Understanding the Value of LifeCare

Community Life, Resources

lifecare

Offered by some, but not all Life Plan Communities or continuing care retirement communities (CCRCs), LifeCare is a type of residency contract that comes with significant benefits. As its name implies, LifeCare guarantees you’ll have unlimited, lifetime priority access to all levels of care on the community’s campus with little or no change to your monthly fee and without having to leave the community you’ve come to call home. At Edgewood, these levels of care include assisted living, short-term rehabilitation, long-term skilled nursing care, and memory support. LifeCare is also a great way to protect your assets and your legacy.

Below are some questions frequently asked about LifeCare:

What is the benefit of planning for health care with LifeCare?

Planning for health care with LifeCare gives you and your family peace of mind in several important ways. First, since you’re choosing how and where you’ll receive future care, your family will never be faced with having to find care for you in a crisis. Second, a LifeCare contract provides predictability of expenses, regardless of future health care needs. And, if your financial circumstances change through no fault of your own, LifeCare at Edgewood guarantees you’ll be able to remain in the community and receive the care you need for life.

How does LifeCare protect my financial assets?

LifeCare provides a way to protect your assets through predictable monthly expenses and a refundable entrance fee.

  • Predictable Monthly Expense: You’ll pay a predictable monthly fee that covers guaranteed residency at the community, your meal plan, amenities and activities, maintenance, most utilities, and on-campus healthcare services. There are no surprise expenses and the monthly rate for services remains stable regardless of the level of care you need. This gives you a level of protection from the ever-rising cost of health care. Plus, you may realize certain tax advantages.*
  • Refundable Entrance Fee: A partially refundable entrance fee is a promise of a refund for a specific percentage of the entrance fee you pay that will be returned when you leave the community. For example, with Edgewood’s Return of Capital Plan, 90% of your entrance fee will be refunded to you or your estate when you leave the community, regardless of the length of your residency.

Does every retirement community offer LifeCare?

No. While all Life Plan Communities and CCRCs offer a continuum of care, not all offer a LifeCare contract. In fact, Edgewood is the Merrimack Valley’s only LifeCare community, providing guaranteed access to our full continuum of care for life, with rates that remain stable and with no surprise expenses.

To learn more about the value of LifeCare and Edgewood’s Return of Capital Plan, call us at 978-725-3300 or download our LifeCare booklet.

*The IRS has previously allowed a portion of the entrance fee and monthly fees to be deducted as pre-paid medical expenses. Consult your tax advisor for guidance and information about your situation.