Questioning the motives for building a retirement home is essential. Considering the various options available. Here are a couple of popular alternatives to building your own retirement home.
1. Independent Living Communities or Senior Living communities
- They offer senior-friendly architecture and interiors which are thoughtfully designed.
- Loneliness can usually be addressed by joining the regular community activities and events that take place.
- If required you could also dine with the community and avoid cooking and washing dishes.
- Apart from that they also have facilities to assist in responding to emergencies such as ambulances on standby, 24 hr availability of nurses, etc.
2. Assisted Living facilities
- A community providing a higher level of care and support to those who require them.
- Very helpful in case of memory or mobility issues.
- Similar to other types of community living there would be activities and daily routines that help seniors live their lives to fullest.
3. Skilled Nursing Facilities or Nursing homes
- This is a facility that provides medical care as well apart from assisting you with your daily needs.
- Nursing homes mean 24/7 access to nurses and other medical professionals.
- No one usually plans to board at a nursing home so it is certainly advantageous if it is a part of a CCRC.
4. Continuing Care Retirement Communities
- In essence, CCRCs are independent living communities that also have resources to provide assisted and skilled nursing care for you. In case additional care is required.
- Independent living communities usually have a minimum heath test that you need to pass to qualify for residence.
- This is a great option for those who find nursing homes depressing but may need such services. It gives you the flexibility to shift back into your Independent living apartment when your chronic issue subsides.
Should I Buy, Lease, or Rent a senior living accommodation?
Most CCRCs offer lease and rent models while Independent living communities typically request you to rent or purchase. That is the extent of my knowledge and as I continue to learn more about the various options in this regard I will surely update this blog.
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