Exploring Life Plan Communities: Pros and Cons
This time of year can often initiate thoughts and feelings about your future plans and goals, and this is no different for seniors. Now more than ever, there are a wide variety of living options available with various amenities and services offered to their residents that seniors can now consider as they contemplate their future plans. It can be overwhelming to sort through all the information or even know where to start.
One option to consider is a Life Plan Community (also known as a Continuing Care Retirement Community or CCRC). A Life Plan Community (LPC) is an option that combines both vibrant living with future planning, offering a variety of living options, including independent living residences, assisted living, memory care, rehabilitation, and skilled nursing.
If you have recently begun identifying the best future home for yourself or a loved one, then now is a great time to note what is most important to you. As you gather information, a list of pros and cons is a helpful starting point. This guide will be helpful in outlining the various features of a Life Plan Community like Eastcastle Place.
To define the general financial structure of a Life Plan Community, residents pay an entrance fee (that can be partially refundable) upfront along with a monthly service fee for maintenance-free living, engaging social opportunities, and perhaps most importantly, access to a full continuum of care. Read on for more information to help beginners understand the various costs and values associated with Life Plan Community contracts.
Benefits of a Life Plan Community
Access to Care
One of the primary “pros” of a Life Plan Community is access to a continuum care should the need ever arise for additional services. There is immense benefit to having priority access to all levels of living as one never knows exactly what the future holds. Having independent living, assisted living, memory care, rehabilitation and skilled nursing all within one community is ideal for aging in place.
It can take a great deal of stress and pressure off yourself and your loved ones when you have already determined where and from whom you will receive the care. Additionally, some communities like Eastcastle Place provide guidance for residents throughout the sometimes challenging process of deciding upon next steps. Our team of experts can help ensure your safety and comfort.
Predictable Financial Future
Another benefit to community living is the ability to simplify your budgeting process with predictable monthly costs. Seniors gain peace of mind with this model, having confidence that their future expenses are more predictable and a plan is in place. An all-inclusive pricing model also means there is less to manage monthly when it comes time to pay the bills.
Maintenance-Free Lifestyle
Maintenance-free living is another incredible benefit that Life Plan Community residents enjoy. Having a full team of staff members to take care of the housekeeping, home upkeep, yard work, and repairs allows residents to spend their time doing the activities they love while surrounded by good friends. Yet, if you do still have a passion for gardening or tinkering in the wood shop those opportunities are available to you as well. Leave your snow shovels at home when you move to a retirement community.
Opportunities to Enjoy Life
Whether you are pursuing new passions or just want more time for a lifelong hobby you have enjoyed for years, Life Plan Communities can offer you these opportunities. The abundance of social activities, clubs and community engagement is impressive. Read more about how an Eastcastle Place resident found ways to get involved here.
Staying Socially Connected
There are a number of positive effects of staying socially connected later in life. Life Plan Communities help facilitate a wide variety of ways to connect with others sharing similar interests. It is well known that a move to such an environment can improve your mental and emotional health, along with reducing anxiety, improving self-esteem, boosting your immune system, and slowing cognitive decline while enhancing your memory and processing speed.
The amenities and services set residents up for success when it comes to living their days to the fullest and enhancing quality of life. The vibrant lifestyle lends to many different ways one can stay active and engaged in retirement. To name just a few, fitness classes, lecture series, musical entertainment and dining experiences provide the variety needed so that everyone can find something they truly enjoy.
Potential Cons of a Life Plan Community
Costs and Financial Commitment
With some Life Plan Communities, there may be initial sticker shock while reviewing both the initial upfront costs and the ongoing monthly fees. It is important to gain a clear understanding of what is included in these costs. Often a portion of the entrance fee payment will be refunded to you or your estate upon leaving a Life Plan Community. Completing a review of your current expenses may help you make an educated decision on whether a community is the right fit for you financially. Consulting a financial advisor is extremely helpful as well, as they can help you review your long-term financial outlook. To get started now, contact Eastcastle Place to get a copy of the “Benefits and Costs” Guide to start doing a simple comparison of costs.
Moving “Too Soon”
Making a move while you are still active and healthy may feel premature, and you may even have friends and family question your decision to make this move. On the flip side, making a transition earlier may lead to an easier adjustment to your new lifestyle. As boomers continue to age, the demand for quality senior living continues to grow. It will become increasingly important to do your research early and explore wait list options to ensure you are given the opportunity to move into your preferred community.
Additionally, you will be most able to participate in all that a community has to offer and have access to an abundance of resources. Should you still have skeptical loved ones, invite them to join you at the community and gain an understanding of all the benefits you now have at your fingertips.
Adjusting to a New Lifestyle
Let’s face it. With any big move come a lot of logistical challenges, and this move is no different. You may even be leaving a family home where you have planted roots for over 40 years. Coming to terms with such a big change looks different for everyone, but rest assured that communities like Eastcastle Place are there to support you through every step of the way. Life Plan Communities often have a list of their preferred partners to help you find the right team, from real estate agents to move managers and other helpful resources. Perhaps most importantly, you will want to feel confident and welcomed by the residents and staff at the community. Check out Eastcastle Place’s Resident Ambassador Program to see an example of how residents are supporting new residents.
What Eastcastle Place Has To Offer
For 140 years, Eastcastle Place has been a welcoming senior living community in the heart of Milwaukee’s East Side. With an abundant offering of services and amenities alongside a robust calendar of programs, residents can branch out to find new ways of enjoying each day. Not only that, but the surrounding neighborhood is also full of opportunities to explore and indulge. Since Eastcastle Place is a Life Plan Community, you can have confidence in your future because if you ever need quality health services, a full continuum of care is right on-site.
In conclusion, each person’s journey to find their future home is unique, so it is important to evaluate the pros and cons of each option. Planning ahead can help ensure a smooth and seamless transition. Take the first step toward a vibrant and worry-free lifestyle at Eastcastle Place. Contact us today to learn more or schedule a tour of our beautiful community. We welcome the opportunity to meet with you, be a resource as you explore your options, and show you the life-enhancing opportunities that await at Eastcastle Place firsthand.
