← Back to Blog

The Financial Benefits of Life Care

Happy senior woman tracking her expenses

After decades spent working and raising a family, having the freedom to spend your days however you like is enticing. As you plan for retirement, it’s easy to spend most of your time focusing on lifestyle. That’s especially true when it comes to selecting a retirement community. While it’s important to find one that offers the services and amenities that are most essential to you, it’s also important to consider your financial future. A Life Plan Community that offers a Life Care contract  is an option that takes both into account.

What Is the Value of Having Life Care? 

Life Plan Communities,  also known as continuing care retirement communities (CCRCs), are a thoughtfully designed senior living option. In addition to maintenance-free living and  a wide range of services and amenities, they offer residents priority access to a full continuum of on-site long-term care.

Seniors often move to Life Plan Communities when they’re independent and active. It’s the lifestyle and freedom that attracts them. Here you  can be as busy as you choose each day, whether it’s traveling, mastering a new hobby, or volunteering for a favorite charity.

If, as you age, your needs for assistance change, it will become  apparent just how much Life Care has to offer. You can  transition from one level of care to another without having to move to another community again.If you have knee replacement surgery, you can continue the rehabilitation started in the hospital right on campus. If you find you need daily help with a few activities of daily living, you can access our assisted living services. Even if you’re someday diagnosed with dementia, you’ll have top-quality memory care right here at Freedom Plaza, be surrounded by staff members you know and trust, and remain close to your friends and neighbors within the community.  on the same campus allows them to keep on living their best quality of life. If you have  knee replacement surgery, you  can continue the rehabilitation started in the hospital right on campus.

The Financial Benefits of Life Care

Life Plan Communities  also offer another type of confidence about the future: financial security. If you suffer a financial setback through no fault of your own or outlive  your assets, you’ll still be able to call the community home. You’ll never be asked to leave.

Here are a few more financial advantages of choosing Life Care:

  • Predictable costs for the future: Choosing to retire at a community like Freedom Plaza means you’ll have predictable expenses for the future. Custom living plans enable  you  to transition to different levels of care with little to no increase in price.
  • Flexible fee structure: Through Freedom Plaza’s Flex Your Future program, you can choose how much of your entrance fee to pay up front, then select a timeline for paying the remainder of it. This commitment to cost-effective Life Plan Community living  is an especially popular option for younger retirees.
  • Tax deductions for those who qualify: While this is an issue you’ll need to discuss with a qualified financial planner, you  might be able to take a tax deduction for a portion of your Life Care expenses. The Internal Revenue Service (IRS) determined that a portion of your entrance fee and/or monthly fee is deductible on your federal income return. For tax purposes, it qualifies as prepayment of medical expenses. Be sure to talk with a tax preparer with experience in senior living about this potential deduction.
  • Amenities and services are included: You’ll discover  a variety of wellness programs to take advantage of from the day they move in. From yoga and walking programs to personal training classes, wellness is a priority. Seniors also benefit from nutritious meals prepared using the freshest seasonal ingredients, as well as an abundance of opportunities for socializing. It’s a lifestyle that nurtures body, mind, and spirit, and the costs are already included in your fees.
  • Entrance fee refundability: One concern you may share with some seniors who are considering moving to a community with an entrance fee is whether any of it will be refunded to your heirs. At Freedom Plaza, we have senior living contracts that can accommodate that request; a team member will be happy to explain how it works.

Finally, there are the benefits you can’t put a price on. That includes the stability and confidence you gain  knowing you’ve  made an informed decision about your future. By choosing a Life Plan Community, , you’ll have certainty about your health, happiness and financial well-being.

Schedule a Personal Visit to Freedom Plaza

The perks of Freedom Plaza are too numerous to list, from a pet-friendly campus to a host of resort-like amenities. The best way to learn more is to visit in person. Contact us to schedule a time at your convenience!