The advantages of a Life Plan Community go much further than resort-style living, security and health services. Life Plan Communities, such as Sun Health Communities, offer financial stability and predictability so you can have peace of mind in your finances through retirement. We will explore several financial benefits of moving into a Life Plan Community to help you make the best decision for your future.
Save on health care costs with Life Care.
Joining a Life Plan Community has the benefit of providing Life Care, which fosters the best functionality as you age. Life Care can be used to fill the gaps that long term insurance and Medicare don’t cover. It defines your financial arrangement, so all levels of care are provided, even if your financial situation changes. While there is an upfront investment associated with a Life Care agreement, the savings and peace of mind for you and your family is significant. The beauty of Life Care is the predictability of cost because it helps effectively minimize higher fees when care is needed.
The amenities don’t cost extra.
Fine dining, fitness studios, movie theaters and spas are just some of the incredible amenities you can find at Sun Health Communities. Each of our three locations offers unique amenities at the community for fun and entertainment at a close distance. These special amenities create resort-style living that can promote an enriched and thriving social life at no additional cost. This can prevent you from over-spending on these services at other places and provides them all in one convenient location. This can also reduce the costs of transportation when everything is close by. Residents can also receive complimentary transportation for services or activities outside of Sun Health Communities locations. This can save you money and add convenience to your everyday routine.
You may receive additional tax benefits.
Moving into a Life Plan Community may come with additional tax benefits as well. In some cases, the monthly fees or upfront costs associated with Life Plan Communities can be deducted as prepaid medical expenses, according to the IRS. The amount of qualified long-term care premiums you can include is limited. You should always consult a tax professional on any questions regarding tax deductions associated with Life Care.
Reduce the cost of home upkeep.
Many people believe that they will save more money by deciding to remain in their current home through their retirement years. However, as any homeowner knows, homes require upkeep which can prove to be costly. Between property taxes, property maintenance, utilities, landscaping and other home maintenance services, the costs of living at home can add up. Additionally, if you choose to age in place, it is also recommended that you make necessary safety and accessibility adjustments to your current space. These home improvements and renovations can add on costs to those remaining in their own home. The benefit of a Life Plan Community is that they come fully equipped with these safety precautions, nicely renovated spaces and utilities included in your costs. We also take care of the maintenance of your home, so you don’t have to account for the additional costs of upkeep. This enables a worry-free lifestyle and relieves the stresses of having several bills to pay each month.
Monthly costs are more reasonable than you expect.
Although Life Plan Communities come with an upfront entry fee, continual costs on top of this are reasonable and all-encompassing to relieve the burden of multiple bills. Depending on the community you join, the starting monthly costs and entrance fees can vary based on residency agreements. However, monthly fees include all the conveniences associated with living in a full-service community. We’ve created a cost calculator to help simplify budgeting for the cost of independent living so you can weigh the costs of joining a Life Plan community versus your current expenses. You can also compare the community locations based on the amenities and costs of each location to select the option that will work best for you and your budget.
You also can receive a discounted membership fee when two people of the same household join a Sun Health Community. This can help decrease monthly costs and prove to save you money over time.
Your insurance costs may lower.
Another benefit of moving into a Life Plan Community that you may not have considered is that your insurance costs can go down. Between homeowners, automotive and health insurance, you may be able to see decreases in your costs as you move to a community. If you choose to move out of your home, you will no longer have insurance expenses, such as homeowners or mortgage insurance. Additionally, as you age, you may choose to give up your vehicle or rely on other transportation services, such as the complimentary transportation at Sun Health Communities. This can decrease your automobile insurance costs or eliminate them completely.
It is easier to plan your budget for the future.
You never know what the future will hold through your retirement. However, you can continue to have the peace of mind that your financial situation and health services are taken care of no matter what. Another benefit of a Life Plan Community is that the cost of living is all-encompassing, taking off the need for additional expenditures that could occur. Life Plan Community costs cover all of your health needs and provide exceptional living conditions with everything taken care of for you. You can simplify your budget for retirement with the convenience of the full-picture planning of a community.
Discover all the benefits of joining Sun Health Communities
Outside of the financial benefits a Life Plan Community can offer, the conveniences and benefits of joining a community are endless. Sun Health Communities is here to support you through your retirement. To learn more about the costs, benefits and information on any of communities, you can contact us and speak with one of our qualified Residency Counselors.
