Woodlands Retirement Community is unique in that it is the region’s only LifeCare community. As a LifeCare community, we are different from other
Continuing Care Retirement Communities in that we offer the ability to pay a larger initial entrance fee, which is partially tax deductible,
in exchange for highly reduced costs on assisted living and memory support that may be needed in the future. LifeCare
essentially works like an insurance product, guaranteeing access to advanced health care services, when you need them, at a controlled and
substantially-reduced price. Best of all, with LifeCare, you have security in knowing that you will always have a home at Woodlands, surrounded
by friends and staff who care about you, even if you outlive your financial resources. That’s peace of mind at its finest..
Facts about LifeCare:
- LifeCare is an excellent estate conservation device. It eliminates worry of outliving financial resources.
- LifeCare affords residents predictable health care costs in the future and can replace or be a supplement to any long term care insurance you
- When and if Assisted Living or Memory Support services are needed and used, LifeCare applies a substantially reduced rate for those
services, always making the monthly rate for a standard Assisted Living or Memory Support unit comparable to that of a one-bedroom,
independent living unit (currently $2,779 per month). That price is a welcome alternative to the cost of those same services on a fee for
service basis, which can easily exceed $8,000 per month (for nursing care).
- Residents are eligible for a one-time medical tax deduction in the year in which the balance of the Entrance Fee is paid when moving in. Consult your tax advisor.
- Independent living residents participate in ongoing eligibility for a medical tax deduction based on the monthly fee for each month of residency
each year. All medical tax deductions are dependent upon your actual income for the deduction. Consult your tax advisor.