What’s the Value of a Life Care Contract?

You want to truly enjoy your retirement, to live where you can maximize every day and explore your passions without the worry of home maintenance and future health care needs. That’s why Fountaingate Gardens, a proposed Life Plan Community (also known as a Continuing Care Retirement Community or CCRC), may be the right choice for you.

Choosing to move to a Life Plan Community can be a bit daunting. There are lots of options to consider, not the least of which is, “What type of contract do I want?” Fountaingate Gardens offers both a Life Care contract and a Modified Fee-for-Service contract. While making the final decision is up to you, in this blog we’ll provide information about the Life Care contract option. For more information about the Modified contract, check out this blog.

What is a Life Care contract?

With a Life Care contract, there is typically an entrance fee and a monthly service fee. The cost for both fees is typically higher than a Modified contract since it includes long-term health care costs. In addition to independent living, Fountaingate Gardens’ residents will have easy on-site access to short-term rehabilitation, assisted living, and skilled nursing care, if needed, with no increase in monthly fees aside from the additional meals. And because all of these services are available onsite, you won’t ever have to move, even if you or your spouse needs additional care.

The Life Care contract advantage

Here are some advantages to choosing a Life Care contract:

  • Priority access to assisted living, skilled nursing and rehabilitation services provide by a premier organization – on the same campus – for the remainder of your lifetime
  • A fixed, predictable monthly fee
  • Controlled expenses regardless of market increase in health care costs
  • Protection of assets
  • Financial and emotional peace of mind for you and your family
  • Potentially sizable tax benefits (pre-paid health care expenses are recognized by the IRS)
  • You may not need long­-term care insurance; however, it also works well with those who have long-term care insurance policies
  • Immediate, unlimited access to on-site heath care services

All residents of Fountaingate Gardens, regardless of the contract type they choose, will receive access to all amenities and activities, including a fitness center with personal trainers, an all-season saltwater pool, multiple dining options, a spa, lectures, movies and more!

For more information on the Life Care contract and other contract options, contact Fountaingate Gardens at 631-210-5806 to speak with one of our knowledgeable retirement counselors. All agreements are overseen and approved by the New York State Department of Finance and Department of Health for the protection of the residents.