Life care is today's answer
to tomorrow's uncertainty.
We can’t predict the future. But we can plan for it. Life care is a plan that covers your potential health care needs. You receive priority access to assisted living, memory support and skilled nursing, if you ever need these services, for as long as you need them — right here at The Terraces. What’s more, you’ll receive these services at a discount, and your monthly costs remain predictable leaving you free to plan and pursue a more fulfilling lifestyle. That’s genuine peace of mind.
The Terraces will be the area’s first and only life care community — a completely new approach gaining momentum nationwide.
The key benefits of life care
- Outstanding estate protection
- Lifetime priority access to quality on-site assisted living, memory support and skilled nursing for as long as you’re a resident
- Predictable monthly expenses, along with peace of mind and protection from the increasing costs of care
- Substantial savings compared to the average costs of private nursing care, if you ever need such care
- Lifetime use of your residence even if you outlive your resources; no financial burdens to your family
- The potential for tax benefits
Frequently Asked Questions
What is life care?
Life care combines a senior living lifestyle in an apartment or cottage home with services and amenities that eliminate home maintenance and yard work, while providing priority access to on-site, long-term health care services for as long as you need them. You have lifetime use of your residence, along with lifetime access to higher levels of care, such as assisted living, memory support or skilled nursing, if the need arises.
Are there tax benefits associated with life care at The Terraces?
Several IRS rulings have established that a portion of a life care community’s fees are deductible as prepaid medical expenses. These health care tax deductions are only available through a life care community such as The Terraces. You should, of course, discuss your individual tax situation with your personal tax advisor.
What if I already have long-term care insurance?
You may be eligible to receive benefits from that policy if you need assisted living, memory support or skilled nursing care. Your policy will likely work together with life care, and pay earned benefits directly to you. Consult with your insurance carrier or agent for answers about your individual policy.
What if my retirement funds run out?
If you outlive your resources or experience financial hardship for reasons outside your control and are unable to pay your monthly fee, you will not be asked to leave The Terraces. Your life care agreement will still entitle you to priority access to on-site senior health care if you need it. Your children or other loved ones will not bear any financial burden. Life care means you are protected for life.
Need more information on life care? Email us your questions.