Today, seniors have more options than ever when it comes to community living. Two of the most popular living options include rental senior living communities and continuing care retirement communities (CCRC), also known as life plan communities. And, while these communities share many parallels, some key differences may make you want to choose one option over the other.
What Are Rental Retirement Communities?
Rental senior living communities, also often called retirement communities, are a great choice for those who want to downsize after retirement. In this type of community, residents typically sign a lease agreement for a month, six months, or a year at a time, a lot like you’d find with regular apartments or rental homes.
Unlike regular rental homes, these senior communities often offer services tailored to seniors. This may include transportation services, on-site medical services, and things like housekeeping, home maintenance, and dining options. Perhaps one of the top reasons seniors enjoy living in a rental senior community is the fact that their homes can be taken care of for them, and no cleaning or tinkering will ever be needed on their end unless they want to.
While some of these living communities may offer options for assisted living, which can help you with daily tasks including but not limited to cooking, bathing, and dressing, most only offer independent living options. With senior independent living, you will likely have help with cleaning and maintaining your rental home, but assistance with personal care is not usually provided.
What Are Continuing Care Retirement Communities?
A continuing care retirement community, typically abbreviated as CCRC, is a senior living community that offers everything from independent living to assisted living, memory support living, skilled nursing services and short-term rehabilitation services.
At a CCRC, residents have the option to move easily from one area of the community to the next as needed, which makes it an attractive option for aging seniors who want to secure their future. For example, if you were to join the independent living area of a CCRC but find that you need help with daily tasks down the road, you may move into the assisted living area of the community as your needs change.
Just like at a rental retirement community, residents of a CCRC will have access to things like transportation, dining, medical, housekeeping and maintenance services. An ongoing monthly fee covers many of the services and amenities offered at both types of communities. However, in a CCRC that offers life care, a portion of your monthly fee covers future healthcare costs.
Key Differences Between These Communities
Rental retirement communities are best suited for independent seniors who want to live in a rental home with no maintenance needed. On the other hand, continuing care retirement communities are best for those who desire to secure their future and want to ensure future support as they age.
Another difference between these communities is that most CCRCs require a one-time entrance fee while rental retirement communities do not. Additionally, all CCRCs offer future support as needed with assisted living, memory support, skilled nursing, and rehabilitation services on-site, but only a few rental retirement communities do. Lastly, as many CCRCs are not-for-profit, they are mission-based organizations that reinvest money back into the community. In addition, a resident will not be asked to leave the community for financial inability to pay should they outlive their assets at the time of application.
Benefits of Choosing a Continuing Care Retirement Community
Which healthcare and support services are included with a Life Care Contract? Continuing care retirement communities that offer Life Care or related agreements will give residents priority access to on-site, future healthcare such as assisted living, memory care and skilled nursing at predictable fees.
CCRCs offer skilled nursing and rehabilitation centers that you may use when you need intensive care for a set period, especially if you already live in the community. At a skilled nursing center, you will be able to receive 24/7 nursing care for an acute illness or condition. In a rehabilitation center, you may be able to make appointments for physical occupational and speech therapy when you are recovering from an illness or condition
How Can a CCRC Benefit You and Your Family? At a CCRC, you never need to worry about your healthcare and personal needs, even if those needs change as you age. In these communities, you have peace of mind in knowing that you always have the option to move into a skilled nursing environment, assisted living environment or memory care environment as needed.
Many seniors like to join the independent living areas of a CCRC while they still feel active and independent so that they have the security to move around within the community as they age. Both seniors and their families love CCRCs because they typically offer locked-in, low monthly expenses across the continuum and potential tax benefits.
Call (630) 339-5149 now to join us for a chef-prepared lunch and learn about:
• Predictable monthly living expenses
• Priority access to on-site healthcare
• Assurance of lifetime care
• Safeguarding against rising healthcare expenses
• Valuable tax benefits
If you are looking to join a continuing care retirement community, consider Park Place of Elmhurst, which is the only full-service CCRC in Elmhurst, Illinois. At Park Place of Elmhurst, residents can enjoy fine dining and community programming every day, whether they want to move into independent living, assisted living, memory support, or skilled nursing and rehab.