The Cost of Senior Living in a Life Plan Community

A Life Plan Community provides a continuum of care, so residents have easy access to higher levels of quality health care if they need it.

Life Plan Communities are senior living communities that offer independent living along with a spectrum of helpful services, enjoyable amenities, and on-site health care. There are several types of Life Plan Communities. The three most common are Type A, Type B, and Type C.

At a Type C Fee-for-Service community like Monarch Landing, you only pay for care when and if you need it and at market rates. This type of community comes with the lowest upfront admission payment (or entrance fee) to ensure you have priority access to all levels of high-quality health care as needed.

A Type B community, which also offers LifeCare, is similar to a Type A community but rather than spread all the potential care costs over time, you pay for your care at the time you receive it. While not all Type B communities are alike, typically, you pay a substantial entrance fee in exchange for a discounted rate on care. Type B is often referred to as a modified plan and could be considered sort of a hybrid of Types A and C.

A Type A community offers what is referred to as LifeCare where you essentially prepay for any future assisted living, skilled nursing care, and memory care you might need. To cover those potential costs, it requires a significant upfront entrance fee. The benefit is that your monthly fee remains virtually the same even if you do not need a higher level of care.

Everyone’s health care journey is unique. At Monarch Landing, you don’t have to pay for health care services you may never need, but you are prepared for whatever comes.

The admission payment is paid when you move to Monarch Landing. This fee guarantees:

• Access to all levels of health care should your needs change
• If you outlive your financial resources, you will never be asked to leave
• Our Return of Capital plan, which ensures that no matter how long you live here, a substantial portion of the your upfront costs will be returned to you or your estate upon reoccupancy of your residence, should you leave Monarch Landing for any reason

The monthly fee at Monarch Landing covers the cost of living you might otherwise have in your home, including maintenance, a Preferred Choice Dining Plan, utilities and much more. In addition, all of the services and amenities Monarch Landing offers are included with fee exceptions.

Yes! Your long-term care insurance may actually have the most value at a Type C community. Since some other types of communities require you to pay for your health care upfront, there may not be a reason for the insurance to kick in later and pay.

When does my insurance policy come into play? Should you need care and support because you are unable to perform activities of daily living (ADLs) without assistance, then you can file a claim to have your long-term insurance help cover the costs according to the guidelines in your policy.

How much will it pay? How much benefit you receive depends on the type of long-term care insurance policy you have. A reimbursement policy, which is the most common type, pays for the cost of care up to the daily or monthly limit stated in your plan. A cash-indemnity policy pays a predetermined amount every month regardless of how much your care costs. You can use the cash benefit however you want.

Policies differ among insurance companies and have changed over time. Please check with your financial advisor about the benefits of your specific long-term care insurance policy.