Many seniors face the choice between Life Care communities and rental communities as they near retirement. While rental communities may be a popular option for some, Life Care communities are becoming increasingly popular for seniors who are planning ahead for their long-term care needs. In fact, 70% of older adults will require long-term support and services in their lifetimes, and Medicare does not generally cover long-term care.
With that in mind, here are some of the reasons why many seniors are choosing Life Care communities over rental communities.
What is a Life Care Community?
A Life Care community is a senior living option that takes a long-term approach to planning for your entire retirement journey. Even if your care needs change, you can expect predictable costs throughout your retirement years, making Life Care an attractive option for seniors concerned about the rising costs of healthcare. These concerns are valid, as a 55-year-old couple retiring in 2022 could expect to spend nearly one million dollars in medical expenses in their lifetimes if costs continue to rise just 2% per year. Healthcare costs rose 14.5% in 2022 alone.
Why Seniors Choose Life Care Communities Over Rental Communities
Life Care communities differ from rental communities in several key ways, and offer several long-term advantages over a rental senior living community.
At a Life Care community, residents pay a one-time entrance fee and monthly service fees at a predictable monthly rate. The monthly fee includes access to housing, services and amenities. These plans also allow for continued care should your healthcare needs increase in the future. Depending on your contract type, you could start out as an independent living resident, and if you need memory care services, your monthly fee remains the same and you get to stay on-site.
While the initial costs for a Life Care plan may be higher, these plans are a great way to make long-term plans for your care. With a rental plan, initial costs may be lower, but an increase in healthcare needs may result in significant cost increases over time. A Life Care community gives seniors greater control over planning for how and where they receive future care.
Care and Amenities
Amenities available at Life Care communities are often more robust than those at rental communities. Additionally, many Life Care contracts guarantee residents priority access to additional levels of on-site care should it become necessary. With all-inclusive plans, residents will know where they’ll receive care, who will provide it and how much it will cost.
At Querencia, our five-star care services include assisted living, memory care, skilled nursing and rehabilitation. Whatever your future needs, you and your family will be able to take comfort in knowing that your access to these services is guaranteed with a Life Care contract.
Vibrant Community at All Life Stages
One of the biggest advantages of a Life Care community is the predictability of your experience. Life is uncertain, but with a Life Care contract, any life transitions you make from independent living to assisted living or additional levels of care are made easier. There will be no need to move to another community and your costs will already be covered.
Since a Life Care contract includes contingencies for all stages of your health, there’s less resident turnover, better access to team members and a level of stability and comfort that can help make it easier to build meaningful relationships during your time in the community.
Explore Life Care Options at Querencia
If you’re looking for an exceptional Life Care retirement community in the Austin, Texas, area, we invite you to explore our community at Querencia. Dive in, enrich your life and continue your personal growth in our vibrant upscale community designed to help you celebrate and savor everything you’ve achieved.
Contact us today if you have any questions about Life Care options or life in the Austin area. You can also schedule a tour to see our community for yourself. We’re looking forward to meeting you.