August 11, 2020 —
When it comes time for seniors to choose their future care, many begin to look at the benefits that each option can provide them with. From enriching lifestyles to future care possibilities and more, seniors want to know they are getting the most for their money – especially when it comes to peace of mind, care and financial security. This is why Lifecare is often the optimal choice for seniors who are searching for future care.
The Financial Benefits of a Lifecare Community
If you or a loved one are beginning to look into Lifecare, consider some of the financial benefits that it can provide you as well as your family.
- It cuts back on large out-of-pocket health expenses. When moving to a Lifecare community, a portion of your entrance fee will act as a prepaid long-term care policy, holding your monthly fee at the independent living rate, no matter what level of care may be needed. This means that if you need additional assistance, memory care skilled nursing, so long as the community offers it, it’s covered.
- It prevents the need to move if care needs increase, avoiding a costly move. Because Lifecare communities offer more than one level of care, you won’t need to think about moving from the community you know and love to receive care in a community that can handle your needs. This both eliminates the hardships and adjustment of moving while providing peace of mind for you and your family.
- Tax benefits are often found. If you move to a Lifecare community, you may find that there are some tax benefits. For example, a portion of monthly fees may be deducted as healthcare deductions. It’s also likely that a portion of your non-refundable entry fee may also qualify as a deduction during your first year. Not only does this give you some extra money to put back into your pocket, but it can make the cost of Lifecare seem a little less. Be sure to talk to a tax professional to see how Lifecare could affect your taxes.
- You can enjoy one fee with all services and amenities included. From engaging programming, outings, community events, lifelong learning opportunities and presentations – to the fitness center, care services, private apartment, housekeeping, maintenance and so much more, everything you desire is included with your monthly fee. This makes each day engaging, fulfilling and worry-free. Instead of paying someone to do your yard work for you, we take care of it automatically. Is something broken? Let us fix it. Don’t want to drive to the doctor or to go shopping? Enjoy scheduled transportation. The opportunities to save money for what matters to you are endless.
To learn more about the benefits of Lifecare or to see if our Lifecare makes good financial sense for you, try out our new financial calculator or contact us today at 866-536-3256.
Together, Transforming the Experience of Aging.®
Founded on Quaker principles and guided by our values and practices, Kendal® on Hudson provides a vibrant, active and social senior lifestyle on our 25-acre campus next to the historic Hudson River. As the only Lifecare community in Westchester County, we offer four levels of service for our residents: Independent Living, Assisted Living, Memory Support and Skilled Nursing and Rehabilitation Services.
Kendal on Hudson is a not-for-profit 501(c)(3) organization led by a volunteer Board of Directors. Kendal on Hudson is an affiliate of The Kendal Corporation, a system of communities and services for older people based in Kennett Square, PA. We support diversity, inclusiveness, and independence and support the values and practices of Kendal by remaining focused on healthy aging. Located in Sleepy Hollow, New York, just 35 miles from New York City, we offer a vibrant lifestyle, cultural programs, continued learning and health care for life.
For more information, please call 866-536-3256.