Lifecare: Your Solution to Protecting Yourself from Rising Healthcare CostsDecember 20, 2019
Advancements in medicine and the healthcare industry have led to increasing life expectancies, so people are living longer than ever before.
Although there are certainly advantages to this news, when it comes to paying for future healthcare needs, substantial planning in advance needs to take place. A report from the World Economic Forum found that due to the increase in life expectancies, we must start “investing with a long-term mindset earlier in life to increase total savings later in life,” which can be overwhelming and burdensome.
For residents at Winchester Gardens, we offer a plan for your healthcare future: Lifecare. Lifecare is the ultimate safeguard, offering a guarantee of on-site healthcare if and when the need arises, along with financial predictability.
A Healthcare Plan That Keeps Your Needs in Mind
So, how exactly does Lifecare work? When you choose to sign the optional Lifecare contact, you’ll pay an additional Lifecare fee. Think of it like insurance – yes, there is an initial cost. But that payment ensures the care you need, where you need it and at a predictable cost.
When it comes down to it, Lifecare means:
- Healthcare Where and When You Need It: Perhaps the greatest benefit of Lifecare is knowing that any of your healthcare needs will be met in the community you’ve come to know and love. Our CCRC offers a complete continuum of care covered in the Lifecare contract, including independent living, assisted living, skilled nursing, rehabilitation or memory care. This is a great advantage especially for couples living in our CCRC, as there’s no need to move if either you or your spouse need a higher level of care.
- Financial Security: Lifecare is the ultimate safeguard, offering financial predictability for future healthcare needs. This comprehensive plan ensures predictable monthly costs similar to what you would pay in independent living, even if you need a higher level of care. This means you are easily able to predict both short-and long-term financial expenses and goals.
- Tax Advantages: Since the initial nonrefundable Lifecare fee is considered a prepaid medical expense, the agreement may qualify for inclusion on your income tax return. So not only are you preparing for what lies ahead, but there may be some financial benefits to doing so at the present moment. We recommend talking to your financial advisor to better understand the tax advantages you may be eligible for.
Learn More About Healthcare for Seniors at Winchester Gardens
When you choose Winchester Gardens, you’re choosing peace of mind. Along with the Lifecare contract that ensures that your future healthcare needs will be met, our LivWell program allows you to enhance your health now. Resident Maimuna Slatewala shares, “The LivWell health and wellness program at the community hosts activities and programs throughout the year.” From cultural events to fitness classes, there’s always something to do in the community.
You and your loved ones deserve this plan for the future. Contact us today to learn how you can take control of your future healthcare needs.