One of the most frequent questions we receive here at The Admiral at the Lake is: What is a life plan community?
Simply put, a life plan community is a continuing care retirement community (CCRC) that “offers a full continuum of care and involves a life care agreement that guarantees a fixed/predictable monthly service fee,” according to Troy Cannaday, who has more than 2 decades of experience in the senior living industry.
The terms are not interchangeable, he emphasizes: All life plan communities are CCRCs, but not all CCRCs are life plan communities.
Advantages of a Life Plan Community
The advantages of a life plan or life care community over a CCRC include:
- Ability to budget effectively
- Guarantees access to long-term healthcare
- Allows residents to age in place
- Allows residents access to every aspect of health services, such as assisted living, memory care, and skilled nursing
- Guarantees residents estate protection through an entry fee that is partially refundable to the resident or their estate
- Usually works effectively with long-term care insurance
- Builds in financial protection to safeguard against future medical needs
At The Admiral at the Lake, we use the term “Lifecare”, because it’s a special financial program that keeps costs under control and manageable over time. Lifecare is no more expensive than life plan; it offers more benefits.
“The idea is that, after qualifying through a health and financial application process, residents will never have to move again, except between levels of care as needed,” explains an article at Caring.com.
What Does The Admiral at the Lake’s Lifecare Provide?
When you become an independent living resident, you pay a one-time, upfront entrance fee, as well as a monthly service fee. In return for that, you get your residence, numerous included amenities and services, and priority access to on-site assisted living, skilled nursing care, and memory support for life.
Your monthly service fee remains predictable even if your health changes, and you require increased access to the community’s healthcare services.
The entrance fee is based on the size of the residence you select. This fee is 90% refundable to you or your estate if you ever leave The Admiral at the Lake. Other contracts are available; just ask a residency counselor.
The monthly service fee covers a specified number of meals, interior and exterior maintenance, utilities, housekeeping and scheduled transportation, access to the community’s amenities, participation in activities and events, and Lifecare benefits, should they be needed.
Our residents consider the security of Lifecare a boon to them and their families. They’re also usually pleasantly surprised at the scope of our amenities, which include:
- Washer and dryer in every residence
- Salon and spa
- Garage parking
- Complimentary guest parking
- Regularly scheduled group transportation
- Impressive views, both lakeside and cityside
- Garden and rooftop terraces
- Restaurant-style Waterfront dining room with lake views
- Café Bistro for chef-prepared daily specials and convenient to-go options
- Private lounge for dinner parties or special celebrations
- Cultural, social and recreational activities programs
- University of Chicago classes
- Library/resource center with computer stations
- Creative arts studio
- Lighthouse Lounge
- Media room/theater
- Comprehensive wellness program with classes that include boxing, Zumba, balance, yoga, and aqua aerobics
- Fitness center with a full-time fitness director
- Heated indoor pool
- Wellness center
- 24-hour emergency call system
- 24-hour security
- On-site short-term rehabilitation and therapies, assisted living, memory support and skilled nursing care
To learn more about Lifecare from The Admiral at the Lake view our Lifecare Booklet.