Everyone knows that a continuing care retirement community is the “luxury” package for seniors after retirement. Continuing care retirement communities (CCRCs), also called Life Plan communities, offer numerous amenities designed to ensure your parent’s happiness and health, including:
- Gourmet nutritious meals
- Private apartments
- Fitness classes
- Educational programs
- Gardening space
- Laundry services
- On-site nursing and health care
- Organized social and recreational activities
- Personal conveniences (salons/barber shops, banks, library)
- Processing of Medicare and insurance reimbursement forms
- Security systems
- Craft and woodworking activities
Affordability a Plus
What most people don’t realize is that a continuing care retirement community may be more affordable than other options, depending on a resident’s future health. In the examples, cited by senior planning expert Terence O’Malley, residents experienced significant savings when their health declined.
When you add up the costs for the services provided by most Life Plan communities, as you can with our worksheet, “What Is the Cost of Living at Home?” you’ll find you may save more money and keep your loved one safer and happier at a continuing care retirement community.
Compare the Costs
Taking the figures from our blog, Can I Afford A CCRC? the mean estimated annual cost for a CCRC in 2017 would be $56,915.74. Estimated costs for other options would be:
- Homemaker services for 5 days a week - $49,795
- Home health aide for 44 hours a week - $51,486
- Assisted living - $48,173
- Semi-private room in a skilled nursing community - $69,175
- Private room in a skilled nursing community - $77,070
The question that springs to mind about home care is: Who takes care of the person when the homemaker or the home health aide leaves? Who performs the tasks they won’t do?
A continuing care retirement community really saves residents money if they require long-term care, which is likely. Statistics indicate an estimated 70% of people currently turning 65 will require long-term care, and the average senior requires care for 3 years. 18% of all seniors will spend more than a year in a skilled nursing community.
Continuing Care Focused on Service
The Esquiline is a nonprofit with a focus on service to all people. As noted on our website, we live out the spirit and values of our founders, the Missionary Oblates of Mary Immaculate.
Unlike most Life Plan communities, we require no application fee. Our contracts are month-to-month.
Learn more about how our tradition of affordability, service, and caring can support your senior parent’s health and happiness by calling us at 618-394-6400 or 800-533-6279 or contacting us online.