It’s never too early to begin researching senior living communities, especially now that you’re readier than ever to enjoy the lifestyle you deserve. What now? Now it’s time to think about the factors that will impact your new living experience. When it comes to finding the right senior living community for you, several factors come into play to help you find the perfect place for this exciting next stage in life.
The location of your next landing spot will have an impact on your experience in many ways. The location will determine with whom you have the closest physical relationships. You may want to make sure that you can continue family weekly dinner parties. Perhaps you want to ensure you’re nearby your best friend for your monthly card game night. Although technology can help bridge the gap in relationships separated by distance, sometimes you just want to be close to those you love, and that’s okay.
In addition, the location of a senior living community may help determine what types of activities you will participate in. Would you rather take a dip in the ocean at Wrightsville Beach on a warm summer day, or take a walk through the Smoky Mountains as the leaves fall? No matter what you love to do, finding a senior living community close to what is important to you will help you feel more at home.
Although the location may offer boundless fun opportunities, the senior living community itself may also have numerous amenities to keep yourself active. Some senior living communities offer fitness centers equipped with cardio and strength equipment or even a heated pool for aquatic exercise. If you prefer a quieter evening, some communities offer expansive libraries and coffee shops where you can relax. Some senior living communities even host pubs—or homebrewing groups—to drink your favorite local craft beer!
Another lifestyle consideration is not only your activities, but also your health needs. Your health and wellness often dictate what kind of lifestyle you are able to maintain. One type of senior living community that accommodates all your health needs is a Continuing Care Retirement Community, also known as a CCRC. A CCRC offers a full, trusted continuum of healthcare services should the need ever arise. That means no matter what you need, the community will be able to provide the quality care.
For-Profit vs. Nonprofit
One important distinction between various senior living communities is to determine whether the community is for-profit or nonprofit. For-profit communities are obligated to appease their stakeholders first. These types of communities care first about making money, hence their name. As a result, these types of communities may not have the same genuine sense of caring or benevolence toward its members. Meanwhile, nonprofit communities are mission-based and care about their residents first. Nonprofit communities are typically backed by a mission and directed by a board of directors that includes members of the community who represent the interests of their peers.
Contract Options and Future Flexibility
Most senior living communities often have a variety of contract options that affect the overall cost of your residence and future expenses. Life Care Contracts typically cost the most, but they offer impressive value and peace of mind. They are similar to long-term care insurance, where you have predictable fees for an unlimited time.
Alternatively, with a Modified Contract, residents receive a certain number of healthcare days (should the need arise) at no additional cost at a per diem rate. These types of contracts are in between a Life Care Contract and Fee-For-Service Contract.
Fee-For-Service Contracts adapt as your health needs change. If you need additional health services, you will pay for these separately. This means that you will never pay for care you do not need. Your entrance fee and monthly fees are lower in comparison to other types of contracts. This offers you flexibility to modify your contract to your needs at any point in time.
As mentioned earlier, the cost of your senior living community will vary depending upon what type of contract you select. For most contracts, you can expect to pay an entrance fee and monthly service fees to help maintain the community, its amenities, dining, staff, and services. However, your entrance fee will depend on what types of payment plans are available. In fact, your entrance fee is often refundable in case you ever decide to move!
In a 90% Refundable Model, you have higher entrance fees, but your refund never goes below 90%. When you first move into your residence, 100% of your entrance fee is refundable. As time goes on, the amount that is refundable decreases. With a 90% Refundable Model, you are always able to get back at least 90% of your entrance fee. A 50% Refundable Model is functionally the same as the 90% Refundable Model. However, the amount you are refunded is reduced to 50%, while your entrance fee is lower. With a Declining Refund, after 48 months of living in your residence, your entrance fee will no longer be eligible for a refund. In return, your entrance fee is substantially lower.
In addition to your refund model, the cost of your senior living community varies based on the size of the residence. Just like with a standard real estate purchase, the larger the home, the higher the cost.
A trusted sales counselor at these senior living communities will help you get all the details on the community’s contract types and total cost. The sales counselors can help answer any questions and help you determine the best option to fit your needs.
With these factors in mind, you can move forward selecting a senior living community that fits your lifestyle. If you’re in the Wilmington, NC area looking for a home in your next stage of life, consider living at Trinity Landing! We appreciate you reading this article, and we look forward to hearing from you soon.
Trinity Landing: Land Here. Live Here. Love it Here!
Trinity Landing is the only nonprofit, faith-based CCRC waterfront community in Wilmington, North Carolina. Located along the Intracostal Waterway, Trinity Landing offers extraordinary views and plentiful amenities, such as our beautifully landscaped outdoor walking paths, Wellness Center for fitness and aquatic-related activities, library, and more! With more than 180 brand-new residences planned to open in May 2022, we have plenty of options to fit your lifestyle. In addition, our multiple refund options give you plenty of flexibility to choose what price point works best for you. To learn more about Trinity Landing, visit our website or give us a call at 910-769-9600 today!