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, which is typically in the range of $150,000 to $300,000 — depending on such things as 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 averages $2,500 to $3,500, depending on the type of accommodations and level of care. While the monthly fee may vary slightly from year to year, your community may agree to cap increases. Brookdale voluntarily caps annual increases at the consumer price index plus two percent at most of its Life Care CCRCs.
But don’t let the sticker shock deter you; the reality is you also gain substantial health, financial and lifestyle benefits in choosing a Life Care community.
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.
You’ll also benefit from significant savings in healthcare costs because your buy-in fee invests in your future, allowing you to receive more care when you need it at a lower monthly cost.
But the benefits don’t end there. The IRS considers Life Care to be a pre-paid medical expense, so tax deductions are often available for portions of the buy-in fee and monthly service fee — typically up to 40 percent. You should consult with your tax advisor for more details.
A Life Care contract also takes care of the portion of your estate planning that would address funding your healthcare needs. Plus, you may choose a refundable contract that returns a portion (up to 90 percent) 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.