Planning for retirement living involves thoughtful consideration about community culture, hospitality and amenities, health care services and, of course, cost. Seniors exploring a Life Plan Community like Stoneridge Creek can expect a value that goes beyond traditional retirement living. Here’s what to know about the costs involved, what a Type A contract covers and how the structure of a Life Plan Community presents an investment that can pay off immediately and in the future as a resident’s health needs change.
The Financial Structure of a Life Plan Community
Stoneridge Creek is a Life Plan Community (also known as a Continuing Care Retirement Community or CCRC).
The contract at Stoneridge Creek is referred to as “Type A” (sometimes called Life Care), the most comprehensive retirement living plan available.
As a Life Plan Community with a Type A contract, Stoneridge Creek provides residents with robust and active independence, as well as priority access to the adjacent health center for assisted living, memory care and long-term care in a skilled nursing center, if ever needed.
The advantage of this model is the security of knowing that care is planned for and will be provided if the need arises.
Entrance Fees and Monthly Costs
To live at a Life Plan Community, residents pay a one-time entrance fee and monthly fees, both of which vary based on residence size, location and number of occupants who will live in the residence.
ENTRANCE FEE: At Stoneridge Creek, entrance fees start in the $500,000 range and go up to over $2,000,000 for our largest homes. Important to the value and estate protection inherent in the community’s Type A contract is that the entrance fee is
MONTHLY FEES: The monthly fee gives a resident access to all community activities, programs and get-togethers, as well as all services and amenities, which include dining at multiple venues, a fitness center with classes, recreational activities, home maintenance, landscaping and yardwork, plus hospitality and concierge-type services.
Together, the entrance fee and monthly fees function as a long-term investment. While the cost of an entrance fee might seem significant, the Type A contract ensures financial predictability and protects the resident against the ever-rising costs of long-term care on the open market.
Comparing Senior Living Costs and Understanding Value
Comparing senior living costs can be complex. For example, a rental senior living apartment or living at home may have a lower upfront cost, but these options lack the lifelong value that comes with prepaid long-term care services and predictable monthly pricing associated with Life Plan Communities like Stoneridge Creek.
Potential Tax Benefits
IRS rulings have determined a portion of the entrance fee and monthly fees at a Life Plan Community may be tax-deductible as prepaid medical expenses.
Be sure to consult a tax advisor to understand how these deductions might apply to you and reduce your overall cost of senior living.
Is Stoneridge Creek Right for Your Retirement Plans?
While the cost of moving to a community like Stoneridge Creek may seem higher at a glance, the value comes from the unique array of benefits: a robust lifestyle and programming, premium amenities, financial predictability, access to care included in the costs and potential tax deductions. The fact is many residents find retirement living at Stoneridge Creek is more affordable than aging-in-place at home.
For further details about the cost of living and the advantages of a Type A contract at Stoneridge Creek, contact us today. We’ll be happy to discuss financial details and schedule an on-site visit.