Carefully Planned to be Affordable for Present and Future Needs
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 which choice is best for you and your financial situation. If you would like to ask a question, or request more information, please call us at (773) 433-1801, or click here. One of our friendly, knowledgeable marketing staff will be glad to help you.
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, memory support, and skilled nursing if and when it is needed for the duration of their residence at The Admiral at the Lake.
One of the most important aspects of this contract is that the monthly service fee remains predictable even when access to community healthcare services are required. Residents need not worry about the financial impact of long-term healthcare requirements. Lifecare residents have guaranteed access to The Admiral’s on-site assisted living, skilled nursing, and memory support at no additional expense.
WHAT IS AN ENTRANCE FEE?
With payment of the entrance fee, applicants are guaranteed lifetime residence at The Admiral at the Lake. The amount of the one-time fee is based on the size and location of the residence chosen and is 90% refundable to the resident or his or her estate if they were to leave The Admiral for any reason.
WHAT IS THE MONTHLY SERVICE FEE?
The monthly service fee is a comprehensive charge that varies with residence size and number of occupants. It covers the cost of a variety of services such as:
- Regular nutritious meals
- Interior maintenance
- Exterior maintenance
- Household utilities
- Scheduled transportation
- Community amenities
- Activities and events
- Lifecare benefits
WHAT IF I RUN OUT OF MONEY?
Lifecare at The Admiral lasts for a lifetime. If, for reasons outside of their control, residents outlive their resources and are unable to pay monthly service fees, they will still be given priority access to on-site healthcare resources. The families of Lifecare residents will not be required to pay monthly service fees on behalf of their loved ones.
QUESTIONS? Residency Counselors are available to review all aspects of the Lifecare program including the financial details described in the Residency Agreement.
WHAT IF I HAVE LONG-TERM CARE INSURANCE?
Many residents who have long-term care insurance and require assisted living, memory support, or skilled nursing services have been able to apply their insurance benefits to Lifecare services. Residents can contact their insurance representatives directly to further explore how their long-term care insurance benefits may be applied.
HOW WILL LIFECARE AT THE ADMIRAL AFFECT MY TAXES?
GOOD NEWS! Under current IRS guidelines, a portion of Lifecare community entrance fees and monthly service fees are deductible as prepaid medical expenses. A tax advisor can help you understand how this may benefit you specifically.
HOW DOES THE ADMIRAL PROTECT MY HEALTH INFORMATION?