Baywoods of AnnapolisBaywoods of AnnapolisWaterfront Retirement Living Choosing the right retirement community for yourself or a loved one can be a challenging undertaking. With so many options available, we often feel overwhelmed. Waterfront retirement living has its advantages – could it be the perfect option for you? Check out these benefits of choosing to live retired life next to the water. Location, Location, Location, the waterfront atmosphere Water is known for its ability to
Virtual Dividends In this series, we have discussed many benefits of living in a co-op community, with continuing care. But, while writing this series, something amazing happened! The residents of Baywoods of Annapolis received something that is literally unheard of in the industry – virtual dividends! That’s right, for the month of December? the residents voted to give themselves a fee-free holiday! Here’s how it happened! For-Profit Housing Cooperative As we have discussed, Baywoods of Annapolis is a Continuing Care Retirement Community that is structured as a for-profit housing cooperative (co-op) for seniors. As such, residents are shareholders in the community and collectively make decisions on the activities, services, and food provided. They have a direct hand in the future of the community. Each of these decisions is influenced by the preferences of the community, but the group also make decisions that will be beneficially cost-effective. Exceeded Sales Goals So, in 2016, the sales for Baywoods Cooperative Housing Corporation (BCHC) were better than expected. Actually, sales far exceeded goals and most expenses were well within budget! So, the residents decided to take those profits and provide a ‘fee-free holiday’ for each resident, for one month. This fee free holiday is like receiving a
COOPERATIVE SENIOR LIVING In Part 1 of this series, we discussed the significant financial benefits that cooperative living can provide retirees. In Part 2, we review additional benefits that Co-Op Living can offer you in a retirement community setting. Community and collaboration are important benefits of cooperative living. Since residents jointly own shares in the community, their desire to be involved is natural. Involvement and engagement in the community is a key benefit for seniors. Co-ops like Baywoods of Annapolis offer residents a true sense of community by offering the services and activities that are of greatest interest to the members of the community. The residents have a voice in the community through their own elected board of Directors whom represent the Community. The Community is NOT owned by an outside corporation instead it’s owned collectively by the resident shareholders. Continuing Care Retirement Communities, (CCRC’s), co-ops are designed to help members age-in-place. Aging in place means that the co-op has designed the Campus to accommodate it’s residents as they grow older. A Variety of amenities that make your day to day life easier and stress free for instance Wellness Checks by an RN, Daily health monitoring, Home Care services available.
Cooperative Senior Living When you are touring communities for a place to retire, there are a variety of lifestyles and options available. In this article, we provide you with five reasons you should consider a cooperative community (co-op) like Baywoods of Annapolis for your retirement! Cooperative communities, also referred to as ‘co-ops,’ are a great consideration when looking at Retirement communities. Include them as part of your search. First, you should understand that a typical co-op is often structured so that all of the residents own the cooperative together, which allows them to share in the tax and financial benefits of ownership. So, residents reap many of the same benefits as owning a home. Most co-ops have monthly dues that cover the costs of routine maintenance, landscaping, cleaning, and in some cases, on-site dining and various supportive services. By pooling together the needs of the entire community, and eliminating the middle-man, you have the ability to control costs, without the burden of sole ownership. Co-ops have the potential to build equity, just like real estate. For example, the Baywoods of Annapolis co-op offers a unique lifestyle, with a prime waterfront location. A waterfront community is a sought-after feature not available
Continuing Care Retirement Community We all want what’s best for our loved ones. At some point, we realize that our parents or loved ones cannot live as well or as safely independently like they used to. When everyday activities become difficult, a move to a continuing care retirement community will help a retiree thrive. Here are some helpful suggestions to consider before you tour a senior community. Is this a Financially Feasible Option? The first thing to consider is whether moving to a senior living community makes financial sense for your loved one. Is their current living situation safe for them, then consider is the house upkeep draining their finances. Many seniors have to get help or contract with services outside of the home to keep their property up. Sit down with your parents and determine what they are spending on a monthly basis to keep their home going. Real Estate taxes, school taxes etc. Ask them to calculate the amount they receive from all retirement accounts and Social Security payments. Once you have an idea about what they currently spend on a monthly basis, then look at what they can afford. At this point the process becomes easier. A
Retirement Community Types At BayWoods of Annapolis, we want seniors to make informed decisions about their retirements, so we’ve created a quick comparison of the different types of retirement communities that you’re likely to encounter. If you have any questions about the costs of living at BayWoods of Annapolis, feel free to get in touch with our staff. Insurance Model or Life Care Community The design of a Life care model or Insurance model community usually has monthly fees associated in Independent Living that would follow them throughout their life. No matter what level of care they received. Most Life care communities require larger up-front fees, then monthly payments that are contingent on your health status for the duration of care and service. The larger entry fee covers the cost of future care requirements. Fee-for-Service This is the most straightforward model, a fee-for-service plan, requires you to pay for only those services that you use or need. This works best for most people because they are not paying high costs for services that they may never need or utilize. Their monthly payments are usually required a little higher but entrance fees are lower. These communities are very popular and practical
Senior Medicare Knowledge Medicare is for people age 65 and older and those who have special conditions or disabilities. Applying for Medicare can be an intimidating, complicated, and confusing process. So, in this article, Baywoods of Annapolis provides 4 things you should know about Medicare! Tip #1: Signing Up There are only certain periods when you can enroll in Medicare, and these are subject to change. At the time of this writing, you must enroll in the time period 3 months before your 65th birthday to 3 months after your 65th birthday. Failure to do so may subject you to certain penalties and even a gap in coverage, so be sure to check the official Medicare.gov website well before your 65th birthday and plan accordingly. Each member of your family must enroll in Medicare. Tip #2: After 65, Medicare is Your Primary Insurer Regardless of whether you have another insurance provider, (such as retiree health insurance, individual insurance, or COBRA insurance,) after you turn 65, Medicare is considered your primary insurer…even if you haven’t applied! So, be sure to follow guidelines in Tip 1 and sign up as soon as you are eligible. Tip #3: Understanding the
Retirement Downsizing Making a move to an assisted living community is the first step in your retiree enjoying a more fulfilling, healthy lifestyle. However, it can be hard to for anyone to part with their possessions and downsize their belongings before moving into a smaller living space. Here’s how to help. Take Stock of What You Have, and Prioritize The first step of downsizing is taking an inventory of what your retiree already has. Spend a few days organizing and decluttering each room. Clear out all old mail, papers, and other unnecessary items before beginning the process. Empty each closet to determine the volume of possessions and get a sense of how much you need to get rid of. For an idea of space requirements at BayWoods of Annapolis, talk to us. Once you have a clear idea of what you have, prioritize. Does your retiree have to take that tea set from a garage sale 10 years ago? Probably not. At the same time, don’t discount items of sentimental value, even if they seem silly to you. If someone is particularly attached to a memento of the past, keep it, even if it seems impractical. If your retiree is
Assisted Living Transition Transitioning loved ones is a time consuming, labor intensive, and often emotionally draining process for everyone involved. The senior is often apprehensive and resistant, while the children or caretakers are often tasked with coordinating all the details. But what if you had a team of experts to take care of the logistics? In this article, we’ll discuss how and why Senior Move Managers® and logistics professionals can simplify the process and make it less stressful for all involved. When it’s time to move, seniors are faced with unique challenges. Depending upon their health, they may need help downsizing, packing, organizing, and figuring out what should be moved to the next place and what needs to be re-purposed elsewhere. Senior Move Managers® and logistics professionals assist seniors and their families with the entire relocation process. The National Association of Senior Move Managers® is the leading membership organization and serves as a great resource to locate these logistics professionals. In addition, all members must meet strict vetting requirements before approval. The following services provide an overview of how a logistic professional can help: Organizing, sorting, downsizing – tedious tasks that require time, patience, and often emotion. By having someone
BayWoods purchased a yellow house adjacent to the North Tower Apartments because we were concerned that the previous owner wanting to build a high rise structure on the property. This structure had the potential to impede the view of residents in the North Tower Apartments and would impose a negative effect on our property values. After many months of work, BayWoods has secured the proper permits and approval from the MD Department of Environment, City of Annapolis, planning and zoning office, and the Annapolis Port Warden to replace the existing house with an outdoor deck overlooking the Chesapeake Bay. We are replacing the revetment and the new deck will be cantilevered out over the Chesapeake Bay. The new deck will be ADA compliant with full access for wheelchairs and other handicapped devices for the residents of our community to enjoy. Our senior population really enjoys views of the Bay from our waterfront property and will now be able to spend time out there with family and friends. This new deck will be designed with the seniors in mind, featuring steel beams and an Epée wood surface, with a full trellis over top.
J Turner Research just announced that BayWoods of Annapolis was in the top 1% of properties with the best online reputation in the nation. Therefore, we received the Elite 1% ORA Power Ranking award. Thank you to all our wonderful residents and employees for helping to make this happen!
Enter your email address to subscribe to this blog and receive notifications of new posts by email.
Join 54 other subscribers