As you plan for the future, you’ll find that there are plenty of Life Plan Communities (also known as continuing care retirement communities or CCRCs) out there to choose from. If you’ve started your research, you may have realized that each community has something different to offer, including the types of amenities and services it offers, events it holds and where it’s located.
All of these features are designed to enhance your lifestyle while ensuring access to continuous learning and growth opportunities. Not all communities are the same, and it goes beyond the amenities, events and other features they offer. Some Life Plan Communities are owned by nonprofit organizations. A nonprofit is more than just a type of organization. Nonprofits are organizations that truly have mission-driven ethos, which carries into the very fabric of the community and can tell you a lot about the factors that influence the decisions an organization makes.
Life Plan Communities aren’t simply “places to go.” They take a holistic approach to well-being, connection and security, ensuring residents are empowered to redefine their lives and live with purpose — whatever that looks like for them.
Here are some of the differences you’ll experience in a nonprofit Life Plan Community:
At nonprofit Life Plan Communities, the primary focus is on the well-being and happiness of all residents. At HumanGood, this starts with our mission of inspiring people to live their best lives.
This commitment and mission guide every decision we make, ensuring it’s in the best interest of the people we serve. We believe everyone should have the opportunity to live with enthusiasm, confidence and security regardless of their physical, social or economic circumstances.
As a contracted resident of a nonprofit Life Plan Community, your future with that community is typically protected — even if you outlive your resources and cannot pay the full amount of your monthly fee through no fault of your own.
In 1968, the HumanGood Foundation was established with the purpose of ensuring people 55 years of age and older are getting the most out of life and living with enthusiasm regardless of their economic circumstances. The Resident Benevolence Fund, a philanthropic facet of the HumanGood Foundation, supports Life Plan contracted residents who outlive their resources so they can stay in their homes. More than $1 million is contributed each year to support residents in need.
HumanGood has a long-standing track record of financial strength going back to 1949. As a nonprofit, we direct our revenue toward the operational excellence of our communities — not to shareholders. This long record of financial strength enables us to reinvest money to enrich the quality of life on our campuses.
At HumanGood, we believe it’s not just where you live — it’s how you live. This means reinvesting in our campuses by offering innovative and supportive communities that raise the bar for environmental design, innovative programs and quality standards. All of these elements combine to empower those who call one of our communities home, ensuring their best years are ahead of them.
Our focus on inspiring people to live their best lives is at the heart of what we do. Our people are always top of mind and our first priority, meaning we invest more in them rather than focusing on earning a profit.
As a 501(c)(3) organization, any donations our philanthropic-minded residents choose to make to HumanGood are tax deductible. Additionally, residents generally don’t pay property taxes on their community apartments and may qualify for sizable tax breaks on portions of their entrance and monthly fees within a nonprofit Life Plan Community that provides health care services.
Some nonprofit Life Plan Communities may require an entrance fee, which is money paid upfront to secure your place in the community. This can lower your monthly fee and cover the continuum of care, meaning active and healthy people over the age of 62 can enjoy independent living, and, if their needs change, they may receive advanced levels of living without having to move to another community. This offers peace of mind and a plan for the future if needs change.
Preparing for senior living costs is an essential part of future planning, and the good news is that nonprofit Life Plan Communities are often much more affordable than people think. Plus, the benefits of nonprofit communities outlined above are priceless.
To learn more about what factors into the cost of living at a Life Plan Community, explore The Complete Guide to the Costs of Senior Living.