Most of us have worked all our lives saving, planning and dreaming about someday being able to spend less time on “have to-dos” and more time on “want to-dos.” Whether that includes spending more days immersed in our favorite interests, more moments with family and friends or more chances to experience things we always wanted to try, we all have our thoughts of what this exciting chapter should include. However, the looming questions surrounding financing long-term care can overshadow any plans. A Lifecare contract might be the perfect solution that lets you enjoy a vibrant lifestyle today, knowing you’ve planned for anything the future may bring.

A choice that makes good sense

Life Plan Communities offer an inspiring, vitality-infused environment, empowering you to experience life the way you want to live it. These communities brim with holistic wellness, wide-ranging opportunities for growth and interaction, and a spirited lifestyle uniquely cultivated by each member of the community.

Entirely suited to your lifestyle today, Life Plan Communities also ensure long-term care is available on-site, should you ever need it. Access to support such as assisted living, skilled nursing and memory care enables you to continue living engaged, involved and connected without leaving the community, even if your health needs change.

A Lifecare contract takes it one step further, helping you predict and control the cost of long-term care through proactive financial planning. Lifecare at a Life Plan Community, like Covenant Woods in Richmond, VA, alleviates your worries about access and affordability, freeing you to fully enjoy that amazing lifestyle you’ve been anticipating.

How does lifecare work?

To benefit from a Lifecare contract, you need to move to a Life Plan Community while you are healthy and agile. If you wait until you need supportive care, a Lifecare contract is no longer an option, and for many communities, neither are their higher levels of care. Moving while in your prime also enables you to enjoy an extraordinary lifestyle earlier and longer.

Lifecare is often one of several contract options. While entrance and monthly fees are typically higher for this contract, it also delivers significantly more value. With a Lifecare contract, the community assumes most of the financial risk for long-term care costs, while you, as the resident, assume very little. This contract covers care services, such as assisted living or skilled nursing for your lifetime—regardless of the amount or duration of care. And your monthly fee will not increase based on needing that care.

Why this matters

Supply and demand for long-term care are moving in opposite directions. Currently, there are about seven people aged 45–64 (average caregiver age) for every person aged 80+. By 2050, that ratio will drop to three to one. As need outpaces providers, rates will increase significantly. According to the Genworth Cost of Care Survey, the average cost of care in 2021 was $4,500 a month for assisted living and $9,034 for skilled nursing. These costs are predicted to increase an average of 2.8 percent per year for skilled nursing, for a cumulative increase of 36.4 percent by 2030. Assisted living costs will increase by 46.9 percent.

With future access and costs so volatile, it’s hard to plan and extremely difficult to save for future care. Most of us will not be able to afford it. However, a Lifecare contract alleviates these worries. Life Plan Communities guarantee access to care, and Lifecare contracts ensure your monthly fee will not increase due to any care you may need. That means you have an idea of what it will cost and know that you can afford it.

Long-term care insurance

If you already have long-term care insurance, Lifecare is still a great option because it works in tandem with your insurance policy. Should you need skilled nursing care in the future, part or all of your monthly fee may be covered by your insurance. Even a modest policy can help.

If you don’t already have a policy, it may be difficult to get one. Long-term care insurance is a complicated product offered by a dwindling number of insurers, and complex requirements greatly restrict eligibility. A Lifecare contract is the most secure long-term care insurance policy available.

Is lifecare a low-risk, high-return investment?

The bottom line is that Lifecare just makes good sense. It means you can:

• Have more control: The costs of future care are far more predictable and affordable.
• Invest confidently: Lifecare contracts are regulated by state insurance commissions and receive significant oversight by a board of directors.
• Protect your estate: These contracts are designed to eliminate the devastation of out-of-pocket long-term care costs and preserve your financial estate for future generations.
• Take advantage of potential deductions: Federal income tax deductions are possible on portions of the entrance and monthly fees as prepaid medical expenses.
• Guarantee access to quality care: Should you ever need it, you’ve already selected, approved and secured who will provide your care.

Lifecare also delivers the immeasurable value of peace of mind—for you and your family. It puts an end to those worrisome questions that keep you up at night. Will I be able to get long-term care if I need it one day? Will I be able to afford independent living? Will it wipe out my estate? What are my payment options? What happens if I run out of money in senior living? Will I become a burden to my family when I retire?

With a Lifecare contract, you can sleep well knowing you’ll receive affordable, quality care if ever needed—for the rest of your life. And you’re free to devote all your time to enjoying the rewarding lifestyle you worked so hard to achieve!

At Covenant Woods, the benefits of independent living in Richmond are virtually endless. Proactive planning can lead to a worry-free future and a spectacular array of lifestyle options.

If you’re ready to take the next step, come explore the exceptional lifestyle and financial security of independent living at Covenant Woods. Here, you’ll discover numerous advantages, including farm-to-table dining and exceptional amenities designed for your wellbeing. Take the first step by filling out the form below and see how independent living can transform your life!