What Is the Difference Between a 55+ Retirement Community and a Life Plan Community?
Retirement is when you want fewer responsibilities and more possibilities. It’s the time for spoiling your grandkids, learning a second (or third or fourth) language, taking up surfing or writing a crime novel – not coordinating lawn care, unclogging sinks or fixing busted pipes.That’s why many seniors are considering 55+ communities or a Life Plan Community. If you’ve just started exploring your senior living options, you’re probably wondering exactly what a 55+ community is.And how do Life Plan Communities work? This blog post will discuss the differences between 55+ communities and Life Plan Communities in Florida. Knowing this can help you figure out which choice will best fit your lifestyle and plans for the future.
55+ Communities
As the name implies, 55+ communities are residential neighborhoods for adults over 55. These communities typically attract active adults who want to downsize from a bigger home to give themselves more opportunities to enjoy life.Pros include:- Social life: You’ll live around people of a similar age with similar interests and goals.
- Resort-style amenities: Some outside maintenance, and community services and amenities – such as a tennis court, golf course, swimming pool and walking trails – may be provided as part of your monthly service fees.
- Taxes and utilities: You’re responsible for real estate taxes, insurance, garbage collection, inside maintenance, appliances, utilities, internet service and cable/satellite TV.
- No on-site health care: If you or your spouse needs a higher level of care, you could have to move again or pay for both the 55+ community and any needed care.
Life Plan Communities
A Life Plan Community, also known as a Continuing Care Retirement Community (CCRC) is ideal if you’re in good health and want to maximize today while having a smart plan in place for the future. Just as at a 55+ community, you can continue to live your life as you do now, but without the concerns of maintaining a home, plus you have the assurance of on-site care. Want to know more? See how Life Plan Communities are different from nursing homes here.Pros include:- One and done: Your monthly fee covers a wide variety of services, amenities, wellness programs, indoor and outdoor maintenance, a calendar full of activities, and dining.
- Social life: Scheduled parties, Happy Hours, special events, and outings with friends and neighbors who share your interests ensure you’re never at a loss for things to do.
- On-site health care services: If you or your spouse needs long-term health care, you won’t have to make another move, and you’ll be close to people you already know.
- Tax breaks: A portion of your entrance and monthly fee could be tax-deductible. Consult your tax advisor to be sure.
- Refundability: At most Life Plan Communities, a portion of your entrance fee is either fully or partially refundable to you or your estate.
- Tough choices: With so much to do, you may find it hard to squeeze it all in. Luckily, there’s always next month.
- Unneeded care: You could pay for care you don’t end up needing. But according to the U.S. Department of Health and Human Services, 70% of seniors 65 or older will need some type of long-term care. (That’s nearly 3 in 4 seniors.) And the average stay is approximately 3 years.
