What Terms Do I Need to Know to Navigate Health Care Options?
What Terms Do I Need to Know to Navigate Health Care Options?
You’ve probably heard the term CCRC, but what does it mean? ContinuingCare™ Retirement Communities (CCRCs) provide residential living for today’s independent, active seniors and most offer some type of on-site health care for the future.
What exactly is provided, along with the terms and conditions for accessing care, differ depending on the type of community. These same communities are now referred to as “Life Plan Communities” since a greater number of seniors recognize the value of securing future care while seeking access to an active lifestyle. That active lifestyle includes services and social, educational, cultural, and fitness opportunities that can maintain and enhance a person’s health to help minimize the need for future care. Less emphasis on “care” and more emphasis on “living” is the reason the name of this category of retirement community is changing.
Here’s a snapshot of the benefits offered by a LifeCare® (Type A) CCRC–the most complete in terms of continuum of care with the highest financial risk mitigation benefit:
- Unlimited days of care in the on-site health care center
- Full continuum of care at a quality, on-site health center in a semi-private suite
- Initial cost may be perceived as higher, but only a Type A community like Friendship Village mitigates the risk of paying for long-term care at market rate
- Part of the entrance and monthly fee may qualify as a medical expense tax deduction
- Amenities, dining, services, and maintenance-free living are included
A CCRC (Type B) offers a modified plan:
- Covers specified long-term health services at a discounted rate or a number of “free days”
- Included health services are set over a period of time without a substantial increase in the monthly fee
- Amenities, dining, services, and maintenance-free living are included
Here’s what Fee-for-Service (Type C) CCRCs offer: - Financial flexibility with initially lower costs, but with health care paid out-of-pocket, as needed, at significantly higher market rates
- Health services are not covered in either the entry fee or monthly fee
- Typically allow outside admissions directly into the health center for short-term rehab, long-term assisted living, and skilled nursing care
- Amenities and dining are included; some services may be offered at an additional charge.
What About Future Security?
Friendship Village is managed by Life Care Services®, a leader in all aspects of senior living, specializing in managing communities like Friendship Village for over four decades. Through our many years of experience, we know that the word security means different things to different people. For some, it’s feeling physically safe in their environment. For others, it’s knowing friends are nearby. Sometimes it’s the relief and confidence of having a solid financial plan for the future—a plan that includes quality health services and protection from rising health care costs. Like all of the communities we manage, Friendship Village is designed to make you feel secure in every way. That includes a safe, tight-knit community that offers many opportunities to form deep and lasting friendships. It also includes our program that allows you to customize your living accommodations and transfer to the appropriate level of care—such as licensed in-home healthcare, on-campus assisted living care, skilled nursing care or memory care at a substantial savings for life.
Is long term care insurance still a good investment if I plan to move into a continuing care senior living community?
Yes! Even if the community you are considering offers a discount on the cost of skilled nursing care for life, a long term care policy may provide an extra layer of financial protection. Read your policy carefully to determine exactly which levels of care are covered, then ask the community’s sales consultant to factor the coverage into your estimated expenses. Today’s investment can provide super savings tomorrow.
What Are the Attributes of a Well-Managed Retirement Community?
When choosing a senior living community, it’s critical to find out who manages the community and to consider their reputation. Friendship Village is managed by Life Care Services®, an LCS® Company. Life Care Services® leads the way in senior living with over 40 years of proven experience. This innovative leadership brings passion and performance through strong financial stewardship and lifestyle-centered services, as well as high quality health services in communities as unique as the individuals who live in them.
How Can I Find the Best Senior Living Value?
The best senior living value combines a package of services and amenities with access to health care and assisted living. At a LifeCare® community such as Friendship Village, residents pay for services and health care in an affordable monthly fee rather than on a more expensive a-la-carte basis.
Many communities, like Friendship Village, also offer a choice of financial plans that refund a percentage of the entrance payment to you or your estate, depending on your preference. Simply put, this type of community gives you more value for your dollar without sacrificing peace of mind.
Many communities, like Friendship Village, also offer a choice of financial plans that refund a percentage of the entrance payment to you or your estate, depending on your preference. Simply put, this type of community gives you more value for your dollar without sacrificing peace of mind.
Will I Feel at Home at Friendship Village?
We promote a personal, attentive, and secure approach to helping you become integrated into your new home and well connected to everything there is to enjoy at Friendship Village. Every Friendship Village resident has the opportunity to participate in and schedule how services are structured and delivered. This is the choice, control and flexibility that is the hallmark of every community managed by Life Care Services®. At Friendship Village:
- A resident chooses where and when to dine each day
- Housekeeping services are scheduled at times that best fit the resident’s schedule.
- Social, recreational and cultural activities are planned based on the preferences of the residents.
Will living in a senior community impact my ability to indulge my passion for travel?
Indeed it will – in the best possible way! The security and home maintenance services provided can enhance your experiences by eliminating worries about frozen pipes, burglar alarms and finding someone to collect your mail. Just pack your bags and hit the road for a truly worry-free adventure.