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Understanding the Benefits of an Entrance Fee Senior Living Community

Dec. 8, 2009

Older adults have multiple options in senior living. For many, especially those who are planners, an entrance fee community offers the right balance of social opportunities and peace of mind.

 

Entrance fee communities require the payment of an initial fee and a monthly service fee. In return, the community offers housing and various levels of service and healthcare which provide for residents’ changing needs as they age. Additional or higher level care can be provided at a significantly discounted or predefined monthly fee, depending upon which benefit option the resident chooses.

 

The healthcare benefits are not to be overlooked, and have the potential to save residents thousands of dollars a year. In fact, residents can save more than $50,000 a year in nursing costs.

 

Most significantly, entrance fee communities offer peace of mind. In addition to ready access to multiple levels of care as needed, select communities offer care for life. For example, Brookdale Senior Living, the leading senior living provider, offers several entrance fee communities with a Life Care guarantee. With this valuable promise of Life Care, residents can continue to live at the community and receive care and services for life even if they become financially depleted through no fault of their own.

 

"We encourage those considering the move to be proactive, and enjoy the benefits of a retirement community while they are vibrant and in good health," said Roger Thiele, senior director of product line management. "If you wait too long and if your health declines, Life Care may not be an option for you when you’re finally ready to move. The phrase we so often hear from our residents is, ‘I wish I had moved in sooner.’"

 

In addition, other financial benefits of entrance fee communities may include:

 

The opportunity to share in asset appreciation of the community on a favorable tax basis.

Lower monthly fees than rental communities.

Tax benefits regarding initial entry fee and monthly fees.

Future fee increases capped, resulting in lower future cost than rental communities.

Predictable long-term expenses.

Preservation of assets.

A refundable portion of entry fee, based upon financial plan selected.

Entrance fee communities are also a good choice for those looking for a change in lifestyle. These communities offer a vibrant lifestyle, with independent living in an upscale atmosphere, an environment designed to encourage a rich, full life, and ready access to multiple levels of care as needed.

 

Independent living apartments offer a variety of layout options, including studio, one bedroom, and two bedrooms, along with full kitchens and more.

 

Residents requiring assisted living have a maintenance-free environment, with a purpose-filled lifestyle and peace of mind that comes from having access to 24-hour support and care. Assisted living options include help with medications and activities of daily living such as bathing, dressing, grooming, mobility and dining. These licensed care settings also provide secure options for those with Alzheimer’s or other forms of dementia.

 

Skilled nursing care and related services are available to residents who require routine nursing care or rehabilitation services on an inpatient basis. Some communities may offer rehabilitation services as well. For example, Brookdale’s Innovative Senior CareSM (ISC) is a fully integrated therapy, home health and ancillary services department that provides a full spectrum of wellness services, and is available at select comunities. Rather than waiting and reacting to an incident such as a fall, the ISC services include proactive therapy intervention for independent and assisted living residents to sustain and maximize their independence.

 

Residents will enjoy all ameneties, features and services for one low, monthly fee. Also, entrance fee communities offer the convenience of weekly housekeeping services, meals, utilities, landscaping and maintenance-free living.

 

When you consider all its advantages, entrance fee communities are generally more affordable than remaining in one’s own home, and more personally accommodating to one’s long-term health and wellness," said Thiele. "Consider the gift of peace of mind to your spouse and children as you discover how community opportunities can help reignite your retirement dreams."

 

In addition to accommodations and care options, the community normally provides signature programs and services to enrich residents’ lives daily. For example, Optimum Life® is a signature program offered by Brookdale Senior Living, in which whole person wellness is achieved through fulfillment in six key dimensions - physical, emotional, purposeful, social, spiritual, and intellectual. Through the six dimensions of wellness, opportunities are provided for residents to choose a healthy lifestyle that adds value and fulfillment to their lives.

 

"Selecting a senior living community is an important decision. It's about more than finding a great place to live. It's about more than comfort, security, activities and amenities. More than anything else, it’s about the people who live and chose to work in the community – the relationships that will be formed matter most," said Thiele.

 

 

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