Have you been considering a move to senior living, but aren’t sure if it’s the right time or which community is right for you? Today’s older adults have more options than ever for how to spend their retirement years, and sorting through endless information on the internet can leave you with more questions than answers.
Here, we answer basic questions about senior living, so you can confidently choose the best option for your next chapter and live the lifestyle you deserve.
When Is the Right Time to Move to Senior Living?
The sooner you move into senior living, the sooner you can take advantage of everything it offers.
Independent living is perfect for older adults who don’t require assistance with daily activities, but are simply ready to leave the hassles of owning a home behind in favor of a maintenance-free and enriching lifestyle.
At Sierra Winds, maintenance-free living includes a beautifully appointed residence and eliminates household costs like property taxes, homeowners insurance, HOA fees, home repair and landscaping costs. Your monthly fee also includes all utilities, which means you don’t have to balance your budget according to fluctuating energy costs.
This means you can labor less over household chores and balancing your budget, and spend more time pursuing your passions.
How Much Does Senior Living Cost?
The cost of senior living varies widely by community and is affected by several factors, including amenities and services included, location, floor plan you choose, number of people living in your residence, and level of care you require. According to Where You Live Matters, senior living entrance fees can range from $100,000 to $1 million, with an average fee of $300,000. Monthly fees can range anywhere from $1,000 to $5,000 or more.
The type of community and the residency contracts they offer also impact the overall cost.
Sierra Winds is a Life Plan Community, also known as a continuing care retirement community (CCRC), that offers a Type A contract, also known as Life Care. For a one-time entrance fee and regular monthly fee, you can gain lifetime access to a maintenance-free lifestyle in a residence on campus, incredible services and amenities, and a high-quality continuum of care.
If you should need higher levels of care, your Life Care contract ensures your monthly fee will only increase by the cost of two additional meals per day. This can save you thousands of dollars in future senior care and give you peace of mind knowing you can enjoy your retirement to the fullest while relying on high-quality health services.
Sierra Winds offers the Life Care contract with two different financial plan options to suit your retirement budget. Our Return-of-Capital® Plan refunds up to 80% of your entrance fee to you or our estate. Our Traditional Plan requires a smaller entrance fee, but it will amortize over time until eventually there is no refund. No matter which plan you choose, you still gain full access to our incredible services and amenities, vibrant social events, wellness programs and more.
Do All Senior Living Communities Offer Life Care?
While Life Care is considered the gold standard, there are three other contracts that are commonly offered at retirement communities.
Type B Modified Plan. This contract typically has a lower entrance fee and monthly fee. However, if you move to a higher level of care, such as assisted living or skilled nursing, you’ll be responsible for some of the cost. This type of contract usually provides either a limited number of free days of health services or an ongoing minimally discounted rate for health services.
Type C Fee-for-Service. This contract typically requires the lowest entrance fee and monthly fee compared to both Type A and Type B. However, when you need higher levels of care, you’ll pay prevailing market rates for every care service you receive.
Rental. Rental contracts don’t require an entrance fee, but they usually require a deposit or nominal community fee. Monthly rates vary widely by community, with some costing more than at an entrance fee community, and if you require higher levels of care, you’ll pay the full market rate for that care.
Services and amenities vary widely per community and typically reflect the cost of entrance and monthly fees. Life Plan Communities with Life Care are focused on enriching every dimension of your retirement, and often offer abundant, top-of-the-line services and amenities.
There’s Never Been a Better Time to Move to Sierra Winds
Sierra Winds is offering big savings on entrance fees to our Life Plan Community in Peoria, AZ. Save up to $30,000 when you deposit in 30 days, $25,000 within 45 days and $10,000 within 60 days. But hurry! This offer ends March 31st. To learn more about this incredible opportunity call us at 623-688-5008 or contact our residency counselors online.