Life Care ensures care for the resident for life, regardless of changes in health or financial status. Residents do not turn over all their assets – they pay an up-front fee for life care based on expected costs of care for their life expectancy according to actuarial tables. That cost is offset by his/her monthly Social Security and/or any pension income to determine the cost of admission. Many residents sell their modest homes, pay their admission and still retain investments of their own.
Life Care provides full services in addition to room and meals for life. As health changes dictate, residents have access to the fully accredited Nursing Unit as well. There are no additional or incremental fees with Life Care. Changing medical needs are addressed by staff and licensed providers in a familiar setting.
Once they become a life care resident, there are no additional fees for the remainder of their lives. If a resident passes away prior to exhausting their life care balance, there is a rebate to the family of the unused balance of the Life Care funds minus an administrative fee and current expenses for care. With the up-front fee, residents are guaranteed care for the remainder of their days regardless of changes in health.
Life Care provides the resident’s room, three meals per day plus snacks, medication management, nursing staff, activities, etc. If a resident requires a stay in the nursing unit, there is no additional charge. Life Care even provides a hairdresser on site each week because looking good helps residents feel good. Regardless of changes in health, care is provided for life.