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Why Is Life Care a Better and Smarter Choice Than Renting?

Nov 19, 2019

There are many choices that need to be made when you’re deciding upon senior living options for you or an aging loved one. One of the biggest decisions you have to make will be determining what type of senior living community is right for your needs – now and in the future. While you may be an active and healthy senior today, no one knows what the road will look like five, 10 or 20 years from now. What’s the best way for you to protect your future needs while also enjoying the lifestyle you want and deserve now?

“Today’s seniors want to maintain their independence for as long as possible while also managing their health needs – all in the most cost-effective way,” says Lynda Marino, Marketing Director at Canterbury WoodsGates Circle, a Life Care Community in Buffalo, NY. “Many individuals also would like to make this move their last so they can live the rest of their golden years in a place they call home. When it comes down to it, these are all good reasons to consider a Life Care community versus a rental senior living community.”

A Life Care Community, formerly known as a Continuing Care Retirement Community (CCRC), is a form of senior living that has all available levels of care on the same campus – from independent living to assisted living to memory care and skilled nursing. Rental senior living communities, on the other hand, may have only one or two lifestyles available on campus. While both structures have benefits, Lynda believes the peace of mind that comes from Life Care communities makes them the optimal choice for today’s senior adults.

“None of us can know the future,” she says. “You could roll the dice and take your chances with how your health and needs will evolve. Or, you could give yourself peace of mind for today and tomorrow by finding a place like Canterbury Woods Gates Circle, where you know for sure your lifestyle and health needs can be met no matter what may happen. Consider it a way to preserve and enhance your current way of life.”

Life Care vs. Rental Community

Life Care Communities

In a nutshell, a Life Care Community provides residents with a lifetime of health care and lifestyle services in the same setting, with no increase to their monthly fees ever. That means whether an individual is in independent living, needs short-term rehabilitation, assisted living or nursing care, or even memory care services, they can receive everything without ever having to move away from “their home.”

Besides the levels of care available, one major difference between Life Care communities and rental communities is an upfront “buy-in” fee, which can be significant. While this will tie up some of the person’s assets, it doesn’t mean the money is “gone.” It’s usually held in some sort of trust or fund and is returnable to the individual’s estate (minus certain fees). This upfront price ensures care for a lifetime, which can be priceless for seniors and their heirs. In the meantime, that fee is invested into the community, giving residents real ownership of their new home.

The senior will still pay a monthly fee, but everything is included in that fee – maintenance, lodging, meals, transportation, fitness center, specialized programming, health care and more. It truly is an all-inclusive lifestyle with all-inclusive peace of mind.

Rental Communities

Rental communities are every other type of senior living community besides Life Care. In this model, you’re basically paying monthly rent to live there. Your monthly rent will depend on what level of care is required. For example, independent living is usually the cheapest lifestyle option, as these residents don’t require additional health services. If assisted living is offered, the monthly fee would increase, and so on with memory care.

It’s possible that the rental community doesn’t have some of the same levels of care that you’d find in a Life Care community. You may have independent living and assisted living, but no memory care. Or, you’ll have all those options, but rehabilitation and skilled nursing services aren’t on site. While some individuals might like the flexibility this gives them, it can be stressful to find services if and when they’re required.

Rental communities don’t require a large upfront “buy in.” Think of it like signing a lease for an apartment versus putting a down payment on a house. Yes, you have flexibility, but residents don’t have the investment and security that they’d necessarily get from Life Care.

What Makes Life Care a Better Choice Than Renting:

  • It gives you ownership. The upfront fee is your “down payment” into life at the community. In a sense, it gives you equity, and gives you insight and input into how the community will grow and thrive.
  • It offers peace of mind. You and your loved ones know that, no matter how your needs may change in the future, you will always be able to live in a place you love while receiving the highest quality care possible.
  • It saves you money. Residents pay one monthly fee for the duration of their stay – and it won’t change if your care needs increase.
  • It provides guaranteed care. One of the best things about a Life Care Community like Canterbury Woods Gates Circle is the contract made between you and the community. When you join as a resident, you’re a resident for life and will always have care and a home – even if your financial resources become compromised or exhausted down the road.

“When you compare the two types of senior living options, Life Care is above and beyond the best choice for today’s seniors,” says Lynda. “Life Care at Canterbury Woods Gates Circle changes with you, protecting you from high long-term care costs, ensuring you high-quality care as you age and freeing you from worry for the future. With Life Care in place, you’re free to enjoy, experience, engage and live your life the way you want with the lifestyle you choose…and deserve.”

For more information about Canterbury Woods at Gates Circle, our events or simply to learn more about our Continuing Care Retirement Community, please call us at (716) 929-5817.

Find Your Fulfillment.

Planned as the centerpiece of a unique intergenerational community, Canterbury Woods Gates Circle is a Life Care Community like you’ve never seen. Urban, contemporary, and close to everything, this is a community that confirms what you already know: how you live has everything to do with where you live. Canterbury Woods Gates Circle offers the highest quality lifestyle and security. While offering the charm and livability of the Elmwood neighborhood, it also boasts the financial strength, impeccable reputation and reciprocal access to its sister community, Canterbury Woods Williamsville.

A Life Engaged. A Life Inspired.

With the excitement and energy of a revitalized Buffalo at your front door, you can immerse yourself in a diverse world of cultural pursuits and pleasures. Research tells us that connections are what a healthy and fulfilling retirement and a more fulfilling life are all about. At Canterbury Woods Gates Circle, connections have never been easier. The intergenerational neighborhood concept of our campus, with nearby residential apartments and retail spaces, creates a natural centerpiece for socialization and activity, surrounding you with neighbors and new friends of all ages.

Continuum of Care.

As a Life Care Community, Canterbury Woods Communities provide a comfortable environment and first-rate services to support every level of need. Assisted living apartments allow Gates Circle residents to benefit from additional support while maintaining their independent lifestyle. If skilled nursing, rehabilitation or memory care is ever needed, residents can experience the support they require at our sister community in Williamsville.

Contact us today to discover more about Canterbury Woods Gates Circle! (716) 929-5817

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