Money math
Many life plan communities have waiting lists of about two years, but can stretch to five years or longer, said Tripp Higgins, president of myLifeSite, an education resource for older adults. Longer wait lists can be hard on consumers but benefit life plan communities, which can fill vacancies quickly.
“They rely on a long wait list to maintain high occupancy levels,” Higgins said.
Jane McCaffrey, 83, figures she saved money by moving into Meadow Ridge, a 136-acre life plan community in Redding, Conn.
She and her late husband sold their 10,000-square-foot house and moved into a twobedroom apartment in 2017. The entry fee then was $750,000, of which 80% is refundable to her or her estate.
Her $9,000 monthly fee covers food, transportation to medical appointments, utilities, housekeeping and access to all programs. She no longer pays real-estate taxes.
“I would be paying more if I lived in my very big house,” said McCaffrey, a retired CPA, who is on several resident committees. Under her life care contract, the monthly fee will remain comparable if she eventually needs skilled care. “I’m here until I die.”