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Wesley Woods at New Albany is a Life Plan Community (LPC) that offers an array of floor plans, services and amenities, and Residence Care Agreement options giving you the opportunity to select a plan that best fits your lifestyle and needs.
With each of the agreements listed below, there is no purchase of real property; instead, there is a service agreement that moves you into your selected residence type, grants use of the community building and outdoor spaces, provides an array of services and amenities, as well as access to high-quality health care in assisted living, skilled care and memory care when needed for the remainder of your life. You never have to worry about what will happen as you grow older and need assistance, and your family can be assured you are taken care of in a safe, picturesque setting.
The Traditional Residence Care Agreement
offers you the opportunity to pay a one-time entrance fee and an on-going monthly fee. The entrance fee is locked in when you sign the agreement, and the monthly fee is subject to nominal annual increases based on the budget findings of the community. The entrance fee is 90% refundable at the time you pass away, leave the community, or transfer to another level of care. Under this agreement, you will be given priority access to long term care, and when you transfer to assisted living, skilled care or memory care, your monthly fee for your last residence ceases and you would be responsible for paying the daily rate of the care you are receiving based on your level of care. The refundable portion of your entrance fee is retained to use for your future care until such time you pass away or leave the community, and the remainder is payable to you or your estate at that time.
The Life Care Agreement
is also subject to a one-time entrance fee and on-going monthly fee. The entrance fee is locked in when you sign the agreement, and the monthly fee is subject to nominal annual increases based on the budget findings of the community. This agreement is a 2% declining refund plan; there is a premium on the entrance fee because of its all-inclusive nature, and once you take occupancy, the value of that entrance fee will amortize at a rate of 2% per month for up to 50 months. After 50 months, should you leave or pass away, there would be no refund to you or your estate. Under this agreement, you will be given priority access to long term care, including assisted living, skilled care or memory care and your monthly fee would not increase
due to a change in level of care. This agreement is a great way to plan for your out-of-pocket expenses not only for your typical cost of living, but also for all of our long term care for the rest of your life.
A Life Care Agreement is also viewed as “pre-paid health care” and therefore may be used as a potential medical tax advantage for you on your annual tax return.
Long term care insurance, if you have it, can be used in conjunction with both agreements.
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