There are lots of terms out there that might be confusing for those researching and planning for their future retirement needs. Those terms can include Lifecare, Fee for Service, Continuing care retirement community (CCRC) and many others. There are important differences between retirement communities offering lifecare and those offering continuing care.
What is Lifecare?
Lifecare means you have the flexibility to pursue the retirement you want because you have already planned for your future healthcare needs. As a lifecare resident, your independent living apartment or cottage guarantees you access to onsite assisted living and nursing care if you ever need them.
A lifecare community typically includes independent residences, assisted living residences and a healthcare center or nursing home – all on one campus. A lifecare agreement or contract ensures that the monthly fees are fixed, subject only to annual increases established for all residents, giving you a predictable monthly payment regardless of your level of care.
Lakewood Manor is a Continuing Care Retirement Community that offers a full continuum of care designed to meet our residents’ healthcare needs as they change over time. Lifecare is a type of contract that one would enter into upon choosing a to live at Lakewood Manor. It is a great plan for a conservative investor and those that like to plan for future healthcare costs ahead of time. Residents at Lakewood Manor can also choose a Continuing Care Contract, or Fee for Service Contract, as well. A fee for service contract means that residents pay for additional healthcare services at the time of need, which means the cost will not be fixed at the time of entry into a continuing care retirement community.
Residents see that a Lifecare agreement can act as a financial safety-net against potential high future health care costs and there are certain tax benefits that Lakewood residents can enjoy. However, Lakewood provides both lifecare contracts and continuing care contracts as options to our residents to determine how they would like to pay for their own future healthcare needs.