Senior Resources Housing 2017-18 Directory

L IFE C ARE P ROGRAMS

T

he term Life Care is used to specify a unique type of contract offered by certain Continuing Care Retirement Communities. The Life Care contract removes the full financial liability for the cost of long term care in a per- son’s later years. It accom- plishes this by guaranteeing to provide, at substantially reduced additional cost, whatever future long term care may be needed. In retirement communities offering a Life Care contract, there is only one set of fees that covers the continuum of services provided. The Life Care concept pools the finan- cial resources of the residents to provide for the financial security of all. The idea behind Life Care contracts is the concept of insurance. It says: If it turns out that I never need the expensive nursing home care, I’ll have financially helped the other residents of my retirement community who do or will need care. On the other hand, if I need care- or my spouse does- the other residents of my retirement community will help me to prolong my

not universally true, entrance fees are typically not refund- able beyond a limited num- ber of years specified in the contracts. The contracts spec- ify that independent apart- ment living and long term care will be in the Retirement Community’s facilities. So if a person would want to relo- cate, Life Care would proba- bly not be the contract of choice. Life Care contracts may not be for everyone. But everyone should be aware that there is a difference between Life Care contracts and other continuing care contracts.

financial security.

Residents with Life Care contracts enjoy the full amenities, services and quality lifestyle found in Retirement Communities but with added peace of mind, because their finan- cial assets are protected from the huge expense of any long term care that may become necessary in later years. This protection means it is virtually impos- sible to exhaust financial resources to the point of needing public assistance to pay for nursing home care. Also, because of the nature of a Life Care con- tract, the IRS allows a sub- stantial portion of the entrance fee and portions of monthly fees to be taken as income tax deductions for medical expenses. Life Care contracts typi- cally require an entrance fee that will vary with the type of apartment and the number of persons moving into the apartment. While

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