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How to Pay for Life Care
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. That amount will depend on certain factors such as the floor plan, services, and the Life Care contract you choose. However, 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.
*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.
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? Here are a couple options to consider:
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.
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.
Are Entry Fees Refundable?
In many cases, a 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.
*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.
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? Here are a couple options to consider:
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.
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.
Are Entry Fees Refundable?
In many cases, a 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.
*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.
The amount of the monthly fee might not be much different, if at all, from what your current monthly spending is. If you add up all the money you pay for household expenses like a mortgage, groceries, utility bills, lawn care, property taxes etc. You may be surprised how close that number is to what you might pay at a community.
Plus, your monthly fee also includes additional perks that you might not already be enjoying, such as an expansive on-site pool, laundry and housekeeping services.
What Can Influence Your Monthly Cost
Certain selections or choices can increase or decrease your costs at a community.
The kind of living accommodations you select, for example, can have a significant impact on your bottom line. 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 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.
The amount of the monthly fee might not be much different, if at all, from what your current monthly spending is. If you add up all the money you pay for household expenses like a mortgage, groceries, utility bills, lawn care, property taxes etc. You may be surprised how close that number is to what you might pay at a community.
Plus, your monthly fee also includes additional perks that you might not already be enjoying, such as an expansive on-site pool, laundry and housekeeping services.
What Can Influence Your Monthly Cost
Certain selections or choices can increase or decrease your costs at a community.
The kind of living accommodations you select, for example, can have a significant impact on your bottom line. 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 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.