When you start to consider how the numbers add up for a Life Care community, you’ve got two costs to consider, and even more financial gains.
Let’s start with the upfront buy-in fee. The amount of the fee depends on your floor plan, services, and the Life Care contract you choose. It’s the buy-in fee that makes the Life Care guarantee with Brookdale possible.*
The other cost is the monthly service fee, which is based on the type of accommodations and level of care.
With Life Care, you gain substantial health, financial and lifestyle benefits.
Most important in that list is the Life Care guarantee. This unique benefit guarantees that even if your financial resources are eventually exhausted due to no fault of your own you’ll still have the care you need.*
Depending on the plan you select, you may benefit from significant savings in assisted living, memory care and skilled nursing costs because your buy-in fee invests in your future. Brookdale offers plans that provide for a defined number of free days or that provide for care at a discounted monthly cost.***
A Life Care contract also takes care of the portion of your estate planning that would address funding your long-term care needs. Plus, you may choose a refundable contract that returns a portion of your buy-in fee to your designated beneficiary after you pass away.
You can count on us to deliver on our commitments to our Life Care residents as we continue to build upon our over 30-year heritage of fulfilling our obligations.
Additional health benefits include the assurance that, with multiple levels of care in one location, in most cases, you won’t have to change communities even if your health needs change over time.
And let’s not forget the day-to-day benefits of living in a Life Care community. With amenities such as a swimming pool, fitness center, beauty salon and exciting life-long learning programs and social events, many of our Life Care residents compare their communities to a cruise ship without water — it’s really that much fun!
Choosing a Life Care community paves the way to the good life, to the retirement you always imagined today, plus stability for changing needs tomorrow.
*The Life Care guarantee is subject to the terms and conditions of the Residency Contract.
**This option is subject to availability at the Life Care community.
***Available care levels vary by community.
Check out these three additional topics to a gain deeper financial understanding about Life Care.
Every great investment often starts with a down payment. Whether it’s to purchase your favorite home or to fund a retirement account, sometimes it pays to put money down.
Think of your Life Care* entrance fee as just that — a down payment on your future.
Your entrance fee allows you access to the priceless benefit of receiving care throughout the length of your lifetime,* along with potentially saving thousands of dollars with a defined number of free or discounted healthcare days or a discounted monthly rate in our healthcare settings, depending on the plan you choose.
But how do you pay for it? The truth is you don’t need to be made of money to cover the cost. You have many resources right at your fingertips.
Home Sale — For years you’ve been building equity in your home. Cashing that out could be a great way to cover the entry fee. This is a very popular option, as many of our residents are already planning on selling their home before they move to a Life Care community.
You’ll essentially be transferring funds from one great investment to another. You enjoyed many perks of homeownership, but just think of what you’ll enjoy at a Life Care community: a beautiful apartment without any maintenance or worries, wonderful food available to you every day, a gorgeous campus and plenty of other amenities right outside your door.
Personal Investments — Whether it’s funds from stock holdings, a 401(K) plan or Individual Retirement Account (IRA), these assets can propel you toward move-in day at a Life Care community. You worked hard to build up your savings and investments for just this moment. This is what you’ve been working your whole life for.
If you’ve steadily been saving up for your retirement, then your hard work is about to pay off, because a little planning goes a long way in regards to the monthly Life Care* fee.
The amount of the monthly fee might not be much different, if at all, from what your current monthly spending is.
Consider some or all of your current expenses:
Don’t forget all those other expenses that you don’t deal with often, like property taxes, homeowner’s insurance and maintenance on your home. These can quickly add up.
At a Life Care community, those expenses fall under your monthly service fee. The money you’re currently paying for those expenses will go directly to your monthly Life Care budget. Plus, your monthly Life Care fee also includes additional perks that you might not already be enjoying, such as an expansive on-site pool, laundry and housekeeping services.
If you need extra funds to cover the rest of your fee, the sale of a home can often pay for both the entrance fee and future monthly fees. You can also use any pension or retirement payments you’ll be receiving, either through government or private programs.
What Can Influence Your Monthly Cost
As you consider your budget, keep in mind that you do have some flexibility and control over your Life Care monthly fee. Certain selections or choices can increase or decrease that final total, which can help you stay within a certain budget.
The type of Life Care community you choose for instance can have a significant impact on your bottom line, as well as the kind of living accommodations you select. (You’ll pay more for a 1,600-square-foot, villa-style abode with a private garage and massive master suite than for a more modest one-bedroom floor plan with 1,000-square feet.)
Life Care contracts are another influencer on your costs per month. Certain Life Care contracts provide for a discounted rate that is linked to the monthly service fee for your apartment or another style of independent living apartment, so you won’t need to budget for a significant increase in monthly fees if you switch levels of care or need more care services. Other contracts use a pay-as-you-go method. If you choose these, your monthly fee will change over time to reflect any changes in care and can affect your budget in the long term. Learn more about Life Care Contracts and the financial implications.
At our Life Care communities we give you choices, which is perfect for your lifestyle and your wallet.
If you want to hone in on specific costs, and talk through options at specific communities, contact us today. We’d love to help.
A common misconception about Life Care is that there’s no refund policy for entrance fees. People are often afraid they’ll have to pay a large sum of money without the comfort that the entrance fee will be refundable.
In most cases, a considerable portion of the entry fee is refundable. If your stay with us ends up shorter than expected, then you or your estate can often get a percentage of that refund amount back to use.
The refund policy details are settled before you ever move into a community and are outlined in your Life Care contract. Policies differ among Life Care communities, but typically there are a variety of options available.
Your refund amount might be a set percentage of the total entrance fee. It could be based on a monthly reduction that’s determined by the length of your stay. Or it could be a combination of the two. This flexibility means that you can find the one that best fits your needs. A representative from your Life Care community can help explain your specific options in more detail.
Don’t let stress or worry hinder your decision about Life Care. You deserve to feel confident about your financial investment, and a refundable entrance fee can help do that.