Explore the Ins and Outs of a LifeCare Senior Community

As you research senior living options, you’ll come across terms like “LifeCare® communities” and “LifeCare retirement community.” But what exactly do these mean and—more importantly—why should you care?

A LifeCare community, also known as a continuing care retirement community, is a type of life plan community that offers a range of care services, including independent living, assisted living, memory care, skilled nursing and rehabilitation.

Think of LifeCare as a safety-deposit box for your future, protecting your most valuable asset—your health—with guaranteed access to care whenever needed. It’s like a GPS for retirement, seamlessly guiding you through the twists and turns of aging with a clear route to every level of care. Or imagine it as a retirement lifeboat, helping you confidently navigate the waters of aging.

This blog explores the ins and outs of life care retirement communities, including contract options and types of life care services in senior living. We’ll also share how Cottage Grove Place—the only LifeCare Community in Cedar Rapids—offers an all-access pass to peace of mind.

What Is a Life Care Community?

The LifeCare contract is at the heart of a LifeCare retirement community, which works like an unlimited long-term care policy. Type A contracts are the most comprehensive and predictable option. By paying a one-time entrance fee and a monthly service fee, you lock in your future care needs at a predictable rate, no matter what level of care you require in the future. This structure helps protect against unexpected cost increases, even as you transition from independent living to higher levels of care.

One of LifeCare’s most significant benefits is it guarantees lifetime access to a full continuum of care right on campus, ensuring you receive the support you need in a familiar and comforting environment.

Additionally, you never have to worry about moving or leaving due to financial constraints, as the plan covers you even if you outlive your resources. LifeCare also provides potential tax benefits, significant savings compared to the average cost of private skilled nursing care and the possibility of a return of investment on your entrance fee.

LifeCare Contract Choices

When choosing a LifeCare contract, consider your financial situation, anticipated future care needs and senior living community offerings to determine your best fit. Cottage Grove Place offers three financial plans:

1. 80% Return-of-Capital™ Plan: This plan protects your estate by offering care for life with unlimited services in our Health Center at a predictable rate. It provides an 80% return of your investment to your estate, with monthly fees that vary depending on the size of your residence.
2. 50% Return-of-Capital™ Plan: Similar to the 80% plan, this option ensures estate protection and lifelong care with unlimited Health Center services at a predictable rate. It offers a 50% return of your investment to your estate, with monthly fees also based on residence size.
3. Traditional Plan: This plan secures your retirement lifestyle with the smallest up-front investment, making it an affordable option while still offering comprehensive LifeCare benefits. And, even with this smaller up-front investment, this traditional plan still locks in your monthly fee, even if additional care is needed, and protects you for life.

Considerations for Choosing a LifeCare Community

When researching LifeCare communities, here are five factors to consider:

1. Fee breakdown: Make sure you understand what’s included in the monthly fee and check for any hidden costs. At Cottage Grove Place, our all-inclusive monthly fee is based on the size of your residence and the number of occupants, with a discount for a second person. This fee covers amenities, utilities, dining, security, housekeeping, maintenance and transportation.
2. Services included: Understand what life care services in senior living are covered at no additional cost under the contract. Some contracts include both assisted living and skilled nursing, while others might only cover skilled nursing.
3. Financial stability: Consider the entrance fee and monthly costs. While the initial cost might be higher, a LifeCare plan can provide significant economic benefits in the long run by consolidating expenses and stabilizing costs, especially if long-term care is needed.
4. Long-term care insurance: Check if your long-term care insurance works with the LifeCare plan. In many cases, you may be eligible to receive benefits from your insurance policy if you need assisted living or skilled nursing care.
5. Tax benefits: At Cottage Grove Place, for example, residents don’t pay real estate taxes, and a portion of entrance and monthly fees may be tax-deductible as a prepaid medical expense.

Guaranteed Lifetime of Care in Your Happy Place

Cottage Grove Place provides an all-inclusive, active lifestyle with top-notch services and amenities. As the only LifeCare community in Cedar Rapids, we offer unparalleled financial flexibility and unlimited care options to help you manage aging expenses with ease. Here, you’ll have guaranteed lifetime access to your home and priority access to advanced care on our campus. Plus, our health care navigator will assess your needs, coordinate care and provide support, ensuring you and [or] your loved ones have access to essential resources. There are qualifications for LifeCare, so we recommend moving while you, and your loved one, are healthy enough to do so to take full advantage of these benefits.

Whether you look at LifeCare as a safety-deposit box, a lifeboat or a GPS navigator, it’s a smart investment that provides everything you need to feel comfortable, fulfilled and cared for today and in the future.

Contact us to learn more about making our LifeCare community your happy place.