Check out our Floor Plan Finder online tool to discover how affordable living here can be.
You’ve worked hard to ensure a satisfying retirement. Naturally, you want your money to go as far as possible. Not just for the necessities such as a comfortable place to call home, but for a lifestyle where you can enjoy your hobbies, travel more, make friends, or spend time with your grandkids. Independent living in a continuing care retirement community (CCRC) — or Life Plan Community as they’re also known — meets the mark on many fronts. These retirement communities are tailored for active, healthy seniors, with maintenance-free homes and a lock-and-go lifestyle. They provide rich opportunities for friendships and personal growth, as well as a continuum of on-site care to match changing health needs.
What is the general cost of an independent living community?
The location of the community will affect the overall cost. It also depends on the size of the residence you choose and the number of people who’ll occupy it. Lastly, the kinds of services, amenities and health care services you’ll be using.
What are the costs associated with a Life Plan Community?
If you want the assurance of on-campus health care and want to avoid moving out of a retirement community when your health changes, a Life Plan Community can be a good financial choice. This is because a Life Plan Community offers independent living as well as a full range of health services on campus, so you or your partner avoid the need to move elsewhere as you grow older.
Life Plan Communities almost always charge an entrance fee and a monthly fee. The one-time entrance fee is paid when you move in and enables the community to maintain a high standard of services, amenities and care for all residents. The monthly fee is a fixed cost for living in the community.
At Edgewood Summit, we offer a highly refundable entrance fee, called the Resident Deposit. It guarantees you a residence in our retirement community (even if you run out of funds through no fault of your own) and priority access to our continuum of care. Resident Deposits reduce the monthly fee, helping you control your monthly expenses. This is especially beneficial for residents who are living on a fixed income. The refundable portion of the Resident Deposit is returned to you or to your estate, regardless of how long you’ve lived here.
All the expenses of living here are covered in your monthly service fee, except for telephone and internet. You’ll enjoy an array of services and amenities, such as the interior and exterior maintenance of your home, housekeeping, gourmet dining, group activities, inviting community areas, private dining rooms, and more. Because we’re a Life Plan Community, this fee is predictable, remaining the same all year.
How can I afford a Life Plan Community?
Once you add up the cost of staying in your current home, including home maintenance, repairs and replacement of appliances, utilities, taxes, and so forth, and compare it with what you’d spend for a retirement community like Edgewood Summit, you may be pleasantly surprised by how affordable we are. “I wish I’d moved here sooner,” is something we often hear from our residents — in fact, you can read what they say here.
Most of our residents use the proceeds from selling their home, retirement savings, or other sources of income to finance their move to senior living. Here’s a sample of how Edgewood Summit gives you more bang for your buck:
- Concierge services
- Housekeeping and flat linen services
- Chef-prepared dining
- Planned social, recreational and cultural activities
- Clubs and committees open to all
- On-site devotional services
- Interior and exterior home maintenance
- Scheduled transportation
- 24-hour security and emergency alert system
- All utilities and free Wi-Fi
- Fully equipped fitness center and therapy gym
- Art studio
- Club and card room
- Salon and spa
- Social lounge
- Community terrace, patio and gardens
- On-site physician’s office
Are health care benefits included in the cost of independent living?
While some community contracts provide full benefits for levels of care, others operate on a “pay-as-you-go” model. The main difference is the former requires a large upfront entrance fee to assure you of high-quality discounted care on-site. The latter model requires a smaller entrance fee, but you won’t have priority access to care, and you’ll be paying significantly more when you need it.
At Edgewood Summit, we offer a lifetime Health Care Benefit, and priority access to high-quality assisted living, memory care, skilled nursing and rehabilitation. When you choose our retirement community for independent living, you’re protected from the rising cost of long-term care. You get a lifetime 20% discount for all permanent moves into our care — a valuable financial benefit, and priceless peace of mind for the unpredictable future.
Why should I start planning now?
According to a Pew Research study, the number of retired baby boomers (those born between 1946 and 1964) increased dramatically in 2020. It has been growing annually by 2 million a year but jumped by 3.2 million last year. The overall number of retired boomers now stands at 28.6 million older adults who had retired in the third quarter of 2020 alone.
If you’re part of this generational shift, it’s time to seriously consider your retirement options. Compare retirement communities and ask detailed questions. Find out what services and amenities are provided, and what are extra. Will meals, housekeeping and linen services be part of the monthly fee? Will you have priority access to all levels of care? Will the community provide a residence if you run out of funds through no fault of your own? Then compare what you’ve learned to your current budget and what you think you might spend going forward. For example, what would it cost if you or your spouse needed home care multiple times a week?
Using our Floor Plan Finder
Easy and quick, our online calculator does the math for you. Enter some basic financial information to see which of our various floor plans and their associated costs will match your budget preferences. It’s completely confidential as the calculator doesn’t save information. Try it here.
If you have questions about senior living in general or want to know more about the costs of living at Edgewood Summit, let us know. We’re happy to provide answers and guidance, regardless of where you ultimately decide to live. Contact us here to talk with one of our team members today.