You’ve worked and saved your entire career, and now that you’re in retirement, you want to make sure that you preserve your nest egg for as long as possible … while also getting as much enjoyment out of it as possible. You may think that staying in your current (paid-off) home is the right direction to go in order to stretch your savings, but as it turns out, moving to a Life Care Community may be an even more cost-effective, and worry-free, solution.
“Life Care Communities are designed to help older adults age in place while also enjoying financial security,” says Lynda Marino, Marketing Director for Canterbury Woods Williamsville. “The best Life Care Communities give you freedom and flexibility while protecting you and your assets now and in the future.”
But how do Life Care Communities work, and how do they provide financial security?
These types of communities, formerly known as Continuing Care Retirement Communities, work as a home for life. Residents pay an entrance fee along with a monthly fee for the remainder of their stay at the community. The entrance fee is generally considered to be a “deposit” against your future health care needs and secures you priority placement if you need additional services like assisted living, skilled nursing or memory care. This can result in significant cost savings in the future if you do require these services.
While the entrance fee to some communities can be sizable, a portion of the fee could be refundable to your estate – anywhere from 50% to 90%. It all depends on the type of plans that a community offers and what your personal choices are. This ensures that your assets are protected in a way that still benefits you greatly.
The monthly fee that you pay at a Life Care Community covers a wide variety of services and amenities: most utilities, dining options, fitness classes, art classes, scheduled transportation, housekeeping, home upkeep and so much more. In fact, many residents who move to a senior living community find that they end up paying less having moved to a community than they did living in their own, mortgage-free home.
Life Care Communities require residents to move into independent living while they are still active and relatively healthy. Then, as the residents age and health needs potentially change, they have the peace of mind of having care right on campus in a home they know and love. Different levels of care available at Life Care Communities include:
- Assisted living, which provides skilled assistance for the activities of daily living like dressing, grooming, bathing, getting dressed and others.
- Memory care, which is designed to help individuals with progressive cognitive diseases like Alzheimer’s disease live safe, happy and fulfilled lives throughout their memory loss journey.
- Skilled nursing and rehabilitation services, which help individuals who need skilled medical assistance to recover from a major surgery, serious illness or who simply need around-the-clock medical assistance.
Now, you may be thinking: What happens if you don’t end up needing long-term care? What if your health needs remain fairly the same throughout your seniorhood? According to the U.S. Department of Health and Human Services, approximately 70 percent of seniors will eventually need some form of long-term care. It’s possible that you could be part of that lucky 30 percent, but what if you aren’t? And what about your spouse? Life Care Communities are excellent choices for aging couples because, no matter what, you or your loved one will always receive the level of care they need while you both live together on the same campus.
Beyond the financial security, Life Care Communities provide contentment and peace of mind, which are their own forms of security. This type of senior living has been designed to help older adults age well, which includes developing whole-body wellness and fitness programs, offering services to help adults live maintenance-free lives, providing safety and security and opening up a whole new world of adventure and socialization.
“There are so many benefits, financial and otherwise, that moving to a Life Care Community can provide,” says Lynda. “It’s a good idea to talk with your financial advisor to see what financial benefits you could enjoy by moving to a community like Canterbury Woods Williamsville.”
Find Your Fulfillment
Canterbury Woods Williamsville is a Continuing Care Retirement Community like you’ve never seen. Canterbury Woods Williamsville is not only the perfect location for rest and relaxation, thanks to 62 tranquil acres, but there’s also easy access to Buffalo’s urban location. Offering the highest quality independent living lifestyle and security, you’ll be part of a welcoming community consisting of both friends and neighbors while experiencing gracious living, first-class health care and the freedom to create the lifestyle you desire.
Continuum of Care
As a Continuing Care Retirement Community (CCRC), Canterbury Woods Communities provide a comfortable environment and first-rate services to support every level of need. Assisted living apartments allow Williamsville residents to benefit from additional support while maintaining their independent lifestyle. If skilled nursing, rehabilitation or memory care is ever needed, residents can experience the support they require. They can also enjoy all this and more at our sister community in Buffalo.
Contact us today to discover more about Canterbury Woods Williamsville!