Is LifeCare Right for Me?

Oct 27, 2022 | Senior Living Resources

When you envision your ideal retirement, what does it look like? Most seniors crave a maintenance-free, worry-free lifestyle with more time to enjoy what makes them happy.

At East Ridge at Cutler Bay, we support you making the most of your future.

We are a Life Plan Community that covers all your needs and interests while providing peace of mind and security. With different contract types to choose from, you can create the retirement you’ve always dreamed of.

Today, we’re going to focus on one contract in particular: LifeCare. We’ll break down all the details about how it compares to other financial options and why it could be the best choice for you and your family members.

What is LifeCare?

LifeCare is a type of contract offered to independent living residents at a Life Plan Community, also known as a Continuing Care Retirement Community (CCRC).

If a Life Plan Community offers LifeCare, you may also hear the community being referred to as a LifeCare Community.

Having a LifeCare contract upon entry to a senior living community covers all your future care and financial bases. It means access to on-site health care services at predictable monthly fees.

It means unlimited access to on-site health care services secured at essentially the same monthly fee as your independent living rate. When you consider the skyrocketing costs of long-term care, this has the potential to save you thousands of dollars over time – a tremendous value not found in any other senior living contract.

LifeCare contracts include the cost of senior living residences, community amenities, and most importantly, continuum of care services if ever they’re needed. A continuum of care usually includes independent living, assisted living, memory care, skilled nursing, and rehabilitation.

LifeCare contracts have a one-time entrance fee and monthly predictable costs. This ensures independent living residents will receive the care they need, whenever they need it, at a prearranged cost.

So that you can compare, here’s a look at four of the main types of senior living community contracts and what makes each one different:

  • Type A (LifeCare) – A higher entrance fee and monthly fee to prepay for all care services. This offers a predictable monthly fee should additional care be needed in the future.
  • Type B (Modified) – A lower entrance and monthly fee. Residents generally receive some type of discount if health care services are needed in the future.
  • Type C (Fee-for-Service) – The lowest entrance fee and monthly fee. If additional care is needed in the future, the resident has priority access to on-site care, but monthly fees will increase to reflect the current market rate of health services.
  • Rental – A one-time community fee. Ongoing monthly fees for independent living or higher levels of care if needed.

What are the benefits of LifeCare?

No one can predict what the future has in store, so for seniors seeking a true worry-free retirement, LifeCare is a perfect way to plan for the unknown.

The major benefits of LifeCare are:

  • Guaranteed access to unlimited care for as long as you are a resident
  • Access to every amenity and service in the community (fitness center, dining, wellness activities, housekeeping, transportation, etc.)
  • Fixed health care costs for life
  • Possible tax breaks (varies by state)
  • Estate protection as some contracts offer a partial refund of the entrance fee to you or your estate once you are no longer a resident

Why is LifeCare right for me?

If you’re an active senior who wants a predictable monthly fee, LifeCare is the right choice for you.

Discover active and proactive retirement living in South Florida.

At East Ridge at Cutler Bay, let go of your worries and get more out of senior living. Learn more about our active lifestyle and how you can benefit from LifeCare.