For additional information regarding the lifecare concept, please call our marketing staff at 610-891-3700.
Older adults choose a life care retirement community for a number of reasons. Some want to live a rich and free lifestyle, some want to ensure that they are not a burden on their children or their spouse. Yet others consider it to protect their assets and meet future needs. A true life care contract addresses all of the reasons that one seeks a retirement community such as ours.
We are NOT a fee-for-service. What this means is that you have better knowledge of your ongoing costs regardless of what level of care you may be in. As life expectancies continue to increase, it is more important then ever to be able to predict your future costs and perhaps more likely that a stay in a skilled nursing facility will occur. Even a brief stay in a skilled nursing facility can alter ones
financial plan unless they have chosen a true life care option. With the true life care option that uncertainty is avoided. Regardless of whether you are in an independent apartment, personal care apartment or the skilled nursing facility your monthly fee remains exactly the same.
In a fee for service life care contract, many times the entrance fee paid upfront is “refundable” at the end of the contract. Unfortunately, that entrance fee refund can be partially or totally depleted if nursing care is needed and the individual does not have the funds to pay the very high private rate. Frequently, residents needing nursing care for an extended period of time can befaced with medical bills exceeding 0,000/year. Add that to the monthly cost on maintaining an independent
apartment and the “guaranteed” refundable entrance refund option is not as attractive.
At Riddle Village, there are 3 entrance fee plan options, 2 being partially refundable with the benefit of consistent monthly fees regardless of the level of care. In addition, Riddle Village is licensed by the Pennsylvania Department of Insurance. Aside from the oversight this provides, it also allows residents the opportunity to deduct a portion of their non-refundable entrance fee as a medical tax deduction in the year they move in. For every year a resident lives in Riddle Village, a portion of their monthly fee is also tax deductible as a medical expense. You should check with your tax accountant to see how this might help you personally in your tax filing.