What Are the Benefits of a Life Plan Community?
Retirement doesn’t look the same for everyone, nor should it have to. Whether you’re an engaged senior excited to live an even more vibrant lifestyle or someone who needs additional levels of care, our Life Plan Community at Lake Forest Place will have just what you’re looking for.
We’ll share everything there is to know about Life Plan Communities below so you can feel confident and prepared when making decisions about your future.
What is a Life Plan Community?
The term “Life Plan Community,” also known as a Continuing Care Retirement Community (CCRC), is a senior living community that provides a combination of lifestyle options and care levels.
This includes independent living, assisted living, memory care, skilled nursing care, and rehabilitation, met with a wide array of services and amenities for older adults.
How does it work? Residents pay a one-time entrance fee to move into independent living and an ongoing monthly fee to ensure access to higher levels of care without having to relocate to a different community. The monthly fee also covers residence expenses; a meal plan; and all services, amenities and community activities.
More specifically, many Life Plan Communities offer different contract types that best meet your budget and needs. Two of the main contracts to know and understand are:
- Type A (LifeCare) – Usually a higher entrance fee and monthly fee to, in essence, “prepay” for unlimited, high-quality, short- or long-term care and healthcare services at stable, preset rates. These fees also cover all other amenities within a CCRC. The LifeCare contract protects the resident from the ever-rising market rates of senior care.
- Type B (Modified) – Usually a lower entrance and monthly service fee. Residents will be responsible for a predetermined cost if higher levels of care are needed in the future. The Modified contract offsets the rising market rates of long-term care. This is a good choice for those with a Long Term Care Insurance policy.
At Lake Forest Place, residents can choose either a Type A contract or a Type B contract.
Three benefits of a Life Plan Community
Life Plan Communities help seniors remain active and engaged during their retirement years while feeling comfort in the safety net of on-site healthcare services. The major benefits of Life Plan Communities are:
1. An activity-rich, worry-free lifestyle.
These are some of the on-site amenities and services you’ll find at Lake Forest Place that you might not have easy access to while living at home:
- A variety of dining options
- Wellness programs focused on seven dimensions of wellness
- Weekly housekeeping
- Indoor and outdoor home maintenance
- Fitness centers with exercise classes
- Social, cultural and educational events
- Full-service salon and spa
- Personal laundry service
- Dog park
- On-site marketplace and bank
2. Tax benefits.
Moving to a Life Plan Community isn’t just a smart plan for your future health needs. It may include significant financial benefits as well. When you move to Lake Forest Place, you may receive an initial tax deduction on the entrance fee and a substantial medical tax deduction each year. If these amounts help you meet the IRS requirements to itemize, your tax liability could be significantly reduced.
3. Security for your health and finances.
You’ll be guaranteed a residence and access to levels of care, even if your financial resources run out.
Is a Life Plan Community right for me?
If you like to plan ahead to lessen stressful situations in the future, a Life Plan Community is the right choice for you. You’ll be able to retire the way you’ve always wanted and leave behind the responsibilities of being a homeowner.
Downsize your worries and add more friendship and fun activities to your life. You’ll feel a renewed sense of peace for yourself and for your loved ones, who will know you’re living well, staying social, and will always have immediate access to high-quality care if you need it.
Find peace and care at a Life Plan Community in Lake Forest.
Presbyterian Homes Lake Forest Place is the perfect choice for senior living in the suburbs of Chicago. Our lifestyle options make each day worry-free, accompanied by first-class services and amenities. Connect with us to learn how you can benefit from everything our Life Plan Community has to offer.