What is Life Care?

Rental CCRCs have a monthly fee, which can vary depending on your specific accommodations and care level. This payment may cover a majority of your living expenses—as you build your budget, account for things like utlities, property taxes, grocery bills and lawn care, all of which are typically included in your basic service rate. 

Life Care CCRCs charge an entrance fee that’s paid upfront. The amount depends largely on the floor plan, services and contract you choose. Many residents choose to fund the entrance fee with a portion of their investment portfolio or the sale of a home.

In addition to the entry fee, Life Care CCRCs have a monthly fee that’s based on factors like which accommodations and contract you have. The fee may vary from year to year depending on the level of care you need, but your community may agree to cap increases.

*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.

In many cases, a considerable portion of the entry fee can be refunded if your stay is shorter than expected. If that happens, you or your estate will generally get a percentage of the refund back.

Policies differ from community to community: your refund could be a set percentage based on the total entry fee amount, or it may be based on a monthly reduction that’s determined by how long you stay. It could potentially be a combination of the two.

Rest assured that no matter which community you choose to move into, the refund policies can be thoroughly outlined and settled before you sign on the dotted line. There aren't any surprises, so you can make the wise decision for you and your family.*

If you have questions about the policies of a specific community, get in touch with one of their representatives. They would be happy to help explain your specific options in more detail.

*The Life Care guarantee is subject to the terms & conditions of the Residency Contract.

The IRS considers Life Care to be a prepaid medical expense, so tax deductions are often available for portions of the upfront entry fee and monthly service fee — generally up to 40 percent of the fee. Deductions may vary state to state, so it’s wise to check with your personal tax advisor to learn more about your specific tax benefits.

Entering a Life Care community can also affect your estate planning. A Life Care contract takes care of the portion of your planning that would address funding your health care needs. The contract ensures your healthcare needs will be met even if you run out of money (through no fault of your own). You can also choose a refundable contract that returns a portion of your entrance fee to your designated beneficiary after you pass away.

*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.

With multiple levels of care in one location, you can rest assured as your health needs require more attention over time, you typically won’t have to change communities to receive it. You can stay in the community you choose, with the amenities, spaces and activities that are right for your lifestyle. 

Plus, with Life Care you know your medical needs are met—without you having to worry about how you’ll pay.

*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.