So here’s an interesting idea — new to me, invented a relatively few years ago — that perhaps one of my readers could adapt to Singapore: the Life Plan Community.
Life Plan Communities are typically not-for-profit, and the deal works like this. At or above a specific age (55 is a popular number), and while in decent or better health, you and your spouse (who can be younger) pay an entry fee to live in a Life Plan Community. The entry fee may or may not be partially refundable if you leave the community (including to your estate upon death). You also pay a monthly fee that’s adjusted annually for inflation, and if you exhaust your savings you’re allowed to stay for life (and your spouse’s life, if you enter with your spouse). In exchange, in the “Type A” variant, you get independent living, assisted living, skilled nursing care (nursing home), rehabilitation, memory therapies and supervision (dementia) — whatever care you need, for life, except for acute medical care (hospitalization, surgery) which is still provided in a nearby, existing hospital — that part doesn’t change, although the caregivers in the community obviously coordinate. All the degrees of care (except hospital care) are provided on campus, usually in your own home or, in the case of skilled nursing (nursing home), right alongside, next door. This is called “aging in place.”
You also get (again, “Type A”) a meal plan (and usually pretty posh — in-house chef), excursions, shopping shuttles, at least weekly home cleaning, linen and towel laundry service (long stay hotel-style housekeeping services), movie nights and other entertainment, a gym, a pool, concierge services, clubs, etc., etc. All at no additional charge. A few things would typically be additional charge, such as salon visits (getting your hair dyed if you want that, but haircuts are included), spa treatments, pet care (pets are allowed and even encouraged, but shampoos for your pets would typically be extra charge), foreign/long distance excursions, and florist services, as examples. Utilities are typically included, except for international phone charges. Home furnishings mostly not included, because the idea is to preserve a familiar home environment — bring the furniture you like. Homes are thoughtfully “senior friendly” with hand rails, a call button/pull cord, fold down seat in the shower, ramps instead of steps, and so forth.
Residents are involved in governance at least to a meaningful extent, if they want to be. In many communities neighbors check in on each other, and there’s often a daily “breakfast check”: if you don’t show up for breakfast or say “hello” to staff by 10 a.m., a staff member or neighbor comes to your home to see how you’re doing.
Loosely speaking, Life Plan Communities are like CPF LIFE on steroids. Instead of merely assuring a particular monetary outcome for life, they assure a particular lifestyle outcome for life, for you and for your significant other.
It seems like this could work really well in Singapore. CPF would be really well aligned with both the entry fee and the monthly charge, and there’s also often a lot of home equity available for an entry fee — or children could pitch in, enjoy a HDB unit in a mature estate without having to wait for a BTO in the “wrong” area, while their elders are completely cared for, for life, and in style.
Has something like this been tried yet? Does it exist? Would it work here, or would it need to be adapted?