Reprinted from the South Florida Business Journal, March 31, 2023

By Kim Morgan – John Knox Village

Older adults face a variety of choices when planning for their future lifestyle and health care needs. The rising cost of medical care in the U.S., especially long-term care, has made understanding options very important.

The decision to move to a life plan retirement community (also known as continuing care retirement community, or CCRC) is a wise investment in many ways, especially when older adults consider where they would like to age well with purpose, and what a perfect life looks like in retirement. Many life plan communities (LPCs) offer rich social and cultural experiences, excellent health care, security and peace of mind. The financial professionals and estate planners we work with are increasingly advising clients to consider a move to an LPC as it is a responsible option that provides a rewarding lifestyle and ensures long-term health care if the need arises. Residents who choose to live in LPCs are relieved of the stress of becoming a burden to their family, friends and the state as they age.

According to AARP, “The chief benefit of LPCs/CCRCs is that they provide a wide range of care, services and activities in one place, offering residents a sense of stability and familiarity as their abilities or health conditions change. A resident can start out living independently, and later transition to assisted living to get more help with daily activities, or to skilled nursing to receive more medical care, while remaining in the same community.”

Moving to a Life Plan Community Makes Financial Sense

Investing in the future at a life plan community like John Knox Village of Florida (JKV) in Pompano Beach is a proactive move. It comes with the added value of providing health care that may be needed and affords a tangible sense of security for aging in place. An LPC like JKV requires a resident be in good health when moving in, who can then enjoy independent living in a beautiful home with an active lifestyle for as long as possible.

Scott Montgomery, financial advisor to high-net-worth families at Provenance Wealth Advisors in Fort Lauderdale, Florida, says he has often seen clients procrastinate on making a plan by thinking, “I still have time.” But as he notes, “Things can change quickly,” says Montgomery. “This is another strategy — a way to ensure that if you run through your money, you’re not going to have to rely on your children.”

Montgomery feels it is a moral responsibility for professional advisors to talk to their clients about long-term care. “If your financial advisor is not counseling you about long-term care, then reach out to someone who is,” he says.

Life Plan Community Options

NaCCRA (National Continuing Care Residents Association) publishes a Consumer’s Guide as a reference on what to consider when choosing such a move. According to NaCCRA, “It is important, when contemplating a CCRC/LPC, and especially when comparing one to another based on price, to be sure to understand the different types of contracts which are offered.”

There are variations in contracts, however. The two main contracts to consider for moving to an LPC are “Type A” and “Type C.”

Type A Contracts for CCRCs/LPCs

A Type A contract is often referred to as a full care, inclusive contract. At JKV, this contract covers:
• The entrance fee.
• The monthly service fee based on the size of the home selected.
• Unlimited future health care needs with admission to assisted living or skilled nursing.
• All located on JKVs botanical, lush 70-acre campus.

Type C Contracts for CCRCs/LPCs

The Type C contract is usually referred to as a “fee-for” service contract. At JKV, the Type C contract provides the same services as the Type A without the health care benefit:
• With Type C, the resident pays for assisted living or skilled nursing care services as needed, out of pocket.
• JKV residents are charged the prevailing rate for these services with a 10% discount.

More Than a Move—A Lifestyle Upgrade

For nearly 60 years, John Knox Village of Pompano Beach, Florida has set the standard for all-inclusive, resort-style retirement living. Residents enjoy world-class fitness programs, state-of-the-art amenities, nutritious dining, and a vibrant calendar of activities designed to promote total well-being.

JKV also offers peace of mind with on-campus healthcare, 24/7 security, and no time or financial limits on long-term care benefits — a hallmark of its Life-Plan contract.

Ready to Make Your Move?

At JKV, starting your next chapter doesn’t have to be overwhelming. Residents experience a smooth, stress-free transition and begin enjoying all that JKV has to offer right away.

To learn more about living at John Knox Village or to schedule a personal visit, contact our team today.