In the United States today, rental communities are the most popular option for senior living. Why? Most often, they’re the least expensive option. And though pricing at rental communities can look appealing at first, not many provide the same types of services, amenities, programming, healthcare, and overall value you find at an entrance fee senior living community offering a continuum of care that includes assisted living, memory care and sometimes skilled nursing care.
An entrance fee community like Aberdeen Ridge, for example, will require an upfront investment that may initially seem high. However, you’ll receive benefits that include access to different levels of care on-site, a Unique Health Care Benefit and preferred rates to manage that cost, a host of lifestyle amenities and services likely unavailable at most rental communities, as well as additional financial advantages. Here’s a quick breakdown of how it works.
A Short-term Fix?
At a rental community, residents are required to sign a lease and pay some type of security deposit or community fee in addition to their monthly rent. The community fee may or may not be refundable. The rental community will offer independent living that may include meals, housekeeping, maintenance, transportation, and some activities. It may even offer assisted living services on the premises. Some rental communities offer higher levels of care at an extra cost, but there’s no contractual obligation for them to do so. It’s important to keep in mind that, in the longer term, residents may need to move to a different community to receive the care they need.
Why Choose an Entrance Fee Community?
A continuing care retirement community (CCRC) offers a full continuum of care, which can include independent living, assisted living, memory care and skilled nursing, all on the same campus or within the same building. Residents pay an upfront entrance fee as well as an ongoing monthly fee. The entrance fee entitles you to live in the community for as long as the agreement remains in force. There’s no equity and no appreciation of this initial investment upon moving out. Usually, some portion of the entrance fee is refundable to you or your estate, if and when you do leave.
A principal advantage of choosing this type of community is that it could be the last move you’ll ever need to make. You’ll have care for life if you need it, in an environment that caters to the needs and interests of older adults. You’ll enjoy amenities that make it easy to meet people and spend time productively, keep fit and enjoy social events, and pursue new interests. You’ll lead a maintenance-free lifestyle and dine on chef-prepared meals. At Aberdeen Ridge, our Peak Living resident lifestyle program lets you explore seven core areas of interest — art, history, humanities, cuisine, sports and entertainment, health and wellness, and a special emphasis on all things Colorado. Here are just some of the additional benefits to be enjoyed at an entrance fee community:
- Activities, classes and events
- Social connection and support
- A balanced diet of healthy nutrition
- Easy access to planned fitness programs
- A home for life
The First Community in Colorado Springs to Offer Estate Protection Through a Refundable Entrance Fee
An entrance fee community may not be for everyone, but those who qualify know they’ll have guaranteed care for life provided in one convenient location. And a not-for-profit community like Aberdeen Ridge will have provisions that ensure residents won’t be asked to leave if they should ever deplete their funds through no fault of their own. Paying an entrance fee upfront is like making an investment that secures your money and provides an ongoing benefit of lower monthly costs. And because a percentage of the entrance fee is refundable to you or your estate, you’re protected from the rising costs of health care.
We invite you to learn more about Aberdeen Ridge and to read more about the various costs and benefits of senior living. For answers to more immediate questions, please call 719-286-3014 or contact us online.