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What is Life Care?
Life Care limits your exposure to the financial risks associated with transitional, health-related support services, and long-term care. While long-term care insurance policies may provide some coverage, many only cover a fraction of the daily costs. Most also have lifetime limits. By choosing a Life Care contract through Vicar’s Landing, you will limit those risks and ensure your assets will not become vulnerable to rising health care costs.

How Exactly Does Life Care Work?
Based on the apartment and contract type you choose, you will pay an up-front entry fee, then a monthly fee for your apartment in independent living calculated to include your Life Care coverage*. Should the time come when you need more assistance in assisted living in Stratford, or skilled nursing care in Windsor, you receive it at the same monthly rate as your apartment in independent living plus annual inflation, a rate considerably lower than the private pay costs for assisted living or skilled nursing.

How Will Entering A Life Care Community Affect My Taxes And Estate Planning?
The IRS considers Life Care to be a prepaid medical expense, so tax deductions are often available for portions of the upfront entry fee and monthly service fee. Because deductions may vary state to state, it’s wise to check with your personal tax advisor to learn more about your specific tax benefits. Entering a Life Care community can also affect your estate planning. A Life Care contract takes care of the portion of your planning that would address funding your health care needs. The contract ensures your healthcare needs will be met even if you run out of money (through no fault of your own). You can also choose a refundable contract that returns a portion of your entrance fee to your designated beneficiary after you pass away.

What Are The Health Benefits Of Living In A CCRC?
Security is one great benefit to living at a Continuing Care Retirement Community (CCRC). With multiple care levels in one location, you can rest easy knowing you won’t have to change communities even if your healthcare needs change over time. You can remain among the people and surroundings you’ve come to know and love. Life Care CCRCs come with the additional benefit of knowing your medical needs will be met for the entirety of your life, even if your financial resources are exhausted through no fault of your own.*
CCRC communities also encourage seniors to remain independent for as long as possible, without restrictions on driving, traveling and shopping as long as you’re able. *Life Care is subject to the terms and conditions of the Residence and Care Contract.

What Is A Life Plan Community (LPN) Or Continuing Care Retirement Community (CCRC) And How Do I Learn More About Them?
There are several credible resources available to educate residents, board members, and those seeking to understand the various aspects of a LPC/CCRC. One such resource is the Consumer Guide to Life Plan Communities: Quality and Financial Viability which is published by CARF International. Vicar’s Landing is a CARF Accredited Organization. Another resource is the Long-Term Care “A Guide for Consumers” published by the Florida Department of Financial Services. Vicar’s Landing is regulated by the Office of Insurance Regulation (OIR).