CAN I AFFORD A LIFE PLAN COMMUNITY IN KANSAS CITY, MO?
As we age, the way we view our homes often changes. They can become less practical, less convenient and less connected. But here’s the silver lining: there’s a solution for seniors that brings back the comfort, connections and continuity that we desire. It’s known as a Life Plan Community — sometimes referred to as a continuing-care retirement community (CCRC). Inside, you may find attractive residential living, dining venues, fitness center and wellness programs, 24-hour security, maintenance-free living, and a variety of entertainment and social activities to keep life fulfilling.
Life Plan Communities, like John Knox Village, offer independent living and a full continuum of long-term care — usually on-site — which may include assisted living, skilled nursing and rehabilitation, and memory care.
PLANNING FOR THE COSTS OF A SENIOR LIVING COMMUNITY
The average price of a senior living community varies by location, type of care needed, size of community, amenities and services offered, and type and square footage of selected residence. Life Plan Communities typically operate on a one-time entrance fee and monthly fee model, and there are usually a variety of contracts available for potential residents. Not all senior living options are designed equally. That’s why experts say it’s a good idea to shop around, talk with retirement consultants, and compare different contracts, services, and amenities.
The entrance fee for a Life Plan Community is a one-time payment that covers the cost of maintaining the community and providing care for residents.
There are two main types of entrance fees: refundable and nonrefundable. Refundable fees are partially or totally returned to residents or their estate when a resident leaves. Nonrefundable fees are not returned.
Monthly fees can cover the cost of services such as meals, housekeeping, activities, and more.
ARE LIFE PLAN COMMUNITIES AFFORDABLE?
It’s recommended to discuss your current situation with a senior living counselor to gain insights so you can make an informed decision.
- Do you have enough savings and assets to cover the one-time entrance fee and other costs associated?
- Will you have sufficient funds to cover the costs of senior living with your home sale?
- Do you have sources of income that will help you pay the monthly fees?
Understanding the statistics can be helpful as you plan for your future. According to the Department of Health and Human Services, 70% of adults will need long-term care at some point in life, and the average length of time care is needed is 3+ years. In fact, most people don’t think they will need assisted living, memory care or skilled nursing, until circumstances change.
Moving to a Life Plan Community with an entrance fee contract can lock in predictable rates for on-site care … that’s one of the many advantages of moving to a community. Many communities offer a continuum of care on one campus so residents can move between higher levels of care as their health needs change.
When considering your options, ask about the tax advantages of Life Plan Communities and consult your accountant to determine if a portion of your entrance fee — and sometimes also a portion of monthly fees — can be deducted on your taxes.
WHAT CARE IS COMMONLY NEEDED FOR OLDER ADULTS?
Independent living communities cater to older adults who can maintain their independence. Residents have their own private homes and enjoy full autonomy while benefiting from on-site community amenities and services, such as dining and housekeeping.
For example, at John Knox Village, there are multiple on-campus dining venues, each with a unique menu. Options include a cafeteria, coffee shop, and traditional sit-down dining.
Some common types of care that seniors commonly need include:
- Assisted living: This is ideal for adults who need help with activities of daily living (ADLs), such as bathing, dressing and grooming. Residents have access to meals, laundry, and on-campus transportation.
- Memory care: This is specialized care for people with Alzheimer’s disease or another form of dementia. It’s typically provided in a secure community space where staff can closely monitor residents’ safety and well-being.
- Skilled nursing services: This is for individuals who need 24-hour nursing care. Residents can have a private room or share a room with another resident.
CALCULATING THE COST OF A LIFE PLAN COMMUNITY
When it comes to exploring senior living options in Kansas City, it’s about finding the right fit for you and your personal needs. Costs, services and contract types can vary quite a bit. The best way you can get an accurate estimate is to spend time talking to retirement consultants from the communities you are most interested in about flexible contract options and pricing. They’ll be happy to sit down with you, understand your unique needs, and give you a detailed estimate that may make the most financial sense for your situation.
WHAT ARE FINANCIAL ADVANTAGES OF LIFE PLAN COMMUNITIES?
- Cost savings: If you move to a community, you’ll no longer need to pay for ongoing home maintenance, property taxes, homeowners insurance, utilities, trash removal, and housekeeping if you move to a community. Life Care Communities can be an affordable option and may well make more financial sense than continuing to live in your current home.
- Predictable care costs: Having the assurance that on-site long-term care services will be available if you have an entrance fee contract, at predictable costs, can offer you and your family a sense of security.
IS A LIFE PLAN COMMUNITY RIGHT FOR YOU?
Here are some key questions to ask when considering a Life Plan Community:
- What are the costs of living in the community?
- What types of long-term care are offered?
- What are the financial guarantees?
- What are the policies on moving out?
- What is the community’s culture like?
It’s also important to visit the community and talk to current residents and retirement consultants. This will help you get a sense of whether the community is a good fit for you.
- Is a life plan community a good investment?
- What are the main advantages of a Life Plan Community?
- Can one spouse get a higher level of care if needed?
ABOUT JOHN KNOX VILLAGE
A favorite local Kansas City community, John Knox Village has a longstanding history of offering a diverse array of floor plans and flexible contract options that fit a variety of budgets. Even if you’re enjoying robust health, communities like John Knox Village present a valuable living option, where the burdensome daily chores are effortlessly managed by staff, allowing you to live life to the fullest.
John Knox Village is a Life Plan Community that features two financial options:
- The Entrance Fee Agreement offers multiple refund options and long-term health coverage options.
- The Lease Agreement provides convenient rental opportunities with zero entrance fees.
No matter which agreement you choose, you’ll have access to all our incredible services and amenities. Either way, you can enjoy a retirement lifestyle with more conveniences, experiences, and choices than any other senior living community in the Kansas City area.
Contact us today to learn more about retirement living in Kansas City.