For you and your family, the combination of a Life Plan Community and a Life Care contract has benefits that simplify your life and increase your comfort now and into the future. A few types of Life Care contracts are available at Life Plan Communities; however, this article focuses on the benefits of a “Type A” Life Care contract. What a Type A Life Care contract provides—on a level that neither standard long-term insurance policies nor Medicare plans can match—is stability, certainty and savings.
With its inherent consistency, a Life Care contract keeps your monthly expenses flat and removes the worry about having to source funds for unexpected or supplemental medical care. Based on the community and the services offered, there is virtually no increase in monthly out-of-pocket expenses if you, your spouse or both need a higher level of care at some time in your life. A Life Care contract adds clear and defined predictability as you transition to a Life Plan Community and continues to provide security throughout your active lifestyle.
For the future, a Life Care contract allows you to preserve your financial estate for future generations. You and your family will never have to worry about damaging your investments due to an acute or chronic medical need, nor stress about the status of a Medicare claim or the tiered premium hikes associated with long-term insurance. Even as health situations evolve, a Life Care contract provides a predictable level of expenses, keeping your finances – and health – on track.
Another key benefit to a Life Care contract is that it ensures that you will receive quality care without stressing about your monthly finances, regardless of the duration or the type of care needed. Your family also benefits from this because you have made your own choices and planned your own future. Your decision to secure a Life Care contract spares your family from making difficult decisions for you regarding healthcare or during a crisis. You already have a plan in place. Life Care contracts also enable you to receive the best and most convenient care with on-site and off-site health providers who partner with your Life Plan Community.
At Meadowood, this means access to renowned MossRehab therapy as well as the skilled nursing and home care options available to residents on-site. Meadowood’s home care services are backed by accreditation from the Commonwealth of Pennsylvania’s Department of Health Division of Primary Care and Home Health Services, so you can embrace Meadowood’s aging-in-place philosophy with reassurance and comfort. This philosophy includes options such as Meadowood’s Laurel House, home health care, physician services, pastoral care and more.
While the variety of service and care options at Meadowood is comprehensive, the lifestyle and amenities provided within the community help maximize residents’ overall wellness. This assurance means that you can enjoy a healthier life, and likely minimize, delay or even eliminate the need for additional care. But it’s there if you need it.
Preserve your assets! Aside from the flat-rate nature of a Life Care contract for the long term, the fees associated with a Life Care contract reduce your tax liability and can help you save thousands each year by maximizing your income tax deductions. In some cases, the combination of Life Care contract and community entrance fee deductions can reduce your annual tax liability to zero!
In addition to this, Meadowood is a nonprofit community and is committed to holding its services to the highest standard while maximizing value for its residents. This status means that Meadowood does not answer to shareholders – rather, the community invests every dollar earned into the improvement of an active senior lifestyle.