Exploring the Cost of a Life Plan Community Versus Staying at Home
If you’re an older adult planning for your future, one of the first questions you may ask is: Should I stay in my home or move to a Life Plan Community, also known as a continuing care retirement community (CCRC)?
Lifestyle, location and personal preferences are key to your decision, and then there’s the financial aspect. It’s only natural to wonder which option is more affordable. On the surface, staying at home might seem like the less expensive option. But when you dig a little deeper, you might uncover some costs of homeownership you hadn‘t thought about.
The real cost of staying at home.
If you’ve lived in your home for years, it’s easy to assume it’s the more affordable choice. Maybe the mortgage is paid off, and you’re comfortable where you are. But the cost of homeownership doesn’t decrease as you get older. In fact, sometimes it gets more expensive.
Think about home maintenance: replacing a roof, fixing plumbing, paying for lawn care or making your bathroom more accessible. Those expenses can add up quickly. Then there are the everyday expenses: utilities, property taxes, homeowner’s insurance and even groceries—none of which go away with age.
Healthcare is another significant financial factor. As your health needs change, expenses can pile up, including medical equipment, transportation to appointments, therapy services and more.
There’s also the less visible cost of isolation. For older adults, loneliness can have real effects on health, which may lead to more medical needs—and higher costs—down the road.
What Life Plan Communities offer.
Life Plan Communities usually have an entrance fee and a monthly fee that covers many of the daily expenses you’re already paying, including:
- Home maintenance, repairs, snow shoveling and landscaping
- Some utilities and property taxes
- Local transportation
- Access to fitness classes, lifelong learning, resident-run clubs and social activities
- Wellness services and healthcare coordination
- A variety of dining options
However, a Life Plan Community’s most significant financial benefit could be built-in access to future care. Should your needs change, you’ll have access to assisted living, skilled nursing and memory care—without having to move out of your community and often at a lower, more predictable rate than you’d pay elsewhere. That’s peace of mind you can’t put a price on.
There’s another priceless element of Life Plan Community living: time. You can enjoy the newfound time that comes with maintenance-free living. No more juggling home repairs or coordinating care. Instead, you can pursue your interests in a community that’s designed to support your independence, wellness and social life.
The cost of a Life Plan Community versus staying at home: Which option makes more financial sense?
When comparing costs, it’s essential to look at the whole picture—not just what you pay each month, but what you get in return. While aging in place may seem more affordable at first, the long-term expenses and unpredictability can make moving to a Life Plan Community the smarter choice financially.
Various online calculators can take into account your personal situation and provide insights into the relative costs of aging in place vs. a senior living community. They can help you determine if a Life Plan Community (or CCRC) is worth the cost.
Finding value at Carroll Lutheran Village in Westminster, MD.
At Carroll Lutheran Village, we understand that financial confidence is key to peace of mind. That’s why we believe in being transparent, informative and honest when it comes to the true cost of senior living—and the value it provides. To help you paint an accurate picture of how the costs could compare for you, complete our Affordability Worksheet found in the Resources section of our website.
To find out more about Carroll Lutheran Village, give us a call. We look forward to getting to know you. Call 410-453-1655.
