Get the Facts: Life Care vs. Rental Retirement Communities

Mar 10, 2021 | Moving to Senior Living

Are you starting to think about making a move to a retirement community? There are many things to consider. Having a good understanding of the different type of communities, and the service offerings, is critical before you start to shop. Weeding through the fact collecting can be a bit overwhelming. Before you head out and start looking at communities you should first decide everything that is important to you now, and in the years ahead. Let’s face it – making a move is a big job, and a lot of work, so it is important to get what you want coming out of the gate.

“There are positives and negatives to both Life Plan and rental retirement communities,” says Beth McGowan Welch, Executive Director at Park Place of Elmhurst, a Life Plan Community in the Chicago-area region. Deciding to select a rental community vs. a Life Plan Community requires a clear definition of two very different community types.

“All things considered, there are several distinctive differences between Life Plan and rental communities that can help shine a light on identifying your specific needs,” says Beth.

Here, we will look at the differences between the two types of communities and provide a reasoned approach as to which option might be the best for your situation.

Life Plan Community: Care for Life – Always

Let’s start by providing an answer to the ever-present-question: “What is a Life Plan Community?” At its heart, Life Care is a lifestyle. A Life Care Community allows you to fully enjoy all the services, amenities, and the social aspect while knowing there is a safety net of care in place when you need it most. Life Plan Communities provide a peace of mind for your family and friends, relieving them from having to make difficult decisions on your behalf during a medical crisis. For example, Park Place of Elmhurst is a Life Plan Community that protects your finances and gives you peace of mind for the future. It’s the most innovative approach to retirement today. Our philosophy is simple: As a Life Care resident, you will always know exactly where you will receive the health treatment you need, who will provide it and what it will cost. In addition to Independent Living, you will have priority access to Assisted Living, Skilled Nursing, Rehabilitation and Memory Support all on one campus.

In other words: A Life Plan Community is your home for life. This allows you to keep your expenses predictable, providing you a health plan in a time of need. So, now can relax and enjoy life!

Rental Communities: Flexibility and Freedom

Much like living in a Life Plan Community, residents pay monthly fees to live in a community. Think of it like renting an apartment – you pay for the privilege of enjoying a maintenance-free lifestyle. There are no entrance fees for a rental community, and your monthly fee will be based on the level of care you need now. As your health needs increase, your fees will fluctuate to meet the essentials and, often, your health care needs will have to be met at another different location. The cost now becomes very unpredictable.

This is where comparing costs between rental communities and Life Plan Communities can get tricky. In a Life Plan Community, the entrance fee you pay goes towards your lifetime care needs and ensures a steady monthly fee, no matter how your health needs change. With a rental community, the cost of entry is lower, but you risk leaving yourself vulnerable to health care changes down the road.

Life Care at Park Place of Elmhurst

At Park Place of Elmhurst, we offer a host of amenities and engaging activities and clubs, alongside chef-lead dining experiences, a fitness center with group classes, maintenance-free lifestyle and so much more. As you might expect, our friendly neighborhood environment provides a space where residents feel at home while also providing community atmosphere.

All our residents have peace of mind, knowing that Park Place will be their home for life. We provide a seamless living experience, in a community with a solid reputation for exceptional care, strong staff – all in a pleasant, comfortable environment. By choosing Park Place of Elmhurst, you and your family have peace of mind knowing you can be cared for in the place you love and call home.

Discover the Difference at Park Place of Elmhurst

Park Place of Elmhurst is a different kind of retirement community – you’ll enjoy a lifestyle unlike any you’ve experienced. A lifestyle that is maintenance-free with lots of helpful services, remarkable amenities with engaging neighbors just outside your door – all backed by Providence Life Services, a Christian-based organization that’s been a trusted name in Chicago-area senior living for more than a century.

Offering Independent Living, Assisted Living, Skilled Nursing and Rehabilitation and Memory Support, Park Place of Elmhurst provides peace of mind. Residents of Park Place have made the decision that will ensure whatever life change happens, Park Place is the right place for all their care needs. One of the fabulous benefits of choosing a Life Plan Community is the peace of mind knowing that you have made the decision and partnered with a community committed to providing all the levels of living from the day you move in.

We encourage you or your loved one to contact us today to learn more about our community and schedule a personal tour by calling 630-239-5127.