Recently Newsweek embarked on an effort to identify and rank the 250 best Life Plan Communities and Continuing Care Retirement Communities (also referred to as a CCRC), across the USA. Six of these communities are in Michigan. Learn which communities were ranked and download your free Funding Guide on how to pay for a move to a Life Plan Community or CCRC.
Overview
At Second Act Financial Services, we specialize in helping seniors fund their Entry Fees through convenient bridge financing which we discuss more in detail below. Working with thousands of retirement communities across the USA our clients often tell us which communities they love. Recently, Newsweek embarked on an effort to rank the 250 best Continuing Care Retirement Communities and Life Plan Communities across the USA. Six of those communities are in Michigan.
In this blog we review what is a Life Plan Community or CCRC, how seniors pay for their Entry Fees in such communities, and we provide a brief overview on each of the 6 communities ranked by Newsweek.
It is important to note that just because a community is not ranked, it can still be an excellent community. Not all communities participated in the Newsweek rankings so be sure to check out any Life Plan Community or Continuing Care Retirement Community in your area even if it is not ranked! You can obtain the full list by clicking the link to the Michigan Corporations, Securities, & Commercial Licensing Bureau.
What is a Continuing Care Retirement Community (CCRC) or Life Plan Community?
Life Plan Communities are sought after by those who want an active, engaging, vibrant retirement lifestyle, along with the peace of mind of having a full continuum of care available as needed.
Most life plan communities offer a large campus-like setting providing housing, hospitality services, and amenities to independent and active seniors, along with care services that are available as needed, typically including assisted living, memory care and skilled nursing care.
Around three-quarters of all life plan communities as we discuss in a separate blog require an entry fee, which may be partially to fully refundable to one’s estate, and possibly sooner if the resident vacates the unit. The other approximately 25% of life plan communities operate either on a rental-only basis or an equity (or co-op) ownership model whereby you own your home or a share of the community’s corporation, but still pay monthly fees for the available services.
How do seniors fund their move to a Life Plan Community or CCRC in Michigan?
Seniors typically sell their home, take advantage of bridge loans to help them move into their retirement community first and have time to sell their existing home, draw down from retirement accounts, sometimes may temporarily borrow from their existing securities (commonly called to a margin loan), or sell a life insurance policy they don’t need.
Be sure to download your free Funding Guide to review the details of what CCRCs are, their contracts, along with a little more detail on how seniors pay for their Entry Fees as they move to a Continuing Care Retirement Community or Life Plan Community. For seniors especially who want to move during the winter months while waiting to list their homes, bridge financing such as that provided by Second Act is a frequently sought options.
Which are the six best Life Plan Communities and Continuing Care Retirement Communities in Michigan as ranked by Newsweek?
According to Newsweek, the following are the best eighteen Life Plan and Continuing Care Retirement Communities in the state of Michigan. Below this table we provide a useful map that helps you see where each community is located:
| State Rank | Life Plan Community | Score | City | Overall USA Rank |
| 1 | Beaumont Commons – Dearborn | 78.95% | Dearborn | 17 |
| 2 | Beacon Hill at Eastgate | 73.19% | Grand Rapids | 41 |
| 3 | Burcham Hills | 70.69% | East Lansing | 97 |
| 4 | Beaumont Commons – Farmington Hills | 68.19% | Farmington Hills | 149 |
| 5 | Trinity Health – Glacier Hills | 68.10% | Ann Arbor | 155 |
| 6 | Fox Run by Erickson Senior Living | 66.36% | Novi | 190 |
There are approximately 31 Continuing Care Retirement Communities and Life Plan Communities in the state of Michigan. While these six have been ranked by Newsweek, the remaining 25 may be excellent communities! You have to visit to see which community is best for your personal tastes and needs!
Who regulates Continuing Care Retirement Communities (CCRCs) and Life Plan Communities in Michigan?
The Continuing Care Community Disclosure Act effective April 2, 2015 regulates communities that offer “Life Care Contracts”. As previously discussed, Life Care Contracts require an Entry Fee, and in return provide a continuum of care including personal, nursing, or medical care in addition to the residency arrangement.
Approximately 31 communities in the state of Michigan hold one or more permits to enter into Life Care Contracts according to the state of Michigan Licensing and Regulatory Affairs Bureau.
For Additional Information, visit the state of Michigan Licensing Bureau here.
Important Disclaimer
The information in this page is not meant to serve as financial, tax, or personal financial planning advice. No decisions should be made from reading the information on this page. Decisions should be made after careful analysis and consultation with your financial, tax, accounting, or other professional advisor licensed to provide retirement advice. Second Act is a Division of Liberty Savings Bank, F.S.B. Member FDIC. Lending and loan services provided by Liberty Savings Bank, F.S.B. NMLS # 408905. Equal Housing Lender. All other services provided by Second Act Financial Services, LLC. This information is current as of 1/01/2024. Subject to credit and loan approval. Conditions and limitations apply. Information, rates and terms are subject to change without notice. © 2024 Second Act Financial Services, LLC. All Rights Reserved.
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