It’s fair to say that a great deal of thought goes into choosing the right independent senior living community for you. There’s a lot to consider. Although having so many choices is great, the decision can be overwhelming without all the facts. One area where there’s often confusion is around the types of payment models these communities offer, particularly the difference between upfront or entrance fee communities and rental communities.
We’re going to cut through the jargon and give you the facts. We’ve taken the mystery out of these terms and summarized the differences so you can make the best decision for you:
What is an upfront or entrance fee senior living community?
An upfront fee (also known as an initial entrance fee) plus a monthly service fee is typical for an independent senior living community like Jacaranda Trace with access to higher levels of care and services like assisted living and memory care. While there’s an upfront expense, these communities offer independent living plus a continuum of senior care, with financial advantages that save you money over time and on your future care expenses. Additionally, although it will vary by community, an upfront senior living community often includes more services, amenities, life enrichment opportunities, and thoughtfully planned events focused on holistic wellness for its members.
While there’s an upfront expense, many communities offer various refundable contract options with up to 100 percent of your upfront fee positioned to be returned to your estate or beneficiary. These options provide financial flexibility and security to align with your goals.
What is a rental senior living community?
As the name implies, you pay a monthly fee for your independent living residence at a rental senior living community. They typically don’t offer many services and amenities and you pay à la carte for the ones they do. Most don’t offer higher levels of care onsite, and if they do, it’s not included in your independent living monthly fee. That means you’ll pay full market rates for any support or healthcare you may need.
The differences at a glance
Is an upfront fee or rental senior living community the better choice for you? Here’s a quick comparison.
Which option is better? The fact is that both upfront and rental models are worthwhile options for senior living in the right circumstance. Ultimately, your wants and needs for the future and your budget will drive your choice.
Independent senior living communities like Jacaranda Trace, in Venice, FL., want to help you make the best decision. They offer personal appointments and tours to explore options, ensuring you understand pricing options, the lifestyle offered, and items to consider in your journey. You can even attend an event to help you learn more.
To learn more about Jacaranda Trace and how to Live in Style and Retire in Style, call 941-408-2050 or schedule an appointment.