When searching for a retirement community, you’ll likely begin learning about new healthcare options and contract options. You may come across some new terminology in these contracts that will be important to fully understand while planning for your future. Although many of the contract options at Continuing Care Retirement Communities (CCRCs) operate similarly, in this blog, we will discuss options that specifically relate to Woodlands, Huntington’s premier CCRC.
One of the many reasons that seniors choose CCRCs is for the continuum of healthcare services that they offer. A continuum of care provides seniors with peace of mind and a sense of security, knowing that they will have access to the healthcare services they may need one day. At Woodlands, our continuum of healthcare services includes assisted living, memory support and respite care, all on-site.
This continuum is made possible by the Life Care contract option at Woodlands. The Life Care contract is the most comprehensive option available because it covers all of your future healthcare costs – for life. With a Life Care contract, you never need to worry about your monthly fee going up if you need assisted living, skilled nursing, memory care or rehab. Furthermore, what really sets Woodlands apart is that Woodlands is the only community in West Virginia to offer a comprehensive Life Care contract.
What’s an entrance fee, and what does it cover?
Once you become a resident at Woodlands, you’ll pay a one-time entrance fee and a recurring monthly service fee. The monthly service fee covers the cost of your monthly service package, which includes amenities, services, community maintenance, programming, etc.
By contrast, the entrance fee covers the cost of your updated apartment home and is directly related to the floor plan and the size of the residence that you select. For example, moving into larger residence at Woodlands requires a larger entrance fee.
Furthermore, all Life Care contracts are comprehensive plans that cover all future healthcare costs. This type of contract is comparable to a long-term care insurance plan because it offers a secure, financially stable future. While other contract arrangements may allow you to preserve more of your assets, other options introduce a fair amount of financial risk depending on the care that you may need in the future. A Life Care contract completely removes that risk.
Benefits of Life Care for today and tomorrow
As mentioned above, the entrance fee covers the cost of the apartment home or cottage you choose and, depending on the contract you select, future healthcare services. With a Life Care contract, this fee is classified as a healthcare cost, so it is eligible for a one-time medical tax deduction. The monthly service fee is also considered a medical tax deduction, saving you money year after year. Considering these potential deductions, be sure to consult your tax advisor for how they could personally benefit you.
A Life Care contract and entrance fee will also give you financial security, peace of mind for the future and an independent lifestyle in a welcoming community. You’ll be able to continue your active lifestyle, with more time to spend on the things you love, thanks to the maintenance-free lifestyle. You will no longer have to worry about the unexpected costs associated with home ownership, and you’ll feel at home with friends, family and expert, caring staff.
Without the uncertainty of future cost and availability of long-term care, you are free to enjoy your retirement, and your family will be worry-free, too. For more information on the contract options at Woodlands, including Life Care, give us a call at 304-697-1620, or visit us online to receive your free information kit.