Continuing Care With No Large Buy-In; Millcroft Living Offers the Best of Both Worlds

January 17, 2024 | Blog | Reading Time 3:00 Minutes

As you explore senior living opportunities for yourself or your loved ones, you’ll find various options, each with its benefits.

Millcroft Living senior living community in Newark, Delaware, gives you the best of all worlds, offering all the ideal benefits in one perfect package. This is unusual in the senior living industry. Continue reading this to learn how Millcroft Living offers continuing care options while providing the financial benefits of a rental community, with no large buy-in.  

Continuing Care Retirement Communities or Life Plan

Continuing Care Retirement Communities (CCRCs), also known as Life Plan communities, are an excellent option for seniors who want to stay in the same place through the different phases of the aging process. CCRCs offer independent living, with access to higher levels of assistance or care at the same location. These can include assisted living, memory care, rehabilitation, and skilled care. The greatest benefit is that CCRCs give residents a place to call home as they age without having to move elsewhere.

The most significant advantage of a CCRC is the peace of mind resulting from having everything in place for your (or your loved one’s) future.

The challenge with moving to most CCRCs is that they typically require a buy-in fee upfront. reports that the average buy-in fee is between $300,000-350,000, although prices vary. Once someone moves in after paying the up-front fee, they continue to pay a monthly service fee.

Contracts for buy-ins typically give priority or, in some cases, exclusive access to increased care if needed, usually at a discounted rate. Additionally, there is usually a contractual agreement to return a predetermined amount of the buy-in fee when you move out of the community or as payment to the resident’s heirs. An added benefit is that a portion of the entry fee might be deductible the year it is paid as a pre-paid medical expense tax deduction.

Rental Communities

Rental communities are a less costly way to live in a senior living community. This makes the community financially accessible to more people as there’s no large upfront buy-in. Rental communities are much like renting an apartment, with the added benefit of meals, programs, abundant amenities and a maintenance-free lifestyle.

Rentals allow residents flexibility and freedom in terms of the duration of their stay.

Furthermore, avoiding a hefty entrance fee allows residents to maintain control of their assets and investments. As seniors are living longer and healthier lives, this is deemed even more important than ever in making your money last.

Millcroft Living Eliminates the Need to Choose Between the Benefits

Millcroft Living eliminates the need to decide between a buy-in to a CCRC and a less cost-prohibitive rental community, as the senior living community combines all of the pros and none of the cons. 

Millcroft Living is a rental community with beautiful and spacious one and two-bedroom apartment homes. In addition to independent living, we also offer access to assisted living, rehab, and skilled care on our same beautiful campus.

In addition to utilities, amenities included in the monthly fee include transportation, housekeeping, dining options, classes, clubs and activities. Utilities are also included in the fee.

Millcroft Living offers all of the benefits, and eliminates the challenges!