Carefully Planned To Be Affordable, Now and In The Future
We understand that choosing a senior living community is an important decision; one with many factors to consider. We’ve gathered a list of the most frequently asked questions about Lifecare at The Admiral to help you determine the best choice for you and your financial situation. If you don’t find the answers you’re looking for below, please call (773) 433-1800 to speak to our friendly and knowledgeable marketing staff, or request more information.
WHAT IS LIFECARE?
Through the payment of a one-time, upfront entrance fee and a monthly service fee, independent living residents are guaranteed priority access to on-site assisted living, skilled nursing care and memory support. Access to these health care services is guaranteed for life, for as long as you need them, as long as you are a resident at The Admiral.
One of the most important aspects of this contract is that your monthly service fee will remain predictable even if you need to access the community’s health care services. As a result of this predictable monthly expense, you are free to plan and live your life without any concern about rising costs of long-term health care. With Lifecare at The Admiral, if you ever need long-term care, you know where you will get it, who will provide it and what it will cost.
WHAT IS AN ENTRANCE FEE?
Your entrance fee at The Admiral is a one-time payment based on the size of the residence you choose. Payment of this fee entitles you to a lifetime residence at The Admiral at the Lake. This fee is 90% refundable to you or your estate if you ever leave The Admiral for any reason.
WHAT IS THE MONTHLY SERVICE FEE?
The monthly service fee is a comprehensive charge that varies depending upon the size of your residence and number of occupants (a second person pays a significantly lower second person monthly fee). The monthly service fee covers a variety of services, including a specified number of meals, interior and exterior maintenance, utilities, housekeeping and scheduled transportation; access to the community’s many amenities; participation in activities and events; and the Lifecare benefits, should long-term health care services ever be needed.
WHAT IF I RUN OUT OF MONEY?
Lifecare at The Admiral lasts for a lifetime. If you outlive your resources for reasons outside of your control and are unable to pay your monthly service fee, you are still entitled to guaranteed priority access to on-site health care, and your family will not be saddled with the financial burden. With Lifecare at The Admiral, you are protected for life, regardless of what happens to you.
HOW CAN LIFECARE AND LONG-TERM CARE INSURANCE WORK TOGETHER?
If you have a long-term care insurance policy, you may be eligible to receive benefits from that policy if you need assisted living, skilled nursing care or memory support. In all likelihood, your policy will work hand-in-hand with Lifecare and pay earned benefits directly to you. As with all insurance issues, you should consult with your insurance carrier or agent for specific answers regarding your individual policy.
ARE THERE TAX BENEFITS ASSOCIATED WITH LIFECARE AT THE ADMIRAL?
Several IRS rulings have established that a portion of a Lifecare community entrance fee and monthly service fees are deductible as prepaid medical expense. These health care tax deductions are only available through Lifecare communities, such as The Admiral. As always, you should discuss your individual tax situation with your personal tax advisor.
WHAT IS YOUR POLICY FOR PROTECTING INFORMATION ABOUT MY HEALTH?
The Admiral at the Lake has a comprehensive policy to protect personal health information. Click here to see the policy document.