As a Continuing Care Retirement Community (CCRC), Woodlands offers amenities that inspire an independent and comfortable lifestyle, plus the peace of mind of future care if needed. At Woodlands, one way to enjoy that peace of mind is with a LifeCare contract. You may have heard about LifeCare contracts, so here is a quick overview.
What is a LifeCare contract?
A LifeCare contract ensures that the resident’s monthly service fee does not increase if he or she needs a higher level of care. The resident pays a higher entrance fee to the community in exchange for the financial security and assurances that come with a LifeCare contract.
Like insurance…but with a wonderful place to live
A LifeCare contract has some similarities to a long-term insurance plan, but unlike an insurance policy that may have caps, deductibles or an expiration, a LifeCare contract provides you more control – and lets you live at the CCRC where you will receive all the care you may need, including assisted living and memory support.
Another flexibility that LifeCare contracts allow is that you can use one to supplement or replace an existing long-term care policy. One trait that long-term insurance policies and LifeCare contracts share is that not everyone will qualify, but it’s worth it to find out your eligibility for each of them as it relates to the retirement lifestyle you choose.
What is the best part of a LifeCare contract at a CCRC instead of just an insurance policy? At a CCRC like Woodlands, you get to enjoy all the wonderful amenities of an active and maintenance-free lifestyle!
LifeCare contracts offer financial protection
At their core, LifeCare contracts keep your expenses stable and steady, and also function as excellent estate conservation devices. Some LifeCare arrangements allow for partial refunds of the community’s entrance fee back to you or your estate if you move out within a certain timeframe.
At a CCRC with LifeCare, even if you outlive your financial resources, you will always have a home at the community, and you will still receive all the care you need. With a LifeCare contract, the community will provide you with the care you need, all at a controlled and drastically reduced rate compared to a fee-for-service (or “pay-as-needed”) arrangement, which is more like an “a la carte” option for healthcare.
Tax-related financial advantages also are associated with LifeCare contracts at CCRCs like Woodlands. The IRS allows a portion of your entrance fee into the CCRC and a portion of your monthly service fee at the CCRC to qualify as deductions to your income. In some cases, this can effectively reduce your tax liability to zero!
If you’d like more specific details about the LifeCare contract options at Woodlands and how one would work in concert with your ideal senior living lifestyle, feel free to contact us! We have all the information to provide personalized answers, and we’re happy to answer any questions you have.
Woodlands Retirement Community is the Huntington tri-state region’s only LifeCare Community where you can move in starting at age 55. For more information on the services, amenities and lifestyle offered at Woodlands Retirement Community, call us today at 304-697-1620, or click here for your free info kit!