1. What is a Life Plan Community?
A Life Plan Community is a senior living community that encompasses all levels of care on one campus for life-long health and financial planning for the residents that live there. Independent Living, Assisted Living, Skilled Care and Memory Care are all available as needed, ensuring that residents and their families can have peace-of-mind that there is a plan in place as individuals’ age. Wesley Woods at New Albany is the newest Life Plan Community in Central Ohio.
2. Fees for a Life Plan Community (LPC)…What do they cover?
When choosing a Life Plan Community, you are choosing a financial design that allows you to:
- Consolidate many of your current out-of-pocket expenses into one monthly fee
- Plan for how your future long term care costs will be paid
- Take the worry out of what will happen when you need more care
- Take advantage of tax benefits that would otherwise not be available to you if not in a LPC
- Give yourself and your family the peace of mind of having financially planned for your future
To elaborate, there are two fees associated with a Life Plan Community: Entrance fee and monthly fee.
The entrance fee is a one-time fee that is paid up front. The entrance fee is used to provide funds toward the operation of the community, as well as a portion that is placed in investments to be used for future costs, including your health care. Depending on the plan you choose, there are potential refunds of up to 90% on these fees when you a. leave the community, b. pass away, or c. move to a higher level of care.
The monthly fee is used to pay for your many cost of living expenses such as: utilities, housekeeping, maintenance, security, grounds keeping, staffing, insurance, and other communal costs. A portion of the monthly fee will also be used toward construction costs of the community.
3. Are meals included in the fees?
They are not. As retirees choose to move to communities such as Wesley Woods, at a younger age than ever before, we have found that residents do not like to be tied to dining at the community every day. Many people still work, volunteer, travel and/or spend their days off campus. There are, however, 4 dining venues to choose from, and residents can enjoy a variety of dining atmospheres and menu options, and they will pay as they use them at reasonable rates. Meal plans are available at additional charge should anyone be interested.
4. What if my kids move to the area and I/we want to leave?
This is a common question many ask. So much so that a term has been coined in the retirement industry: “chasing your children.” While family is a strong tie to any area, it can prove to be difficult for seniors to put a plan in place for themselves if their children are not rooted. If this is true for you, there is one plan with Wesley Woods, known as the Traditional Plan, that allows you to leave the community at any time after moving in, and you would be eligible for a 90% refund once we re-sell the residence in which you resided. This gives the ability to put a low-risk plan in place with the flexibility of leaving if the need arises.
5. Do you allow pets?
We do. There will be a one-time pet deposit for each pet. Pets are intended to be indoor pets only and residents will be required to follow the pet policies established by the community.
6. What if I already have Long Term Care Insurance?
Long term care insurance can be used in conjunction with either agreement available at Wesley Woods. Please contact a Wesley Woods marketing representative to share your coverage and learn how your specific policy can be utilized to compound your Long Term Care insurance benefit with the coverage established with the Wesley Woods agreements.
7. How do I know which contract would be right for me/us?
When you meet with a marketing representative at Wesley Woods, each agreement will be explained to you in full. Once this information has been shared with you, you may consult your family, financial advisor and/or attorney to determine which one would best suit your needs. The marketing representative at Wesley Woods is also available to answer any questions you or your support group may have to help understand the benefits of each plan.
8. What are the advantages of an Entrance Fee model over a rental community?
Generally, the benefits are:
- Entrance Fee communities usually have all levels of care on one site assuring that you never have to worry about moving off campus in search for a higher level of care
- There are tax advantages associated with the Entrance Fee model that are not available with a rental community
- Entrance Fee (and not-for-profit) communities will have a charitable assistance fund in place should residents ever outlive their resources and need subsidized. This way, no one would be asked to leave the community because of their inability to continue to pay their fees
- Some Entrance Fee communities offer a plan known as a “Life Care Plan” that allows you to pay a one-time entrance fee and an on-going monthly fee that other than the nominal annual increases, will never realize inflation due to a higher level of care. This allows you to plan for your out-of-pocket expenses for the rest of your life, including long term care costs. (Wesley Woods offers this option)
- There are usually a lot more services and amenities available and included at an Entrance Fee community than a rental community
9. Why should I give up my home to move to a community?
There are many, but some of the top benefits are:
- Peace of mind of having a plan in place for the future
- Freedom from home maintenance, housekeeping, and grounds keeping
- Tax advantages
- Social interaction
- Better nutrition
- Provide your family and friends with the security of knowing when and where you will be taken care of when the time comes
- Financial planning
When you move to a community, you do not change your lifestyle…you change your address. A community simply gives you more time to pursue your passions rather than being burdened by home maintenance, and also gives the predictability of knowing how and where your long-term care needs will be provided as you grow older.
10. What kind of people live in these types of communities?
While diversity among residents is sought at retirement communities, one thing is usually abundantly consistent: residents who choose retirement communities like Wesley Woods are planners. They want to know the “how, when, where, and why” of their futures including long term care. Residents of these communities are engaged, educated people who understand the benefits associated with the agreements available to them and want to put a plan in place and choose for themselves where they will be as they age. They do not want anyone else to be responsible for them or make that decision on their behalf. Other than those characteristics, the personality and character traits of residents of retirement communities vary greatly, and each bring their own unique qualities to the table.
11. When is the right time to make a move? What if I’m “not ready yet?”
When people say “I’m not ready yet.” I will reply “Not ready for what?” And they often cannot give me an answer. There tends to be a stigma associated with moving to a retirement community, but retirement communities aren’t what they used to be. With spacious apartments and villas with luxury finishes, moving to Wesley Woods is like moving to any other residence with the added benefits of housekeeping, maintenance, grounds keeping, financial planning, long term care when needed, lifelong learning, freedom to pursue passions, healthy and nutritious meals just steps away, and more. With that, I will pose my frequently asked question, “What is there not to be ready for?!”
I often suggest that people make a move while they are healthy and can make the decision and move for themselves. When maintaining your home feels like a burden, it’s time to consider your next steps. Residents at our communities say they’re so glad they made the move, and many say they wish they had done it sooner.
12. What happens if I go away for the winter?
That’s the beauty of a community like Wesley Woods. Nothing...nothing happens when you go away for the winter. You lock the door and you leave. In the meantime, your home is regularly cleaned and inspected by maintenance as if you were there as to ensure that your home is maintained as it should be in your absence.
13. How might I personalize my home?
Your apartment or villa at Wesley Woods is your HOME. We want you to feel like you are at home the moment you move in. While Wesley Woods is under construction, many luxury finishes will be standard and you will be able to select the products and colors that fit your liking and taste. From cabinets, to lighting packages, flooring and countertops…make it your own. Have a custom modification? Just ask…we will certainly accommodate if we can.
Have another question? Contact Us.