So you’re newly retired, living in your longtime home and loving it. You’re still spending your days doing lots of the same things you did when you had a full-time job.
You’re mowing the lawn. And fixing the leaky faucet. And watering the lawn. Then, paying the plumber to fix the leaky faucet. And now hiring someone to do lawn maintenance. You’ve had it.
Not exactly how you pictured retirement? You’re not alone. At some point, many retired older adults start to think seriously about the time investment and the cost of living in their own house — then compare that to the freedom and cost of independent living at a Life Plan Community like Rolling Green Village.
Understanding Life Plan Communities
Before we get too far in, you’ve probably seen the term continuing care retirement community, or CCRC. This is the exact same thing as a Life Plan Community. Both are interchangeable terms to describe a type of senior living community.
At a Life Plan Community like Rolling Green Village you select your independent living residence from a variety of senior floor plans. For example, Rolling Green Village offers apartment homes with a choice of 12 floor plans, as well as patio homes available in six different neighborhoods on campus.
You also enjoy the remarkably vibrant lifestyle that Rolling Green Village offers, which includes a wide variety of services and amenities. Here is a quick sampling:
Services:
- Complimentary continental breakfast Monday through Friday
- Restaurant-style dining in three separate dining venues
- Home maintenance and housekeeping
- Groundskeeping, mowing and lawn care
Amenities:
- Maintenance-free patio homes and apartment homes
- Three fishing lakes, walking paths and gardening spaces
- Village Commons with bistro, lounge, arts and crafts studio, billiards and game rooms
- Fitness studio for group classes
- Indoor heated saltwater pool
Residents pay two different fees: a one-time entrance fee and a monthly service fee.
- Your one-time, upfront entrance fee is a fee you pay to move into the independent living part of a senior living community. The amount of the entrance fee varies, depending on the size of the residence you choose, and whether it will be just you or you and your spouse living in that residence.
- Monthly service fees are a fee you pay every month that covers the services and amenities associated with living in the community. The amount you pay also depends on the size of your residence, how many people live there, and the range of services and amenities available to you in independent living, assisted living, memory care or skilled nursing.
If you ever need care, you and your spouse have access to assisted living, memory care, skilled nursing and rehabilitation — also known as the full continuum of care — right on campus in our Health Center. And because Rolling Green Village is a fee-for-service Life Plan Community, you only pay for the care you need, when you need it. There are no large upfront fees for health care services you may never use. That’s also how fee-for-service Life Plan Communities keep their entrance fees lower. See our section below about the breakdown on types of Life Plan Community contracts.
If this sounds intriguing to you, but you’re wondering how to compare the cost of living between the two, it often helps to look at decisions in terms of the benefits you get as part of your monthly service fee.
So, if you’re considering the cost of living in an independent living community versus the cost of aging at home, look through the chart below. You’ll quickly see how many bills you pay every month in your own home, versus what one monthly service fee covers at a senior living community like Rolling Green Village.
Types of Life Plan Community contracts
Not all Life Plan Communities offer all types of financial contracts, so knowing which contract you need is just as important as knowing which community you want to live in. Here are the three basic types of entrance fee financial contracts a Life Plan Community will typically offer:
- Type A — known as a Life Care contract, it assures residents housing, services and amenities, along with access to on-site care at predictable rates for life, generally for much less than what you’d pay on the open market. However, this is the most expensive contract option because you’re paying upfront for care you may never end up needing.
- Type B — also called a Modified Plan, residents have housing, services and amenities, with healthcare (which may be on- or off-site) provided in one of two ways — a limited number of free days, with additional care charged at per diem rates, or an ongoing minimally discounted rate.
- Type C — also called Fee-For-Service, this contract offers housing, services and amenities; you pay for any care you need only when you actually need it. This is the contract Rolling Green Village offers.
It may be helpful to remember that even if you own your home — and 84% of people over 65 do — living at home isn’t free. In fact, it may not even be the least expensive place you could live. Consider that you may pay multiple bills every month, while at a Life Plan Community like Rolling Green Village, you pay just one monthly service fee and all the expenses below are covered.
| Type of Expense | You Pay Monthly | Rolling Green Village |
|---|---|---|
| Property taxes | X | Included in Monthly Service Fee |
| Interior maintenance | X | Included in Monthly Service Fee |
| Groceries/dining out | X | Included in Monthly Service Fee |
| Utilities (water, gas, electric) | X | Included in Monthly Service Fee |
| Trash removal | X | Included in Monthly Service Fee |
| Internet service | X | Included in Monthly Service Fee |
| Cable TV | X | Included in Monthly Service Fee |
| Housekeeping and laundry | X | Included in Monthly Service Fee |
| Home security | X | Included in Monthly Service Fee |
| Personal alert system | X | Included in Monthly Service Fee |
| Transportation services | X | Included in Monthly Service Fee |
| Lawn care and landscaping | X | Included in Monthly Service Fee |
| Snow/leaf removal | X | Included in Monthly Service Fee |
| Exterior home maintenance and repairs | X | Included in Monthly Service Fee |
Learn all the costs — then come for a free visit.
If you have questions about the cost of living at Rolling Green Village versus the cost of aging at home, let’s talk. We work with older adults and their families every day, helping them find the right fit for their lifestyle and finances. Contact us to set up your free personal visit to our 175-acre campus, or send us your question using the Contact Us form, and we’ll help you navigate your senior living search.
