When you start looking for a senior living community – whether it’s for you or for a loved one – the various options can be overwhelming at first. While it may not take that long to determine what level of care is right for you (independent living, assisted living, etc.), the next decision you have to make is what kind of payment model is best suited for your situation, and the answer may not always be an obvious one.
The Legacy Senior Communities currently owns and operates one continuing care retirement communities (CCRC), The Legacy Willow Bend in Plano, with The Legacy Midtown Park in Dallas on schedule to start its phased opening in 2019. While both communities will offer spectacular amenities and the full range of care options, including Independent Living, Assisted Living, Long-Term Care, Short-Term Rehab and Memory Care, they have two different payment models. The Legacy Willow Bend is an entry-fee/buy-in model (we call it Life Care), while The Legacy Midtown Park will be a rental-based model.
To help prospective residents and their families understand these two different options, as well as some of the benefits that come with each, The Legacy Senior Communities has put together this helpful guide describing the two different payment models.
Buy-In/Entry Fee, aka Life Care
The Legacy Willow Bend is an entry-fee CCRC in Plano, and our payment model (plus the benefits residents enjoy with it) is known as Life Care. To take advantage of the benefits of a Life Care CCRC you must initially move into Independent Living, however, you can move into other care levels and pay month-to-month.
Life Care residents pay a monthly fee, like the rental CCRC. However, Life Care residents also pay an upfront entry fee in the range of $150,000 to $300,000 — more or less, depending on such things as your floor plan, services, and the Life Care contract you choose.
Our Life Care plan provides residents with predictability, flexibility, and financial security. Should a resident need to make the move from Independent Living to Assisted Living or Memory Care, they know what it will cost on the day they move into the community, and that makes Life Care a great financial planning tool. The entrance fee remains an asset in the resident’s portfolio, because a large percentage of that fee – in some cases up to 90% – may be returned to the resident or his or her estate.
Among other things, entry fees are used for capital improvements, paying down debt, and sometimes to offset the cost of healthcare services received by residents. The entrance fee and part of the monthly fees are investments in Life Care.
To recap, the main benefits of Life Care at The Legacy Willow Bend are:
- Security and Priority Access:
Life Care not only ensures you’ll be able to take advantage of all our community offers, it also gives you the security of priority access to Assisted Living, Memory Care, Short-Term Rehabilitation and Long-Term Care.
- Financial Benefits:
The IRS recognizes that a Life Care community entrance fee and monthly service fees are partially prepaid health care expenses, so a portion of both qualify as a medical deduction.
If you leave our community for any reason, our one-time entrance fee is 90% refundable under the standard plan after we resell your Independent Living residence.
In addition to the benefits of Life Care, if you currently have long-term care insurance you are still entitled to your benefits.
Like The Legacy Willow Bend, The Legacy Midtown Park will offer the full range of living and assistance options once it opens in 2019. However, The Legacy Midtown Park will not require an initial entry fee. Instead, monthly fees are based on a rental structure which varies on the health care needs of each resident. In addition, residents may easily move to a higher level of care or even another senior living or health care community if they choose.
The Legacy Midtown Park will operate on a monthly rental fee based on the level of care you receive. For example, Assisted Living will cost more per month than Independent Living. Residents in need of Assisted Living, Memory Care or Long-Term Care will be able to get the additional support they need with little hassle.
To recap, the main benefits to renting at The Legacy Midtown Park are:
- No Entrance Fee
Our all-inclusive monthly fee is comparable to what area seniors currently pay to occupy and maintain their homes each month.
- You Control 100% of Your Assets
The Legacy Midtown Park’s month-to-month rental structure means no long-term financial commitments. Your assets remain liquid to spend as you wish – invest, travel, give as gifts, etc.
Learn More – Speak to An Expert
If you or a loved one is interested in becoming a part of The Legacy Senior Communities – whether at The Legacy Willow Bend, The Legacy Midtown Park, or through The Legacy at Home (our Home Health Care agency), do not hesitate to contact us today. We have representatives on hand who are experts in their field and can answer any questions you may have as well as explain the nuances and details of our various offerings and cost models.
The Legacy Midtown Park will begin its phased opening in fall 2019. The Legacy Senior Communities does have an interest list for people who want to learn more about the community.
For more information about The Legacy Willow Bend call (972) 468-6208.
For more information about The Legacy at Midtown Park call (972) 468-6207.
For information regarding The Legacy at Home call (972) 224-7700.