Understanding the Life Care Framework
The transition to a senior living community can offer more than the immediate benefits from amenities, services, and social events. It can also be a strategic move to secure long-term financial stability. The “Life Care” senior living community model, also known as a Type-A contract, is widely considered the most comprehensive option available.
What is Life Care?
Unlike fee-for-service models where costs fluctuate based on the level of care required, Life Care provides a seamless continuum of services within a single community at essentially the same cost as independent living. This model offers the peace of mind of an insurance policy, covering living expenses if a transition to higher levels of care becomes necessary.
The Core Components & Benefits of Life Care
The Life Care model offers many advantages, distinguishing it from traditional senior housing:
- Financial Predictability: Members pay an initial entrance fee and a consistent monthly service fee. In exchange, the community guarantees access to higher levels of care including assisted living, memory care, and skilled nursing at essentially the same monthly rate as independent living.
- A Full Continuum of Care: Services are delivered on a single campus meaning residents won’t have to move to an unfamiliar setting due to any health changes. This elimination of uncertainty regarding future health needs offers a major psychological benefit to residents and removes the burden of future crisis-management from family members. Access to on-site wellness clinics, care navigators, and emergency assistance ensures minor health issues are addressed before they become major complications.
- Asset Protection: Many Life Care contracts include refundable entrance fee options, allowing individuals to preserve their estate for their heirs while still securing their own future care.
- Tax Savings- A portion of the entrance and monthly service fees may be tax-deductible under Section 213 of the Internal Revenue Code.*
- Access to Resort-Style Living- The Life Care model at Friendship Village is designed to offer a high-end lifestyle for residents immediately. Resort-style amenities like bocce courts, fitness centers, and art studios are all accessible at the Chesterfield and Sunset Hills campuses.
A Proactive Approach to Aging
Choosing a Life Care community is a decision rooted in empowerment. It allows adults to trade the responsibilities of home maintenance and unknowns about the future for a vibrant, social environment, all while knowing their future care is fully secured.
As the only Life Care community in St. Louis, Missouri, Friendship Village has been a recognized leader in senior living for over four decades. Schedule a tour of Friendship Village to learn more.