What’s the Difference Between a Life Plan Community and a Rental Retirement Community?
If you’re searching for the right retirement community to match your lifestyle or are curious about the benefits of senior living, you’ve probably come across a variety of options during your research.
Two of the most popular options are Life Plan communities and rental retirement communities. Are they really that different and does it matter which one you choose?
Read on to learn the difference between these two types of communities and gain the information you need to choose the right option for you.
What Is a Life Plan Community?
A Life Plan community always offers independent living and a continuum of care, typically all on the same campus. Technically, a Life Plan community needs to offer only one higher level of care, but most offer a fuller continuum that might include assisted living and memory care. This allows residents to seamlessly move between types of senior care, whether they eventually require assistance with a few daily activities or their health takes a more serious turn.
A one-time entrance fee and regular monthly service fee provide residents lifetime benefits that include:
- Priority access to higher levels care with predictable monthly fees and discounted rates
- A maintenance-free residence
- Invigorating programs, events and activities
- High-quality services and amenities
The amount you pay for your entrance and monthly service fee at a community typically depends on your floor plan and the number of services and amenities available.
What Is a Rental Retirement Community?
There are many different types of rental retirement communities, and the term applies to a broad range of senior living options.
Some are merely age-restricted with no health care services, while others offer these services, but charge the going market rates for them, and you may not receive priority access. If the community can’t provide you with the care you require for a high-quality retirement, you may need to move.
The biggest benefit of rental retirement communities is the financial flexibility. Since many rental communities only require a deposit, you have freed-up capital to move wherever you want when your lease agreement ends, and can use more of your retirement savings to invest or travel.
The amount you pay for your deposit and monthly rent depends on the floor plan you choose, quality of amenities, level of services, and types of care (if any) available at the community.
The Advantages of Choosing a Life Plan community
Choosing a community like Aberdeen Ridge means you have a plan to achieve a better retirement lifestyle right now, while securing a plan for the future if your needs change. Look at these four ways Life Plan Communities set themselves apart from rental retirement communities and find out why our community may be just the home you’ve been searching for.
1. Peace of mind
The continuum of care offered in communities like Aberdeen Ridge protects you with a safety net of senior care, if you ever need it. In our community, you can age with care that evolves with you and provides peace of mind for you and your family, knowing your needs will always be taken care of by trusted professionals with discounted rates provided by the Aberdeen Ridge Unique Health Care Benefit.
Rentals may not offer senior care or might charge residents full market rates for the care they need. As a renter, you may need to quickly come up with financial resources if your health suddenly changes or move away from your spouse and friends, if you require a higher level of care.
Our senior living community in Colorado Springs, CO, offers priority access to on-site assisted living and memory care, so you can worry less about changes in your health requiring you to move to another community. You can stay right here, next to your friends, community and caregivers you’ve grown to love.
2. Beautiful residences
When you move into independent living at a senior living community, you’ll live in a beautifully appointed apartment designed to help maintain your independence for as long as possible. Your monthly service fee covers your utilities (except for phone and internet) and eliminates bills like homeowners insurance, property tax and HOA fees. Apartments include safety features like nonslip floors, wider doorways, grab bars and walk-in showers.
While senior rental communities may have increased safety features, you’ll still be required to pay renters insurance and might be charged if you need to break your lease to move to a community that offers a higher level of care.
The floor plans at Aberdeen Ridge come in a variety of layouts and sizes to match every lifestyle. Downsize to a charming one-bedroom like The Palmer, or choose a floor plan like The Perkins, which features a large, open living area, two bedrooms and two bathrooms.
3. Benevolence clauses
Benevolence clauses truly distinguish Life Plan communities from rental retirement communities. Not-for-profit communities like ours make it a mission to do everything they can to provide an incredible retirement for each resident for life.
That’s why many feature a benevolence clause that ensures you’ll always have a place in the community, even if you outlive your financial resources through no fault of your own. If you can’t pay your monthly service fees, a not-for-profit Life Plan community with a benevolence clause will still provide the care you need to thrive.
As part of our community’s commitment to providing quality senior care, PMMA (Presbyterian Manors of Mid-America) provides millions of dollars annually in charitable care through our Good Samaritan Program. This enables residents who outlive their financial resources to continue to live in our senior living communities.
4. Top-Notch Services and Amenities
Though high-quality senior care is essential for a happy and healthy retirement, one of the most notable features of communities like Aberdeen Ridge is the incredible array of services and amenities.
Entrance fees not only pave the way for a continuum of health, but they also help the community provide attractions like libraries and resource centers, multiple dining venues, creative arts centers, and social spaces. Rental retirement communities provide some services and amenities, but they typically aren’t as extensive as those you’ll find at a Life Plan community, and they might not all be built into your monthly service fee.
At our community, we also feature a heated pool, fitness center, underground parking, beauty salon/barbershop, housekeeping and flat linen service, guest suite and more. We also offer Peak Living, which focuses on a holistic approach to wellness. This comprehensive program provides plenty of opportunities to take care of your body, stretch your mind, cultivate meaningful relationships, and nurture your spirit.
Learn More About the Benefits of Life Plan Communities at Aberdeen Ridge
Aberdeen Ridge is designed for people who want to pursue physical, emotional, intellectual and spiritual well-being every day. Construction on our brand-new Life Plan community in Colorado Springs, CO, will be completed soon and our gorgeous apartment homes are filling up fast. Contact our senior living counselors online, call us at 719-286-3014 or schedule a one-on-one visit in our information center to learn more about our available floor plans and ask questions about our vibrant community.