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Business ​VIEWS Blog

Learn about our valued Membership. SCCCC is your source for relevant and timely industry insights and news - at your fingertips!
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WHAT DOES IT COST?

8/25/2019

4 Comments

 
Picture
Comparing retirement communities and considering whether or not they are a good option when compared to living at home, is a big decision. One of the first questions people want to know is “How much does it cost?”
 
No matter where you live, there are costs involved. At home, you may have a mortgage, yearly taxes, utility costs, and then of course, maintenance, ranging from keeping all your appliances working to taking care of the outside of your home. When you move to a retirement community, many of these costs are included in a monthly fee.
 
Some Life Plan Communities, provide for your long term healthcare needs as part of the contract.  Part of your monthly fee covers the costs of healthcare and your long term care, which makes a portion of each month’s fee tax deductible for many people. That’s something important to note and to compare when comparing fees between retirement living communities.
 
Understanding the differences
 
In many fee-for-service retirement communities, there are attractive monthly fees when you move in, but costs can escalate and can even double from the initial monthly amount as you require more care over time. If you and your family haven’t budgeted for this cost, there could be problems as care needs expand. What seemed like an affordable option can quickly deplete your assets.
 
With some (not all) Life Plan Communities that offer a traditional Life Care Contract, your care is already factored into your monthly fee. While fees do increase by a small percentage to keep up with rising salary, utility, and food costs, you will never have to pay additional fees above your monthly fee for higher levels of care. That means when you may need to move to the assisted living/personal care or skilled nursing areas, there are no additional fees.  You pay your current monthly fee only. With rates for skilled nursing care beds running at $13,000 per month per person or more, you can easily see how a traditional Life Care Contract provides you peace of mind and protects you from unexpected costs if you have health concerns.

Submitted by SCCCC Member:
Michele Berardi
Kendal-Crosslands Communities
610-388-7001

4 Comments
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8 Federal Road  | Suite 1,  West Grove, PA 19390
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  • Home
  • About Us
    • BOARD OF DIRECTORS >
      • Chairman's Welcome
      • MEET OUR LEADERSHIP
    • STAFF >
      • President's Welcome
      • Your Chamber Team
    • History
    • Contact
  • Business Directory
  • MEMBERSHIP
    • Why Not Join?
    • Member Benefits >
      • Offers
      • Coupons
      • JOB BOARD
      • Affinity Programs
    • Membership Application
  • Events & Programs
    • Annual Meeting Breakfast
    • Annual Chairman's Gala
    • Scholarship Golf Tournament
    • Annual Fall Luncheon
    • NETWORK AT NOON! LUNCHEON
    • Chamber Calendar
    • Community Calendar
  • COMMITTEES & GROUPS
    • ABOUT
    • SCC Young Business Leaders
    • COMMITTEES >
      • Communications Committee
      • Community and Government Relations Committee
      • Ambassadors Committee
    • Referral Groups >
      • SCCCC G.R.O.W.
      • SCCCC CONNECTIONS
      • SCCCC BizNet
  • ROUNDTABLES
    • The Solo & Entrepreneur Roundtable
  • IN THE NEWS
    • SCCCC IN THE NEWS
    • Member News
    • Southern Chester County CONNECTIONS
  • Initiatives and Partnerships
    • Affinity Partners
    • Community Partnerships >
      • Workforce Development & Training
    • ADVOCACY >
      • ABOUT
      • Chester County Digital Alliance
      • Mushroom/AG Labor Crisis Task Force
  • SCCCC Education & Scholarship Fund
    • Education & Scholarship Foundation
    • Pennsylvania Free Enterprise Week
  • CIRCLE OF CHAMPIONS
    • ABOUT
    • Diamond Circle Partner >
      • Constellation Energy
      • Comcast
      • Longwood Gardens
    • Platinum Circle Partner
    • Gold Circle Partners >
      • Kendal-Crosslands
      • PEECO
      • RKL LLP
      • M.Davis & Sons, Inc.
      • The Tri-M Group
      • WSFS Bank
    • SILVER CIRCLE PARTNERS
    • Bronze Circle Partners
  • Business Views Blog
  • Member Portal
  • JOB BOARD