Much has been said about what makes a place a home — some say it’s where the heart is, or where you make it. For the less poetic of us, it can be as practical as four walls and a roof. Call it what you want, but most will agree there’s no place like home. That’s why we want to make sure our parents are comfortable in their home, especially during their retirement years. Oftentimes, this means downsizing and moving out of long-term residences. Choosing the next place to call home is a major decision – one that is incredibly personal to the type of lifestyle they’ve imagined for their next chapter. When you start helping your parents research the best type of home for their needs, there are quite a few options to look in to. These options narrow down to two different kinds of communities: a rental property and a life plan community. Keep reading to discover the main difference between these types of retirement communities.
Retirement Community Comparison: Rental Property v. Life Plan Community
Rental Property
Rental retirement communities are ideal for older adults who live mostly independently, without the need for advanced levels of care. This offers a similar lifestyle to what your parents are used to now, but with more opportunities to socialize and less home maintenance. In these communities, there is no long-term financial or contractual commitment. Residents are able to move out of the communities if their needs change or if they are unable to meet financial requirements of the community. The average length of stay for a resident in an independent living rental community is about 3 years. Also, if a resident is in need of additional services, they are not necessarily guaranteed care and will typically pay full market rate. In addition, there are typically not the plethora of amenities, such as swimming pool or multiple dining venues, available in a full-service Life plan community.
Life Plan Community
Life plan communities are ideal for older adults who are interested in a plan for the future. These are private communities that offer a range of residential living options, services and amenities, along with a lifelong continuum of healthcare services. Your loved one may not have health issues or a need for a lot of assistance right now, but a life plan community opens up a multitude of options for the future as their care needs change over time. [fpsc]
The Value of a Life Plan Community Over a Rental Property
Health Services for Every Level of Care
The primary difference between life plan communities and rental communities is that a life plan community includes Assisted Living, Memory Care, and/or Skilled Nursing and Rehabilitation services. If a member develops the need for these services, they are able to receive this service without having to make an additional move and at a cost you’re aware of, one of the many value propositions of a Life Plan community. This is possible thanks to the one-time entrance fee deposit upon becoming a member of the community.
Oversight and Regulations
Another key difference is that rental communities are not subject to the same oversight and regulations that life plan communities are. The Texas Department of Insurance is charged with ensuring regulations are met and monitoring the financial solvency of life plan communities. In Texas, a life plan community offers a continuing care contract that includes a promise to provide one or more elements of care in exchange for the payment of an entrance deposit (often partially refundable) and periodic charges, or both.
Discover the Benefits of Ventana by Buckner, a Life Plan Community
For us at Ventana by Buckner, it’s all about surrounding your loved one with the resources they need to thrive. That’s why we’ve built Dallas’ first and only luxury high-rise Life Care Community to fill some of your loved one’s most important years with social activity, wellness and enjoyment. As a Ventana Member, your loved one will have access to a full range of care options, including Independent Living, Assisted Living, Memory Care Services, Skilled Nursing and Rehabilitation care (post-surgery or illness), in a convenient residential setting. We’re proud to offer Members a five-star senior living experience. The bells and whistles are all here. But more importantly, so is the peace of mind that comes with knowing every need has been thought of as your loved one ages. Learn more about becoming a Ventana member and discovering the benefits of moving to a life plan community. Contact our expert team today for a personal consultation where we’ll discuss your loved one’s retirement goals, financial preferences and more. Plus, we can take you and your loved one on a virtual tour of the community where you’re able to experience Ventana from the comfort of your own home.