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Understanding the Value of Senior Living at a Life Plan Community

two senior women enjoying a drink on their patio apartment at a life plan community in San Diego

The Real Value of a Life Plan Community

If you’ve recently retired (or are about to retire) and are starting to explore different living options for this next chapter of your life, it’s easy to become overwhelmed by the wealth of available information. At Casa de las Campanas, we can help simplify things. In this blog post, we’ll explain the differences in contract types for retirement communities San Diego, define entrance fees and how they affect your monthly costs, and also outline why a Life Plan Community may cost less than you think. This is important information for anyone looking to maintain their financial security as they age, so be sure to share it with your loved ones too!

What is a Life Plan Community?

It’s all in the name — a Life Plan Community (sometimes called a continuing care retirement community) offers a plan for the future, so you don’t have to worry about securing health care (or how much it will cost) if your needs change. This is covered in the terms of the contract you enter into when joining the community. Through an entrance fee (which varies by location and type of residence you choose, as well as the number of occupants), you know that if you need health care in the future, you’ll have access to it right where you live. You’ll receive this care at predictable prices considerably lower than paying market rates for fee-for-service care. If you choose to remain in your family home and at some point need long-term care, you’ll likely be paying the highest possible price for that care. The peace of mind that comes with guaranteed health care at reasonable, predictable rates is  only one benefit of a Life Plan Community, though.

What Is Included in the Cost of a Senior Living Community?

Along with lifetime access to health care services, a Life Plan Community like Casa de las Campanas is designed to enrich life for older adults. There are different levels of living within a Life Plan Community, including independent living, assisted living (for help with the activities of daily living), skilled nursing (for long-term care) and even specialized services such as memory care (for individuals with Alzheimer’s disease or other forms of dementia) and/or rehabilitation. (At Casa de las Campanas, additional levels of care are available to current residents of independent living.) One monthly fee covers most utilities, as well as convenient, on-site services and amenities such as housekeeping, dining, indoor and outdoor maintenance, community gathering spaces, a fitness center, 24-hour security, complimentary transportation, and plenty of activities to enhance your physical and mental well-being. Many senior living communities San Diego have their own pool, library, and arts studio, as well. Just imagine living life the way you’ve always wanted to in retirement, and not having to make a move even if your or your partner’s health changes. That’s a value you can’t put a price on when compared to aging in your own home.

What Contract Type Is Best?

While terms like entrance fee, monthly fee, and contract type may sound complex (and expensive) at first, they all work together to provide you and your loved ones a flexible future that you control. For a Type A Life Plan Community like Casa de las Campanas, for example, a standard contract affords you a lower entrance fee that becomes nonrefundable over time, with virtually no additional increase to your monthly fee, regardless of what level of care may be needed. (And, if a resident should outlive their ability to pay, through no fault of their own, they are taken care of through Casa’s benevolent fund.) Because of this financial benefit and promise to provide lifetime care, this top-tier contract requires that residents enter the community in good health.

Under a Type B contract (also known as a modified plan), health care is provided, but the options are limited (either by the number of days of care allowed or, depending on the community, it may be off-site or require an additional monthly fee if your partner needs a different level of care). A Type C contract (otherwise known as fee-for-service contract), provides any long-term care through fee-for-service market rates, and care may not be available on the same campus. The good news is, there are a variety of options to consider to put your ideal plan in place for retirement. We recommend that you speak with your financial advisor to determine which option is best for you.

Ready to Compare? We’re Here to Help.

As the only not-for-profit Type A Life Plan Community in San Diego , Casa de las Campanas is celebrating 33 years of helping seniors like you welcome tomorrow with confidence. To learn more, download our facts about the cost of Casa de las Campanas to help you research living options and build your future with peace of mind. You can also see our pricing options and plug in the numbers to see how our costs and floor plans compare! We’re happy to answer your questions along the way, so don’t wait to contact us for more information.