It’s not uncommon for seniors to assume they can’t afford a retirement community. And, unfortunately, it’s one of the assumptions that often delays smart planning.
Don’t let uncertainty about how to pay for senior living stop you from researching your options and creating the life you deserve in retirement.
“Here at Beacon Hill, in Lombard, Illinois, we’ve created a unique version of senior living that truly focuses on your independent lifestyle,” says Elijah Heyboer, the community’s executive director. “As residents’ needs evolve, they have access to health services without changing where they live or who they live near. And, most importantly, that continuum of care is more financially achievable than they initially imagined.”
With a variety of entrance fee options, a Type A Life Care contract, and resources available to help navigate the process, there may be more flexibility than you expect.
Whether you’re just beginning your research — likely typing “retirement home cost” into your search bar — or actively planning your next move, our team can answer your questions, explain your options, and help you understand what might work best for your unique circumstances.
“The earlier you begin learning about senior living with Life Care,” explains Heyboer, “the more time you’ll have to evaluate contracts, compare residences, coordinate your finances, and make decisions at your own pace. In my work, I really do hear so many misconceptions about the affordability of a senior community.”
So why not separate myth from reality?
6 Common Myths About Paying for a Community With Life Care
Myth #1: “I need to have all my finances figured out before I even start looking.”
Reality: You don’t have to have every detail in place before exploring your options.
In fact, many people begin learning about Life Care plans long before they’re ready to move. Visiting a community, attending an event, or meeting with a sales counselor can help you understand what’s possible and what timeline makes the most sense for you.
Think of it as gathering information, not making a commitment.
The sooner you start learning, the more choices you’ll likely have. Schedule an informational visit and bring your questions.
Myth #2: “I’ll have to sell my home before I can do anything.”
Reality: Not necessarily.
While many residents ultimately use proceeds from the sale of their home to help fund their entrance fee, that doesn’t mean your home must be sold before you begin planning.
Many people start the conversation months before listing their home. Depending on your financial situation, you may be able to coordinate the timing of your move and your home sale so you can make decisions with greater confidence and less stress.
Myth #3: “There’s only one way to pay an entrance fee or pay for senior care.”
Reality: Every situation is unique, which is why personalized planning is so valuable.
Many retirees use a combination of financial resources when planning a move. Depending on your circumstances, these may include:
- Proceeds from the sale of your home
- Retirement savings
- Investment accounts
- Pension or Social Security income
- Short-term bridge financing while your home is being sold
- Guidance from a financial and/or tax advisor
Meet with your trusted advisor and ask your sales counselor how others have successfully planned their move.
Beacon Hill offers a variety of residences, entrance fee levels, as well as a Type A Life Care contract option, allowing many prospective residents to find an approach that aligns with their financial goals.
Myth #4: “An entrance fee is money I’ll never see again.”
Reality: Many entrance fee contracts — including ours — have a refundable percentage.
Depending on the residence and contract you select, a portion of your entrance fee may be returned to you or your estate according to the terms of your agreement.
Just as important, your entrance fee provides access to a lifestyle, amenities, and a plan for the future that can offer both financial predictability and confidence in your choices. Understanding exactly how your contract works is an important part of the decision-making process. Ask for a detailed explanation of the refund provisions associated with the contract(s) you’re considering.
Myth #5: “I should wait until I absolutely have to move.”
Reality: Many residents say they wish they had moved sooner.
Waiting until a health issue, home maintenance challenge, or family emergency forces a decision often means making choices under pressure.
The benefits of independent living for seniors are many! Moving while you’re active and independent allows you to settle into your new home, build friendships, and enjoy the community’s lifestyle on your own terms. Planning also gives you more financial flexibility and more time to evaluate your options. Begin exploring communities before a move becomes urgent.
Myth #6: “Life Care in senior living is only for the wealthy.”
Reality: People are often surprised to learn how many financial situations are represented within a community like Beacon Hill.
Residents come from a wide variety of professional backgrounds and retirement experiences. Many have spent years saving, planning, and making thoughtful financial decisions.
Rather than focusing only on the entrance fee, it’s important to consider the complete picture, including the value of maintenance-free living, amenities, services, wellness opportunities, and access to future healthcare. At Beacon Hill, we offer a variety of support and life care levels:
Do Your Research Before You Need To Decide
One of the biggest misconceptions about senior living is that you should wait until you’re ready to move to even start your research. In reality, the opposite is true.
“Starting your research early helps ensure you have a solid understanding of your options,” says Heyboer. “One of the best ways to explore your options is to schedule a visit with us at Beacon Hill or other communities in the area that pique your interest.”
Bring this checklist with you as you explore Beacon Hill and other senior living communities.
- Which contract options would best fit my goals?
- How do each of the contract types differ?
- What entrance fee options are available?
- What refund options are offered?
- What are the monthly service fees and what do they include?
- How does future healthcare coverage work?
- Can you help me understand what other residents considered during their decision-making process?
Our team is here to explain your options, answer your questions, and help you understand what a move to Beacon Hill could look like for your unique situation. There is no pressure. Just guidance, education, and the opportunity to discover that the financial side of senior living may be much more manageable than you once believed.
Ready to start the conversation? Contact us here.
Featured Image: Lena Evans / Shutterstock
