The Financial Benefits of a Lifecare Community

Apr 16, 2024

If you’re over the age of 55, there are two questions you should be asking: what is a life care community and is it right for me? You might think it’s too soon but it’s never too early to start planning for the future (especially when most in-demand communities have waiting lists).

Of course, you might be thinking “what’s wrong with staying at home?” Absolutely nothing—as long as the three common scenarios discussed in this video don’t play out:

Talk to one of our counselors today by calling 773.433.1801 or by contacting us online.

More than anything, a life care community (also known as a life plan community) provides peace of mind. By paying a one-time, upfront entrance fee and predictable monthly service fees, you’re insuring that you have priority access to on-site assisted living, skilled nursing care, and memory support for life.

At The Admiral at the Lake, monthly service fees also cover a variety of services such as regular nutritious meals, interior and exterior maintenance, household utilities, housekeeping, scheduled transportation, and activities and events. This is all in addition to Lifecare benefits so you can continue to lead an enriching, vibrant lifestyle no matter what the future brings.

And in addition to the peace of mind a life plan community offers, there are also a lot of great financial benefits. As mentioned in the video, it takes all the guesswork out of planning for the cost of long-term care. It offers specific tax advantages and saves a single adult around $24,000 and a couple around $247,000. All this, and the assurance that you have a place to turn to for future care. This information is only an example and individual tax consequences may vary greatly. Please consult your financial advisor as to how this may impact your personal tax situation.

Questions about how a life plan community can work for you? We have the answers. Call us at 773.433.1801 or contact us online.

This blog post was edited for clarity on 11/22/2017 at 4:01 PM.