Renting vs. Life Plan Communities in Sarasota: A Long-Term Perspective
If you’re just starting to research senior living communities, you’ve probably discovered there is a wide range of retirement housing options in Sarasota, offering a variety of lifestyles and price points. But how do you know which option will best fit your current lifestyle and provide a smart plan for the future, including access to health care?
To help you make a more informed decision, this post compares renting in retirement versus choosing a Life Plan Community in Sarasota, outlining the pros and cons of each.
Life Plan Communities
Life Plan Communities are a great way to continue an active, independent lifestyle while enjoying the freedom of maintenance-free living. This allows you more time to pursue your goals, interests, and passions. In addition, the built-in continuum of care provides a solid plan for the future.
When most seniors first explore Life Plan Communities, the entrance fee often receives the most attention. However, once you understand the purpose of the entrance fee, it becomes easier to determine whether this option fits your lifestyle and budget.
Pros
- Features a full continuum of care, including independent living, assisted living, memory care, skilled nursing, and rehabilitation
- Offers a variety of residence options with different floor plans and square footage
- Provides a wide range of services and amenities — including housekeeping, maintenance, dining, fitness and art classes, social events, and outings — covered by the monthly fee
- Health care centers are regulated and inspected on a regular basis
- A portion of your entrance fee and monthly fee may be tax-deductible as prepaid health care costs (consult your accountant or financial advisor before deciding)
- Low resident turnover, as residents are financially invested in the community and often remain neighbors for many years
Cons
- Requires payment of an entrance fee, which is used for capital improvements and to help offset the cost of residents’ health services
Rental Communities
Rental retirement communities are best suited for individuals who can live independently without the need for higher levels of care. When comparing Life Plan Communities to rental communities, one of the most noticeable differences is that rental options do not require an upfront entrance fee. As with Life Plan Communities, monthly rent is typically based on the size of the residence and the level of care needed.
Pros
- No upfront entrance fee
- No long-term commitment — you can leave at any time
- You pay only for the health care you need
- Greater control of your finances
Cons
- Limited services and amenities
- Depending on the community, à la carte fees may apply for services such as housekeeping and dining
- Rental communities are not contractually obligated to provide additional care
- Access to health services is not guaranteed, even if care is offered on-site
- If you need a higher level of care than the community provides, you may need to move during a medical emergency
- Care is provided at market rates in addition to your monthly rent
- Monthly fees are typically not tax-deductible (check with your accountant or financial advisor)
Will You Need Care in the Future?
As you weigh your options, one of the biggest considerations is whether you may need care in the future. Before deciding, consider this: the U.S. Department of Health and Human Services reports that 70% of adults age 65 and older will need some form of long-term care, with an average duration of approximately three years.
Even if you don’t anticipate needing care yourself, what about your spouse? According to the 2024 Genworth Cost of Care Survey, the cost of assisted living in the Sarasota area averages $5,298 per month, while a private room in skilled nursing averages $12,958 per month.
Discover the Benefits of a Life Plan Community with Panoramic Bayfront Views
If you’re considering your senior living options, look no further than North Bay Tower. Our new expansion combines an upscale lifestyle with breathtaking bay and Gulf Coast views. To discover more, attend one of our Priority Club events by calling 941-367-2554 or visiting our events page.
