A Beginner’s Guide to Understanding the Value of Life Plan Communities

An Introduction to Life Plan Communities

Life Plan Communities (LPCs) or Continuing Care Retirement Communities (CCRCs) are a type of senior living community that offer care services and a variety of living options, including independent living residences, assisted living, memory care, skilled nursing, and rehabilitation.

LPC residents pay an entrance fee for maintenance-free, worry-free senior living that includes dining services, housekeeping, maintenance, access to a fitness center, events and activity programming, transportation, and a secure 24-hour Nursing-staffed community.
Another benefit of living in an LPC is the financial flexibility of an entrance fee-based residency agreement. For many, this means continued financial independence and stability in retirement while preserving some assets for your estate.

Read on for more information to help beginners understand the various costs and values associated with LPCs (and CCRCs) contracts.

Entrance Fees: How Much Does a LPC or CCRC Cost?

Entrance fees are an initial down payment given to a community upon selecting your residence . Fees vary between each type of contract or agreement and include Type B (Modified) and Type C (Fee-for-Service). Depending on your contract type, a portion of that entrance fee may be refunded once you leave the community.

Monthly fees are paid to cover additional amenities and services, such as housekeeping, laundry, maintenance services, meals, and more. These also vary by contract type.
Type A contracts include overall housing, residential services and amenities, and unlimited health-related services. Type A contracts have a flat monthly service fee regardless of the level of care but a higher entrance fee upfront.
Type B (Modified contract) includes housing, services, and amenities. Type B contracts have discounted rates for future healthcare services as part of the comparatively lower entrance fee. The resident covers future medical needs. This model means a resident is only paying for the care services they utilize over time.
Type C (Fee-for-Service contract), sometimes referred to as “pay-as-you-go” contracts, include housing, residential services, and healthcare with a smaller entrance fee and monthly service fee. The resident pays the additional costs for higher levels of care at a competitive market rate.

Learn more about LPC and CCRC entry fees by clicking here.

Monthly Service Fees

Monthly service fees (MSF) cover the resident’s dining, activities, social groups, maintenance, transportation, laundry, landscaping, security, parking, and special events.
These fees differ from residence to residence and are based on the size of the apartment, its location, and the level of care needed.

Financial Security

LPCs have different levels within their full continuum of care, so it is important to request the cost and care information for these areas as you explore options for your future.
LPCs generally offer a healthcare benefit for residents that can assist with covering future healthcare costs. Another benefit of living in an LPC is having a full continuum of care, all within the same community. This makes aging in place or transitioning to a higher level of care much easier.

Lifestyles and Amenities

It is important to take into consideration your hobbies and interests as you select your next home. Be sure to inquire about activities taking place and the amenity spaces available for your use as you explore LPC options.

Residents at Eastcastle Place stay active in many different ways: exercising in our fitness center and aquatic center, inviting friends for elegant dining in our 1884 pub and the Gilman Dining Room, joining resident groups and clubs, attending lectures and live musical performances in Lindsay Hall, and exploring our highly walkable East Side neighborhood.
Eastcastle Place encourages residents to pursue their interests and passions, to continue their favorite hobbies, and to pick up new ones. Here, residents choose to be as busy as they want to be. While there is always something on the weekly activity calendar to join, we also have great spaces for spending time with a good book or working on your next arts and crafts project.

Learn more about our amenities by clicking here.

Healthcare and Wellness

Life Plan Communities offer added support and peace of mind by having on-site Medical Staff available 24/7, a Community Medical Director, Medical Specialists, and other healthcare job positions, including Dietary Specialists, Physical Therapists, and Hospice Partners.

At Eastcastle Place, we understand that healthcare needs change over time, and that each individual’s needs are unique. That is why we provide a full continuum of care within our community. Residents have the peace of mind knowing that independent living, assisted living, skilled nursing, memory care, and rehabilitation are all available under one roof, assuring that our staff and healthcare partners have the flexibility to attend to your needs within the community.

Community and Social Connections

Life Plan Community residents live in a community of neighbors and have many opportunities to socialize and make new friends.
There are countless opportunities to join groups or clubs, participate in community activities or share your interests with other residents.
Moving to a Life Plan Community does not mean that your current community involvement and social connections end. Eastcastle Place residents are still able to and encouraged to be involved in groups and organizations outside the community.

Explore Your Options

As with all of life’s most important decisions, it is essential to do your research and start planning early. Choosing a Continuing Care Retirement Community is an important decision, so it is essential to learn more about all of your options.

Retirement living in a Life Plan Community is a new beginning and a chance to enjoy retirement living without the hassle of homeownership and household chores. In an LPC, you will find comfort in knowing there is support available when you want it.