Continuing Care Retirement Communities (known as CCRCs or most recently named Life Plan Communities) are gaining in popularity within the senior living industry. Why?
Simply put, they fill what today’s seniors are looking for. Today’s seniors, including the many Baby Boomers hitting the retirement scene, have helped transform the senior living industry into vibrant villages that offer variety of housing options, services and amenities focused on the active senior.
CCRCs go one step further by providing a plan for your future care needs, allowing you to also gain a sense of security and peace of mind. LeadingAge has long called the communities “the real deal.”
As you look into CCRCs, take into consideration that some are nonprofit communities, which can provide additional benefits to your retirement.
Top 5 Benefits of a Nonprofit CCRC/Life Plan Community
Nonprofit CCRCs are driven by a mission and values developed by a volunteer board vs. a for-profit corporation. Oftentimes, the board members are residents themselves. Check out the community’s mission, vision statement and values. Do they align with your priorities and views in life?
2. Religious Affiliation
Many nonprofit CCRCs are supported by a religious group or affiliation. This does not necessarily mean you must be of that religious affiliation, but you can see the underlying values and principles that drive the organization. Most faith-based communities have chapels and offer daily services and chaplains, providing a wonderful opportunity for those who want to connect more deeply to their spiritual wellness.
3. Financial Security
The financial statements are accessible so you can see the financial strength of the community. Ask for the audited financial statements and occupancy rates. Nonprofits are designed to be transparent so you can feel secure in your support and decisions based around the organization.
4. Focus on Community
Funds are continually reinvested back into the community. As a nonprofit, there is no profiting corporation. The nonprofit makes financial decisions based on the mission and what the community needs and wants.
5. Peace of Mind
You may find additional benefits at nonprofits that were developed solely for the benefit and protection of residents. At Twin Lakes, a fund was established to protect community members from potential financial hardship. Though no one intends to and most try to avoid it, sometimes, there simply is not enough money to cover the costs. Twin Lakes recognizes that these people are valued members of the community and draws from its benevolent care fund. It is funded by local businesses and community-based events as well as individual donors, some of whom live in Twin Lakes. Those who live at Twin Lakes live in a community and are proud to support and protect one another.
Contact Twin Lakes today for more information on how you can join in our community of care, fulfilment and the lifestyle you want.