What is a Life Plan Community?
There’s a lot to consider in retirement. Where will you live? How will you spend your time? What will you do if your health needs change? Questions like these are common, and some may be surprised to know that many can be answered the same way: A Life Plan Community. Also known as Continuing Care Retirement Communities (CCRCs), they are places that provide the opportunity to enjoy a vibrant and enriching lifestyle with peace of mind for the future. Roland Park Place is Baltimore City’s first and only accredited CCRC, a distinction which can be seen and felt around every corner of our campus.
In our Life Plan Community, we celebrate the unique and diverse cultures and individuals that make Baltimore such a remarkable place to call home. Residents from all backgrounds have chosen to retire here, making our community just as charming and eclectic as the city itself. Life Plan Communities make it easy to enjoy this kind of engaging lifestyle through a wide array of amenities, activities and dining options, all supported by the comfort of a full continuum of healthcare options located right onsite, should the need ever arise.
Research has shown that an active, worry-free lifestyle in a Life Plan Community like Roland Park Place can be beneficial to a resident’s overall health. In addition to lowering stress and increasing resilience, residents may enjoy higher levels of openness to new experiences and a strengthened quality of relationships with loved ones. This is because our community was designed with lively, independent people in mind. Fitness and wellness initiatives and programs help keep residents feeling young and fit. If illness or injuries do occur, world-class medical care is available right on-site. Everything is right in one place to keep you as independent and healthy as possible while enjoying all that retirement has to offer.
Some may say that a place like this sounds too good to be true, or that it’s beyond their budget. The truth is, while Life Plan Communities may seem expensive in the beginning, community living could be the smarter financial solution since it defrays the costs of healthcare, home repairs and other expenses associated with aging in place. A Life Plan Community’s fee schedule is different from other independent living communities, with an accommodation fee, which is typically similar to the amount you’ll get for selling your house, is due upfront. While service fees are paid monthlyand are often equal to or less than what you’re currently spending monthly now. Roland Park Place offers three different contract types that determine the accommodation fee and the monthly fee. These prices are also set on the square footage of the apartment you are moving into. As the size of the apartment increases so do the fees.
Of course, the number one cost for most people when considering a move is healthcare. Aging in your current home really only offers two solutions: either hire a private caregiver to come into the home or rely on a family member to take on that responsibility. In a Life Plan Community, if your health needs change over time, your care costs remain virtually the same. It’s the kind of priceless financial predictability that removes the worry of wondering where care will come from and which doctors will be available. Instead, you can rely on the team you already know inside the community you and your partner have already come to call home.
In some cases, there are even tax advantages to consider. Some recent legal precedents have been favorable for Life Plan Community residents who wish to deduct portions of their deposits and fees. Of course, you and your tax preparation professional should consult closely to determine the best strategy for your circumstances.
Every person is different, and for some, aging in place may make sense. But for many, the substantial benefits of moving to a Life Plan Community make it the right decision. If you think Roland Park Place could be right for you, contact us today by calling 667-222-5116 to set up a private tour and get a clear picture of what your future could look like on our beautiful campus in the heart of Baltimore.
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