Financial Benefits of Lifecare in Senior Living
If you’re starting to entertain the idea of moving into a retirement community, you may be surprised to discover that there’s an extraordinary variety in senior living options. With all those choices, how do you choose a desirable community that makes sense financially? The answer is actually quite simple. Choose a community that offers lifecare. Here’s why:
What Is Lifecare?
Lifecare is a contract offered by some, but not all, continuing care retirement communities (CCRCs). These communities, also called Life Plan Communities, are retirement communities that offer independent living and a continuum of care, which may include assisted living, memory support, and skilled nursing. In a CCRC, you have access to these higher levels of care if your health needs change.
The lifecare contract offered by some CCRCs provides significant additional advantages and guarantees. With a lifecare contract, you pay a one-time entrance fee and monthly fees in exchange for care for life. Although the entrance fee can add additional upfront expense, the long-term advantages of lifecare can make it more affordable overall. These advantages include:
- Priority access to long-term care. Should you experience health setbacks, you have guaranteed access to higher levels of care on the same campus. Rather than having to navigate a disruptive move to an unfamiliar community, you’ll know exactly where you’re going to receive care and who will provide it.
- Protection from rising health care costs. Your monthly fee won’t substantially change if you need higher levels of care. Costs are predictable, and lower than if you were to pay for care as you need it at the market rate.
- Lifelong care. In most nonprofit CCRCs, your entrance fee guarantees you care for life. That means that if your assets are depleted through no fault of your own, you’re able to remain in the community and receive the care you need.
- Refundable entrance fee. A percentage of the entrance fee will be returned to you, or your estate, upon leaving the community, protecting your estate for your heirs.
- Potential tax benefits. A portion of your fees may qualify as prepaid long-term care costs, which may be tax-deductible for seniors. Talk with your financial advisor to learn if you’re eligible for these tax benefits.
- Peace of mind. Lifecare offers a priceless gift. You enjoy all the pleasures of a retirement lifestyle in a community you love, secure in the knowledge that you have care for life and that your legacy is protected.
Lifecare at Legacy Pointe at UCF
Looking for a beautiful community where you can enjoy the perks of an amenity-rich lifestyle and the peace of mind of a lifecare contract? At Legacy Pointe at UCF, you’ll have found what you’re looking for. We’re a not-for-profit lifecare retirement community, offering lifecare contracts with multiple refundability options. What’s more, our well-appointed residences, multiple dining venues, and affiliation with UCF make us a dynamic choice in senior living, with leading-edge health services should you need them. Contact us to learn more lifecare at Legacy Pointe at UCF.