When it’s time to retire, older adults have a lot to consider. You have all sorts of wants: lifestyle, location, services, amenities … and fee structure. You may not realize this, but there are a variety of different types of fee structures for retirement communities, and some have more financial flexibility than others.
“Basically, there are two types of financial structures: Continuing Care Retirement Communities or rental communities,” says Wayne Vinson, Sales Leader at The Village at Gainesville, a senior living rental community that offers independent living, assisted living and memory support. “Both options are excellent, but it’s important for you or a loved one to thoughtfully consider what you need and want in a community and what structure will work best for your needs.”
While Continuing Care Retirement Communities – CCRCs – have been quite popular with the older crowd as of late, rental-style communities are gaining traction as Baby Boomers retire and look for excitement and flexibility in their senior lifestyle. “While CCRCs provide a high level of peace of mind, we’ve found that today’s seniors want the flexibility that a rental community offers,” Wayne says. “The flexibility and fulfillment of the lifestyle at The Village at Gainesville delivers convenience for our residents while allowing us to deliver an exceptional lifestyle that makes retirement the best stage of life so far.”
How Financial Flexibility Means Freedom in Retirement
The ultimate in convenience.
For many seniors, the biggest draw to a rental community is the convenience and flexibility offered. CCRCs require a large buy-in fee with a monthly price on top of that. At a rental community, on the other hand, you just have to pay a monthly fee, like rent. You don’t have to sign any lengthy contracts or drop a buy-in deposit. This means that if your life situation changes and you want or need to move somewhere else, you can do so with minimal fuss and bother.
Stress-free living for one small price.
Moving into a rental community means washing your hands of all the little details and instead sitting back and letting others take care of everything for you. No longer do you need to pay utilities, real estate taxes, maintenance and everything else that comes with owning your own home. You’ll just pay one monthly fee that includes everything – meaning no hidden surprises. If the heater breaks or something else goes wrong? No worries – the community takes care of it. This means that you get to worry less about chores and maintenance and instead get to spend your time doing the things you want and love. It doesn’t get more convenient than that.
You can choose the best health care for you.
There are upsides to moving into a CCRC, especially when assisted living, skilled nursing and memory care are available on site. This peace of mind can be important for older adults who want the security of never having to move again, no matter what. In a rental community, on the other hand, you may not have all your needed health care services on site – which can be a surprising benefit.
“Many times, communities that offer all needed services may be ‘best in the area’ but for only one of their levels of care,” says Wayne. “It’s highly unlikely that a community will be the best in the area for all of their services. This may mean that you choose a community where the independent living is second to none, but their assisted living or skilled nursing services are only okay. But because you’ve paid an entrance fee and ‘bought in’ to the community, you don’t have the option of going somewhere else for those needs.”
However, in a rental community, you have the flexibility to search around for the best services in the area that meet your needs, if or when your health requirements change. “Moving into a rental community means you have the option to choose the ‘best’ option for whatever you need, even if it means you need to move locations,” Wayne explains.
You only pay for services you use.
Moving into an all-inclusive CCRC is great for some individuals, because it means no matter what may happen with your health, you know you’re covered. But realistically, how likely is it that you’ll need intensive care or memory care services? Sure, as we live longer, it’s more than likely that we will need some form of long-term care. But do you really want to pay a hefty fee for something you may not ultimately need? A lot of this is personal preference, and you’ll need to think about your medical history in order to make an informed decision. But moving into a rental community means that you pay only for the services you’re using now – if you need more in the future, great; you can pay more. If you don’t, you’re not out anything extra.
You can change your mind with no penalties.
A rental community like The Village at Gainesville allows you to live your best life now and make the choices that work for your lifestyle today. Then, if you want to change your mind down the road, that’s fine – in fact, it’s encouraged. It’s the perfect balance between planning ahead and living for today. You get the benefits of both without the downside.
Questions To Ask
If you’re wondering whether the financial flexibility of a rental community like The Village at Gainesville is right for you, here are some questions you should answers:
- What are my current health needs, and what do I expect to need in the future?
- What sort of lifestyle do I want in retirement?
- What are my priorities – peace of mind forever or the flexibility to change my mind as I see fit?
- What do I intuitively feel is right for me?
There’s no right or wrong answer – only the answer that’s right for you. However, if financial flexibility is important to you, it may be worth looking into the convenience and affordability of a rental community that allows you to live your best life today and make change easily in the future.
A Legacy of Living Well
If you want the very best for your parent or loved one, consider The Village at Gainesville, a senior living rental community that offers independent living, assisted living and memory support. Contact us online or call us at 352-548-3507 to learn more about our variety of residential options.