A Life Care contract can bring comfort to you and your family during your retirement years. No matter what your current health or financial situation looks like now, a Life Care community gives you the security of knowing that your future health care needs are provided for today. But is this type of community really right for you? Read on to learn more about Life Care and the senior living options available to you at Friendship Village of Bloomington.
What is Life Care?
Friendship Village of Bloomington is a continuing care retirement community (CCRC) that offers Life Care. Life Care is a way for seniors to plan for future healthcare needs ahead of time. With Life Care, a current resident can take advantage of community life perks, health services and everything else our community has to offer by paying an initial entrance fee and a service fee each month that will be determined based on the contract type chosen.
Why Should I Consider a Life Care Community?
There are many benefits of a Life Care community. For those who wish to have greater control over both their finances and care needs as they age, a Life Care agreement offers exceptional stability and the comfort of knowing where and how future care needs will be met, as well as how they will be paid for.
Key Pieces of a Life Care Agreement
Understanding the terms and conditions of a Life Care contract can help give you a comprehensive understanding of what to expect when planning for retirement. Here are some of the terms you may see in your contract.
Entrance Fees
In most scenarios, a Life Care community requires a partially refundable entrance fee that serves as an investment in your long-term health. Entrance fees vary greatly depending on the type of contract you sign up for. However, these fees all serve the similar purpose of covering community expenses and your lifetime care package. Entrance fees range from $40,000 to upwards of $2 million. According to AARP, the average entrance fee for such a community in 2022 was $402,000.
Monthly Fees
Monthly fees give you ongoing access to on-site services and amenities like maintenance, security and some included meals. The fee is determined based on your contract type, which could either remain the same or vary depending on your care needs. While most of a resident’s services and amenities will be included in this monthly fee, additional fees may be required for premium services at locations like salons and spas, reserved parking spaces or other perks above and beyond basic arrangements.
To determine what is covered by your Life Care agreement, be sure to ask questions during your community tour. This will give you a better understanding of what’s included.
How to Determine the Best Life Care Option for You
Your individual situation will decide whether or not a Life Care contract is right for you. Consider the following questions when making your decision:
- Do I want the comfort and stability of knowing that my future care needs are accounted for today?
- Do I require additional assistance now or will I likely require additional care in the future? (70% of seniors will need some form of long-term care in their lifetimes)
- Does my family or healthcare professional recommend a certain senior living situation for me?
These are just a few of the important questions you’ll want to ask yourself before you make a decision. You will also want to discuss your plans with your family as well as your health care provider to ensure all of your needs will be met by your community.
Learn More About Friendship Village of Bloomington
While we hope you’ve found this guide helpful, we understand that choosing the best Life Care option for you or a loved one can seem challenging at first. That’s why we’re available to speak with you if you need more information about the supportive and energizing lifestyle we offer.
We would also like to extend a warm invitation for you to visit us in person. When taking a tour of our community, you’ll be able to see for yourself why so many people choose to call Friendship Village home.
