myLifeSite Launches Web-based Financial Tool for Life Plan Communities

myLifeSite Launches Web-based Financial Tool for Life Plan Communities

Raleigh, NC, June 20, 2019 –(PR.com)– myLifeSite, a Raleigh, North Carolina-based company that develops online planning tools and resources to help seniors make informed choices about retirement living, has unveiled a new resource that will make it easier for life plan community prospects to examine the affordability of a community.

MoneyGauge is a proprietary online financial tool developed by myLifeSite, which will be offered through the websites of life plan communities (also known as continuing care retirement communities [CCRCs]). Once integrated onto a CCRC’s website, MoneyGauge will help the CCRC’s potential residents know earlier in their research process whether the retirement community may be a good financial fit.

Financial considerations are an important part of retirees’ decision process when choosing a life plan community.

“Oftentimes, seniors may not want to spend the time and effort meeting with the sales team of a CCRC until they have a basic understanding of whether the community is within their budget over the long-term,” explains Brad Breeding, co-founder and president of myLifeSite. “In fact, since most life plan communities do a financial evaluation early in the sales cycles, some potential residents may even have a fear of ‘rejection,’ so to speak.”

With MoneyGauge, prospective residents who visit a CCRC’s website can learn within two minutes whether they potentially have the financial means to live within that community. Furthermore, MoneyGauge provides an indication of which type of residential option within the community may be the best match; i.e. one-bedroom, two-bedroom, villa, etc.

“MoneyGauge offers prospects a preliminary financial matching assessment,” Breeding continues, “and this type of affordability overview is a great starting point for further a more in-depth conversation with the CCRC sales staff.”

How MoneyGauge works

Host life plan communities contract with myLifeSite to offer the MoneyGauge tool on their community’s website. When a potential resident visits the CCRC’s website and completes six basic questions about their finances, MoneyGauge runs calculations that incorporate the host community’s pricing, along with hypothetical assumptions such as growth rates, inflation rates, life expectancy, years of care, and more. The user is then shown which type of residential options may be a good fit financially.

Just as it is helpful for the potential resident to learn about affordability earlier in their research process, it also is helpful to the CCRC’s staff. “Offering MoneyGauge on the community’s website allows the sales staff to work more efficiently,” says Breeding. “It helps them identify and connect with those who are a good match financially.”

Adding the MoneyGauge tool also increases website engagement and cultivates new potential residents. Breeding continues: “Ultimately, from the perspective of the users, who are typically prospective residents, it’s a great value-add tool.”

Visit myLifeSite to learn more about its retirement living tools and resources, including MoneyGauge.

Published at Thu, 20 Jun 2019 07:00:00 +0000