If you’ve started to do any research into Life Plan communities, you’ve probably come across many terms: Life Care. Continuum of care. Levels of care. Benefits of Life Care.
That’s a lot of care. Is “care” what this is all about?
Well, not exactly, but you’d be forgiven if you think that. After all, one big benefit of choosing a Life Plan Community with Life Care is the guaranteed care.
But let’s back up for a minute and take a look at the bigger picture. Because care isn’t the sole benefit you should know about.
It’s important to learn what a Life Plan Community is, what Life Care offers you, and why a senior living community is a great financial and lifestyle choice for active older adults like you. Once you understand the benefits, your next move might be to learn more about how to become a resident.
A Life Plan Community literally describes what these types of communities offer: A community that provides older adults with a smart plan, for the rest of their lives. Here’s how it works:
The advantage of choosing a Life Plan Community is that both you and your spouse are able to live the rest of your lives at the same community without an additional move away from the community. And you’re in control: No one has to make decisions for you during a health crisis.
However, there are some disadvantages to choosing a Life Plan Community that doesn’t also offer Life Care — and to be clear, Friendship Village does offer a Life Care contract. One disadvantage is that while you will have access to higher levels of care, you may not have guaranteed priority access. That means if a nonresident (someone from outside the community) needs a particular level of care, they may get the last assisted living or skilled nursing room or bed available, not you.
Another disadvantage is you may pay much more per month for each level of care than you pay in independent living. Sometimes there may be discounts for residents or a set number of days that are covered per year, but typically you’ll pay for all additional care out of your own pocket.
Many people think Life Care is a type of community, but it’s actually a type of financial contract a Life Plan Community offers. This is how a Life Care contract works.
Life Care offers several advantages, primarily that you know you have care for life, with little to no increases in your monthly service fee. You receive the care you need when you need it, in the community you call home, from trusted professionals who treat you like family.
Another advantage is that you may also qualify for a tax deduction on monthly fees, because they’re recognized as a charge or prepayment for future health care services. Consult with your trusted tax advisor on any possible deductions you may be able to receive.
One perceived disadvantage is that with a Life Care contract, you pay up front for care you may not need. However, One government study showed 70% of people over 65 will need long-term care sometime in their lives.
There are two very big benefits behind choosing a Life Care contract at a Life Plan Community:
These reasons help explain why Life Care is considered the gold standard of contracts. And in St. Louis, the only senior living communities offering Life Care are Friendship Village in Chesterfield and Sunset Hills.
We invite you to learn more about Life Care at Friendship Village. Contact us at 314-730-3902 for Friendship Village Sunset Hills or 636-255-8281 for Friendship Village Chesterfield. Or complete this short form, and we’ll be in touch!