5 Things To Know When Paying for a Life Care Community

Life Care communities provide unparalleled peace of mind to seniors. They offer you access to available advanced care options as you age and as your needs change. Often when you choose a Life Care Community, you can age in place and rely on predictable costs.

Perhaps Life Care appeals to you, but you have questions about how it works financially. This guide will get you up to speed.

1. An Entry Fee Is Paid Upfront.

Consumers will encounter three different types of contracts at Continuing Care Retirement Community (CCRC). The Highlands at Wyomissing® offers a Life Care contract (Type A) or a Modified contract (Type B). With both, you will pay an entrance fee before moving into the community.

Nationally, the average Life Care entrance fee costs $300,000. This initial payment allows you to enjoy lower monthly expenses. It also gives you access to available care throughout your life without market rate fluctuations. In many cases, your entrance fee also contributes to long-term improvements to the community.

Many seniors sell their homes and put these funds toward this fee, but there are other financing options. Commonly, residents use savings, funds from a pension, or investment income.

Some lesser-known methods of financing are:

• Bridge financing: a loan that can bridge the gap between the sale of a home and a move into a CCRC
• Long-term care insurance: payments that can cover costs of Assisted Living, Skilled Nursing Care or Memory Support.
• Medicare: government health insurance that can cover some healthcare services provided at a CCRC

2. Monthly Fees Will Not Increase Depending on Your Level of Care.

After you pay your entry fee, you will have access to a residence, services, amenities, and health care. Under a Type A Contract, these reliable benefits will be available at the same monthly service fee, regardless of the level of care that you require. This provides you with stable expectations and the ability to plan well into the future.

The continuum of care at Highlands includes Residential Living, Personal Care, Skilled Nursing, Short-Term Rehabilitation, Home Care, Physician Services and Memory Support. 

3. You or Your Family Can Receive Repayment if You Move or Pass Away.  

An entrance fee is a significant investment. While Life Care provides a profound sense of security, you might wonder how this one-time payment will affect your estate. Most CCRCs provide some repayment of funds in certain qualifying circumstances.

4.Fees Provide You With a Wide Variety of Services and Amenities.

At The Highlands at Wyomissing, you not only will receive excellent care, but you’ll also have the opportunity to continue an active, engaged lifestyle. Our goal is to help you to live as independently as you desire and to maintain your health and happiness.

Services and amenities at The Highlands include:

• Transportation
• Home maintenance
• Housekeeping
• Concierge services
• Three distinct dining options
• Community garden
• Paint and art studio
• Events, activities and seminars

Regardless of the level of care you are receiving at The Highlands at Wyomissing, you can expect a maintenance-free life that allows for the time and space to explore interests and new connections.

5. A Financial Advisor Can Help You Understand Your Options.

This decision can be difficult, and everyone has unique circumstances to consider when choosing a Life Care Community.

To ensure you are headed in the right direction, schedule an appointment with a Certified Financial Planner®. These professionals specialize in financial planning for older adults and will help you consider all your options.

A financial advisor focused on elder care can inform you of applicable tax incentives, educate you on possible financing options, and help you to create a list of questions to ask a prospective Continuing Care Retirement Community. This consultation could provide you with the extra assurance you need to move forward into a Life Care Community.

Senior Lives Are Enhanced at The Highlands

The Highlands at Wyomissing is a not-for-profit Life Care Community in beautiful Wyomissing, Pennsylvania. We offer Type A & B contracts covering Residential Living, Personal Care, Skilled Nursing, Short-Term Rehabilitation, Home Care, Physician Services and Memory Support. Come visit our vibrant campus and see what we provide.