When you decide to move into a senior living community, you embark on an exciting journey for your retirement. But it is very important to research all possibilities and make information your guide. You should first learn industry terminology, followed by searching for senior living options near you.
Perhaps nothing’s more important than understanding what senior living communities offer – specifically, their contract structures and what you can expect when planning for all costs. The Oaks at Bartlett can help you compare a month-to-month rental vs. the entrance fee model, as both are available at The Oaks at Bartlett. We would love to help you decide which of these great options would serve you best in your retirement planning.
Types of senior living payment options:
There are several terms you’ll hear when exploring senior living options.
Rental Contract: An independent living contract that includes monthly rent. If your healthcare needs change, you will pay full market rates for healthcare. The Oaks at Bartlett is a Life Plan Community that offers a rental option. This is perfect for someone who wants the full culture of a Life Plan Community campus but does not wish to commit with an entrance fee payment.
Entrance Fee Contract: This model includes paying an entrance fee, along with a monthly fee. Although the upfront cost is sometimes perceived as being expensive, the opposite is often the case. An entrance fee contract at a Life Plan Community offers both independent living and senior healthcare, which is available at the community at a reduced cost, leading to financial benefits that will save you money in the long run.
Some questions to ask as you explore your options.
When you have narrowed down your preferred communities, contact a sales counselor. Prepare a list of questions before your conversation with a prospective senior living community. A few ideas for starters include:
- Is there an entrance fee and/or a rental option?
- What services and amenities are included with the monthly fee?
- Is there a range of care available on site?
- If there’s an entrance fee, is a portion of it refundable?
- What type of benevolence benefit does the community offer, ensuring lifetime residency?
Before selecting any senior living community, find answers to these questions. You’re sure to be happiest with a well-researched choice.
Advantages of an entrance fee contract.
Living at a community with a buy-in option is great for the individual or couple looking for secure future planning for all healthcare needs, knowing all healthcare provided on campus will have a discounted rate.
Advantages of a rental community: flexibility and savings.
There’s no entrance fee, so you save on your initial investment compared to a buy-in community. In addition, you will only be charged for what you use and need.
As you can see, The Oaks at Bartlett can be a great choice for all who are interested in continuing their senior living research. Contact us to be connected to one of our sales counselors and learn more about our senior living contract options.