Q.It starts with long-term care.
What is that exactly?
- Assisted living.
- Memory care.
- Long-term nursing care.
- Rehab therapy is often needed as well.
No. Not all communities for independent senior living are staffed or equipped to provide care if it’s needed. Choosing a community with no care option means you may have to move somewhere else later on.
Not necessarily. Life Care is a financial agreement for how you receive and pay for long-term care services. With Life Care, you pay an entrance fee and a monthly fee. But you’re likely to save significantly in the long run — your rate is predetermined, and substantially discounted below market rates for care. Your monthly fee won’t increase significantly if you need care. In a community without Life Care, you’ll pay a higher rate for long-term care at the time you need it and your monthly fee will rise dramatically.
Communities offering Life Care require you to meet health qualifications to live independently. So the idea is to move while you’re still healthy. If you wait until you have a health setback, you won’t qualify, and your options are limited.
If you have a long-term care insurance policy, you may be eligible to have benefits paid directly to you if you need assisted living, memory care or skilled nursing. But there are no guarantees where you’ll receive these care services, from whom, or what you’ll pay IF YOU DON’T HAVE LIFE CARE. You may be covered for only a portion of the care you need. Life Care at a Lifespace community means the care you need is always available from people you know and trust.
Planners. People who prefer a more proactive approach to their potential need for care and how they will pay for it. They understand that the need for long-term care can become the late-life event that undermines their personal security in three key areas: the loss of good health, the loss of independence, the loss of personal assets. They know that a failure to plan can result in great sacrifice and financial cost not only to themselves, but to their children and extended family members.