value is unquestionable. At Park Place of Elmhurst meal plans, home maintenance, health services, fitness and activity classes are all included in your monthly fee.

Is a Life Plan Community right for me?

If you’re looking for a vibrant and active social life full of new friends and warm memories, then a Life Plan Community is one of the best investments you can make. In addition to a full spectrum of fitness classes, we offer art classes, guest lecturers and culturally enriching trips into the city and surrounding suburbs. The best part of all? You can enjoy this wonderful lifestyle without any of the hassles of home maintenance or yard work. We take care of the rest so you can focus on living your best life. If the future is something you worry about, Life Plan Communities can also afford you the certainty that your changing health care needs will never be financially catastrophic.

When considering a move to a Life Plan Community, we encourage you to do your homework. We often see prospective residents visit a few times before they make their decision. Visiting communities more than once throughout your search will give you a better idea of what feels right for you. When you’re ready to see what can offer you in retirement, pick up the phone and call 630-936-4504. Our helpful Life Plan advisors are happy to answer any questions.