5 Reasons You Should Skip the 55+ Community and Move into a Life Plan Community

You’ve set your last early morning alarm, had your last case of the Mondays and are looking into the bright opportunities that await you in retirement. What now? There are so many new possibilities, including moving to a community where you can enjoy a busy social life and fewer household responsibilities. As you ponder your options, you might have some questions, such as “Are 55+ communities a good investment?” and “What does a Life Plan Community offer?” As it turns out, there are some good reasons it might make sense to skip the 55+ community and opt, instead, for all the perks of a Life Plan Community.

55+ vs. Life Plan Communities: What’s the Difference?

Both types of retirement communities give you an opportunity to downsize and say goodbye to some of the chores of homeownership. Both are designed for active older adults who want to continue to live their lives and enjoy favorite pursuits and pastimes in a community of similarly aged people. But here the similarities end and the Life Plan Community advantages begin.

1. You Get So Much More for Your Monthly Service Fee

In a Life Plan Community also called a Continuing Care Retirement Community (CCRC) your monthly service fee covers more than just the month’s rent. CCRC’s have the typical amenities found at a 55+ community – a fitness center, swimming pool, salon, library and game room and so much more, including:

• Multiple dining venues on site
• Art studio and woodworking shop
• Access to classes and workshops
• Fitness classes
• Personal trainer
• Massage therapist
• Flexible meal plan

2. You Enjoy a Maintenance-Free Home

In a 55+ community, external maintenance and groundskeeping may be taken care of, but the upkeep and cleaning inside your home are your responsibility. Plus, some 55+ communities have a Homeowners Association (HOA), so additional dues and fees may be owed to the HOA to cover maintenance costs.
In a Life Plan Community, team members manage the upkeep with services such as housekeeping, snow removal, trash collection and 24-hour security included in your monthly service fee so you can devote your time and energy to enjoying yourself.

3. You Won’t Have to Move Again

Unlike a 55+ community, a Life Plan Community is designed to accommodate changes in residents’ healthcare needs. The continuum of care available in a Life Plan Community gives residents access to higher levels of care, which often include Assisted Living, Memory Care, Rehabilitation and Skilled Nursing, all available on the same campus. That means you can stay in the community you call home even if your needs change.

4. There May Be Tax Advantages

In a Life Plan Community, you won’t have to pay property taxes on your home. In addition, a portion of your entrance fee and monthly service fee may be tax-deductible. Talk with your tax advisor to find out if this applies to your situation.

5. Entrance Fees Bring Benefits

In addition to securing your place in a community where you have access to various levels of long-term care, entrance fees in a Life Plan Community may:

• Be refundable. Depending on the type of contract you choose, a portion of the entrance fee may be completely or partially refundable to you or your estate if your residence is reoccupied within a specified period of time.
• Be reinvested in the community. Entrance fees can help pay for capital reinvestment projects, while you reap the rewards of having new amenities and services, and an attractive, well-kept campus.

Dive into Active Living at FellowshipLIFE

If you’re looking for a retirement community where you can enjoy an active lifestyle and all the perks of a Life Plan Community, consider Fellowship Village in Basking Ridge, NJ. With a beautiful 72-acre campus, enriching amenities and five-star dining, we provide the perfect setting for active living in retirement. And our continuum of care can offer peace of mind about the future. Contact us to learn more about the vibrant lifestyle at Fellowship Village or FellowshipLIFE’s senior living communities in New Jersey.