Deciding to enter a senior living community can bring up a lot of feelings; however, concern for the future shouldn’t be one of them. With a LifeCare community, future planning does not need to cause undue stress.
At The Farms at Bailey Station, our goal is to help residents understand their options for the future, should their care needs change. Let’s talk about how LifeCare communities can help seniors plan for the future with confidence.
What is a LifeCare Community?
As we age, we can’t always predict what level of care we’ll need in the future. That idea is challenging, especially when considering that different levels of care could depend on where someone relocates.
Today, many senior living communities are continuing care retirement communities (CCRC), also known as Life Plan Communities, which means they offer a full continuum of care in one location. These typically include independent living, assisted living, memory care, and skilled nursing. However, as you move from one level of care to the next, prices tend to change, meaning monthly payments could increase.
LifeCare communities give you or your family peace of mind that you’ll be taken care of, no matter what obstacles you face in the years to come. The Farms at Bailey Station has exactly what you need when it comes to planning for this next step. Here are some of the benefits of comprehensive planning through a LifeCare contract.
5 Financial Advantages of LifeCare Community Planning
A LifeCare contract allows residents to pay a monthly fee that does not change drastically when moving from independent living to assisted living, memory care, or skilled nursing. Here are a few of the advantages of a LifeCare contract:
1. Safeguarding against escalating healthcare costs
The entrance fee model within a LifeCare community protects a resident from rising costs associated with healthcare.
2. Access to higher levels of care
A LifeCare community allows for access to higher levels of care at a more consistent monthly rate, regardless of increasing levels of care.
3. Protection against unpredictability
Because LifeCare communities bundle housing with access to higher levels of care for a stable monthly fee, they help protect residents from the financial unpredictability of aging—such as the potential need for assisted living, skilled nursing, or memory support.
4. Potential tax advantages
Due to the nature of the payment schedule, there are possible tax benefits from the monthly service fee.
5. Elimination of duplicate costs
Opting into the LifeCare community early on can reduce or eliminate multiple housing costs that residents incur when moving between different care levels.
Not only will each resident have access to premium amenities and services throughout the aging journey in a LifeCare community, but they will also have opportunities for social engagement, further supporting mental and physical wellness.
Comfort and Confidence Through LifeCare Planning
While a LifeCare community can provide numerous financial benefits, it can also provide emotional benefits for residents and their families, such as:
- Reducing caregiver stress for adult children or loved ones
- Ensuring proper medical attention with professional care
- Keeping control of the older adult’s future preferences and living arrangements
- Connecting to the community for emotional support during transitions
At The Farms at Bailey Station, we understand how important it is to feel comfortable in deciding this. Our residents rest easy knowing that they or their families don’t have to worry about when and where to find the proper care in the future.
Planned with Purpose: Future in a LifeCare Community
There are countless reasons why LifeCare for seniors represents the ideal next step in senior living planning. From feeling confident that they will have unlimited care access to financial stability over time, there are many reasons why a LifeCare contract is the right choice for older adults who want to join a senior living community.
There is peace of mind in knowing you or your loved one will be taken care of regardless of how their needs change. Interested in learning more about The Farms at Bailey Station and all that’s included in our LifeCare community? Contact us today for more information or to schedule a tour of our campus.