HOW WE MAKE OUR LIFE PLAN COMMUNITY AFFORDABLE FOR SENIORS
Freedom Village of Bradenton
Mar 16, 2023
Florida - Sarasota, Bradenton & Charlotte Counties
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For many, a Life Plan Community is a way to ensure comfort, connection and continuity as you grow older. You’ll have an attractive residence in independent living with a busy roster of activities that keep you active and engaged. You’ll have a meal plan with appealing options for dining. There’ll be amenities for exercising, entertainment and recreation. You’ll also have the relief of knowing higher levels of care are available on the same campus if you need them. But there are costs involved. Most Life Plan Communities require an entrance fee — an upfront cost many people handle with the proceeds from selling their home. There’s also a monthly fee that makes all those great services and amenities possible.Let’s look at the costs of senior living and senior care and find out how a good Life Plan Community like Freedom Village of Bradenton offers financial options and strategies to make senior living more affordable than you might think.
WORKING WITHIN THE FRAMEWORK OF SENIOR LIVING COSTS
Life Plan Community entrance fees range from around $100,000 to more than a million dollars, depending on the region where you reside, residential contracts, and floor plans. Monthly service fees may start near $2,000, increasing to $4,000 or more in some markets. Costs vary widely, particularly if you opt to shield your future finances and your family from future costs of assisted living or nursing care by selecting a Life Care contract now. Life Care will cover all your on-site care as needed without substantially raising your monthly fee. The rate you’ll pay for care will be less than current market rates. It’s considered the gold standard of long-term care coverage, but it does require the largest entrance fee.
A Type A Life Care contract can be especially smart for couples, who may sometimes have different care needs.To keep costs down, you can prepay for less care.
A Type B Modified Plan contract includes a set allotment — say, 30, 60 or 90 days — of covered or discounted care.
If you have a long-term-care insurance policy, you could opt to pay even less with a Type C Fee-for-Service contract. With that, you’re typically guaranteed access to future care but must pay the market rate at the time. Refundable entrance fees are common. Some communities offer a flat percentage of the entrance fee as a refund when the resident moves out or dies while living there. This is usually anywhere from 75% to 90%, with some communities even offering a 100% refund.
Other contracts offer a percentage of your entrance fee on a declining basis over time: You get a larger refund if you live there for a shorter time, but the percentage declines over the years; some communities offer no refund on the entrance fee after a certain number of years.With any senior living community you might be considering, it’s crucial to understand the contracts and residency agreements that community offers.
THE INHERENT FINANCIAL ADVANTAGES OF LIVING IN A LIFE PLAN COMMUNITY
If you move in while you’re still healthy and active, and then calculate what you’d pay over, say, a period of 20 years, it’s often cheaper over the long term. Entrance fees tend to fund long-term capital improvements within a community, so you’re essentially investing in your own future.
Many nonprofit Life Plan Communities offer benevolence funds as part of their mission, so residents will have access to health services such as assisted living, skilled nursing, and memory care for the rest of their lives, even if they outlive their financial resources. You might see this as a form of built-in insurance. Finally, consider the additional costs of having to move again when you’re older and dealing with a health crisis, just to secure the care services already provided at a Life Plan Community.
SMART WAYS TO MAKE A LIFE PLAN COMMUNITY MORE AFFORDABLE
Until you compare the monthly expenses with what you’re paying for housing now, including food and all other costs, you won’t know whether a Life Plan Community is affordable for you or not. Hiring a financial advisor for a one-time consultation might help. Remember too, that when you make your home at a Life Plan Community, homeownership costs for taxes, insurance, utilities, repairs and so forth are all covered by your monthly fee. Even broken appliances will be replaced at no additional charge, making those costs of senior living much more affordable. Here are three other tools to consider. Bridge financing helps people fund their entrance fee by bridging the financial time gap between the sale of a house and moving in. This is a form of short-term lending. Long-term care insurance generally won’t kick in and cover residential living expenses, but every policy is written differently and may include or exclude coverage for:
- Home care
- Assisted living
- Skilled nursing care (i.e., a nursing home)
- Adult day care services
- Home modification
- Care coordination
- Future services
Policies will explain their requirements and what they specifically cover. With the right policy, you’ll have options you can afford. Medicare can be used to pay for some services, including physician visits and hospital stays, though it usually doesn’t cover long-term nursing care.
YOU’LL HAVE FINANCIAL OPTIONS AT FREEDOM VILLAGE OF BRADENTON
At Freedom Village, we want you to embrace the best of independent living at a premier Life Plan Community, and secure lasting peace of mind for yourself and your family. And we offer you the tools to make it happen:
Flex Your Future lets you customize senior living costs to suit your budget. The Flex Your Future program lets you select your residence with less out-of-pocket expense now and then pay the remainder of your entrance fee on a flexible, tailored timeline.
The Type A Life Care contract at Freedom Village offers a simple way to pay for long-term care expenses, making them more predictable. It’ll save you money by protecting you from the constantly rising cost of care services.
Customized living ensures you’ll always reside in the appropriate level of care — assisted living, memory care, skilled nursing or rehabilitation. For an initial entrance fee and subsequent monthly fee, your residence, services, and amenities are customized to suit your lifestyle and changing needs.
Entrance fee refundability on certain senior living contracts refunds a portion of your entrance fee to you or your heirs, preserving your assets and ensuring your legacy.
Tax deductions to reduce your tax liability. The IRS has ruled that a portion of both your entrance fee and/or monthly fee is deductible on your federal income return as prepayment of medical expenses. Certain tax deductions also apply to veterans and/or their spouses. Consult your tax advisor regarding your individual eligibility.
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A Guide to Geriatric Care Managers in Manatee, Sarasota, and Charlotte Counties
Providing Essential Support for Seniors and Their FamiliesAs seniors age, many families find themselves navigating the complexities of health care, daily living needs, and overall well-being. In these situations, a Geriatric Care Manager (GCM) can be a valuable resource. GCMs are trained professionals who assist families in managing the care of older adults, especially those with complex health conditions. They help ensure that seniors receive the right care, at the right time, in a way that aligns with their needs and goals.If you are a resident of Manatee, Sarasota, or Charlotte Counties in Florida, this guide will explore the important role of Geriatric Care Managers and how they can assist you and your loved ones in managing senior care effectively. What is a Geriatric Care Manager?A Geriatric Care Manager is a health and human services professional who specializes in aging and the care needs of seniors. These professionals are often social workers, nurses, or other health care providers with advanced training in geriatric care. Their main job is to help families manage the care of elderly relatives by assessing their needs, creating care plans, and coordinating services across a variety of healthcare providers.Geriatric Care Managers are particularly helpful when families are dealing with complex medical needs, or when there are multiple care providers involved in a senior's health care plan. They take the guesswork out of coordinating care and help families ensure that their loved ones are receiving the most appropriate and effective services. How Can a Geriatric Care Manager Help?Geriatric Care Managers provide a wide range of services tailored to the unique needs of older adults. Some of the key areas where they assist include:Assessment and Care Planning: GCMs conduct comprehensive assessments of a senior's physical, emotional, and social needs. Based on this, they develop personalized care plans to meet those needs.Coordinating Care: One of the key roles of a GCM is to coordinate all aspects of a seniors care. This might involve managing doctors appointments, overseeing in-home care services, arranging for transportation, or ensuring that medication is taken properly.Advocacy: Geriatric Care Managers act as advocates for the elderly person, ensuring that their needs are communicated effectively to healthcare providers, family members, and other involved parties.Family Support and Education: Many families are not familiar with the intricacies of senior care. A GCM can provide educational support to help family members understand the aging process, available resources, and how to manage long-term care.Crisis Management: When a sudden change in health occurs, a GCM is trained to manage the situation and can step in quickly to arrange for the appropriate care. Why Do You Need a Geriatric Care Manager in Manatee, Sarasota, and Charlotte Counties?Living in Manatee, Sarasota, or Charlotte Counties offers seniors the benefits of a vibrant and supportive community, but the complexities of aging can still pose challenges. With a growing senior population in these counties, the need for professional help managing senior care has never been greater.Here are a few reasons why a Geriatric Care Manager can be an invaluable resource in the local area:Access to a wide range of resources: In a bustling area like Sarasota, Manatee, and Charlotte Counties, there are numerous healthcare providers, facilities, and support services. A GCM is familiar with the best local options and can navigate these choices to create the most effective care plan for your loved one.Managing long-distance caregiving: Many families in Sarasota, Manatee, and Charlotte Counties find themselves in a situation where the primary caregiver is located out of state. A GCM can be a trusted local presence to ensure that care is being delivered properly.Specialized care options: Whether your loved one requires assistance with chronic conditions such as dementia, or they need rehabilitation after an injury, a Geriatric Care Manager can guide you to the right services in the local area.Support with aging in place: Many seniors prefer to remain in their own homes as they age. A GCM can help set up home care services, safety modifications, and other supports that make aging in place a safe and viable option. How to Find a Geriatric Care Manager in Sarasota, Manatee, and Charlotte CountiesWhen choosing a Geriatric Care Manager, it is important to find someone who is experienced, knowledgeable, and a good fit for your family's needs. Here are some steps to take: Check credentials: Look for GCMs who are certified by the National Academy of Certified Care Managers (NACCM) or similar organizations. This ensures they have met professional standards and are qualified to offer services. Seek referrals: Ask for recommendations from healthcare providers, friends, or other family members who have worked with a GCM in the area. Evaluate experience: Its important that the GCM you choose has experience working with seniors who have the specific care needs of your loved one. Whether its managing chronic illness, cognitive decline, or simply providing assistance with daily activities, the right experience can make all the difference. Interview potential GCMs: Speak with the care managers you're considering to understand their approach to care, their availability, and their fees. Its important to find someone who you feel comfortable with and who understands your familys needs. For a list of trusted Geriatric Care Managers and other senior services in the Sarasota, Manatee, and Charlotte Counties area, explore the Seniors Blue Book directory: Browse Senior Resources in Sarasota, Manatee & Charlotte Counties Geriatric Care Manager Listings in Sarasota, Manatee &Charlotte Counties ConclusionA Geriatric Care Manager plays a crucial role in ensuring that seniors receive the care and support they need to thrive as they age. In Sarasota, Manatee, and Charlotte Counties, these professionals offer invaluable assistance to both seniors and their families, navigating the complexities of senior care, advocating for the elderly, and providing peace of mind. If you are considering a Geriatric Care Manager for your family, remember that you have a wealth of resources and options in the local area to help you make the best decision. Start your search today by exploring the Seniors Blue Book directory for trusted professionals who can guide you through every step of the aging process.
A Complete Guide to Long Term Care Insurance in Sarasota, Manatee, and Charlotte County, Florida
Securing Your Future with the Right Long-Term Care CoverageWhen it comes to planning for the future, one of the most important considerations for seniors in Sarasota, Manatee, and Charlotte County, Florida, is ensuring that they have access to the care they need as they age. Long term care insurance is a vital tool that can help protect your finances and provide peace of mind for you and your loved ones in the event that long-term care becomes necessary.In this guide, we will explain what long-term care insurance is, why its important, and how you can find the best policies available in Sarasota, Manatee, and Charlotte County. What is Long Term Care Insurance?Long term care insurance is a type of insurance designed to cover the costs associated with long-term care services, which are not typically covered by regular health insurance or Medicare. These services can include assistance with daily activities such as bathing, dressing, eating, and other tasks that may become challenging due to aging, illness, or disability.There are two main types of long-term care insurance policies:Traditional long-term care insurance: This type of policy offers a set benefit amount that can be used for a variety of long-term care services, such as nursing homes, home care, and assisted living facilities.Hybrid policies: These policies combine long-term care coverage with other types of insurance, such as life insurance or annuities. The advantage of hybrid policies is that they can provide a death benefit if long-term care services are never needed.For seniors in Sarasota, Manatee, and Charlotte County, having long-term care insurance can help ease the financial burden associated with paying for care as you age. Why is Long Term Care Insurance Important?As seniors approach their later years, the likelihood of needing some form of long-term care increases. Whether it's in-home care, assisted living, or nursing home care, these services can be costly. In Florida, the costs of long-term care services can vary depending on the type of care and the location.Here are some key reasons why long-term care insurance is crucial:Protection against high costs: The cost of long-term care in Florida can add up quickly, and Medicare doesnt cover most of these services. Long-term care insurance helps protect your savings and assets from being drained by the high cost of care.Peace of mind: With long-term care insurance, you dont have to rely solely on family members to provide care or to make difficult financial decisions in times of need.Flexibility: Long-term care insurance allows you to choose where you receive care, whether at home, in an assisted living facility, or in a nursing home.Preserves your independence: By covering the costs of in-home care, long-term care insurance allows you to stay at home longer, maintaining your independence and avoiding a move to a nursing home or assisted living facility. What Does Long Term Care Insurance Cover?Long-term care insurance can cover a wide range of services that help seniors with activities of daily living. Some of the services covered by long-term care insurance policies include:Home health care: Assistance with tasks like bathing, dressing, and meal preparation in your own home.Nursing home care: Skilled nursing services provided in a nursing home.Assisted living: Care provided in an assisted living facility that offers support with daily living activities.Adult day care: Programs that provide supervision and care during the day for seniors who live at home.Respite care: Temporary relief for family caregivers, allowing them to take a break from caregiving responsibilities.Before purchasing a long-term care insurance policy, it's important to understand the specific benefits it provides and whether they meet your needs. How to Choose the Right Long Term Care Insurance for YouChoosing the right long-term care insurance policy can be a daunting task, but its an essential step in protecting your future. Here are some tips to help you make an informed decision: Assess your needs: Consider how much care you may need in the future and whether the policy offers coverage for the types of care you anticipate needing. Compare policies: Look at multiple providers and compare the premiums, coverage, and benefits offered. Understand the costs: Evaluate the costs of premiums and whether the benefits of the policy outweigh the costs. Check for inflation protection: Ensure that the policy includes inflation protection, so your coverage keeps up with rising costs of care. Consult a professional: Work with an insurance agent or financial planner who can help you navigate the options and find the best policy for your needs. Finding Long Term Care Insurance Providers in Sarasota, Manatee, and Charlotte CountyIf you are considering long-term care insurance, its essential to find a reputable provider in Sarasota, Manatee, and Charlotte County, Florida. The Seniors Blue Book offers a comprehensive directory of local resources to help you explore different options and find trusted providers.You can start your search for long-term care insurance providers and other senior resources here: Explore Senior Resources in Sarasota, Manatee, and CharlotteCountyAdditionally, you can explore specific categories related to long-term care insurance, including health, housing, and home health options: Browse Home Health Providers and Senior Resources ConclusionLong-term care insurance is an essential part of financial planning for seniors in Sarasota, Manatee, and Charlotte County. It offers protection against the high costs of care and provides the peace of mind that comes with knowing your needs will be met in the future. Whether you're considering in-home care or assisted living, long-term care insurance ensures that you can age with dignity and independence. For more information on long-term care options in your area, visit the Seniors Blue Book directory and start exploring the many resources available to help you plan for your future care needs.
Local Services By This Author
Freedom Village of Bradenton Rehabilitation
Rehabilitation Facilities 6410 21st Avenue W., Bradenton, Florida, 34209Located just six miles from the beautiful Gulf Coast beaches in West Bradenton, Florida, Freedom Village of Bradenton is a premier Continuing Care Retirement Community. We offer spacious and upscale living accommodations, along with a comprehensive range of health care services designed to meet the diverse needs of our residents.Rehabilitation: Short-term rehabilitation services to help you recover and get back to your life as quickly as possible.Rehabilitation Services At Freedom Village of Bradenton, we understand the importance of excellent rehabilitation services following an illness or injury. Our team of expert clinicians collaborates with each resident to design an individualized plan tailored to their specific challenges, abilities, and goals. Our rehabilitation services include:Physical, Occupational, and Speech Therapies: Comprehensive therapy services to aid in recovery.Orthopedic Rehabilitation: Specialized care for those recovering from orthopedic surgeries or injuries.CVA/Stroke Rehabilitation: Focused rehabilitation for stroke survivors to regain function and independence.Fall Prevention Program: Programs designed to improve balance and prevent falls.Pulmonary Program: Care for residents with chronic lung conditions.Cardiac Heart Failure Program: Support for those with heart failure to improve cardiac health.Balance and Vestibular Therapy: Treatments to address balance issues and vestibular disorders.Schedule a VisitTo learn more about our services or to schedule a personalized visit, please call us at 941-799-6855. We look forward to sharing our beautiful campus with you and discussing how we can meet your needs in our welcoming community.
Freedom Village of Bradenton Assisted Living
Assisted Living 6410 21st Avenue West, Bradenton, Florida, 34209Assistance with daily tasks. Companionship at just the right time. Someone you can trust, who brings a smile to your face. Assisted living gives you the freedom and flexibility to enjoy each day and live as independently as possible.THE RIGHT HELP MAKES ALL THE DIFFERENCE.Were proud to be recognized for our high standards for assisted living, earning first place in the 2021 Manatee Readers Choice Awards from the Herald-Tribune.When you want the best care in assisted living, count on the qualified professional help youll receive at Freedom Village of Bradenton. We collaborate with you to design a plan for your specific needs including bathing, dressing, grooming, medication management, and other activities of daily living. Because were a Life Plan Community, youll have the advantage of being able to transition seamlessly to other levels of care if needed.The cost of assisted living is covered by a monthly fee that includes a maintenance-free residence, personalized care, dining and more. Residents have access to all community services and amenities, such as fitness classes, chef-prepared dining, and a full-service salon and barbershop.We also offer respite care to give seniors and their caregivers a break from their usual routine. Seniors can receive the personalized care they need while they enjoy the vibrant lifestyle in our assisted living facility, allowing caregivers the time to rest or take care of other responsibilities. Reservations are required to book a short respite stay.
Freedom Village of Bradenton CCRC
Housing - Other Types 6406 21st Avenue West, Bradenton, Florida, 34209Welcome to Freedom Village of Bradenton, a Life Plan Community dedicated to providing vibrant and fulfilling lifestyles for seniors. Here, you'll discover a community that offers a wealth of amenities, services, and care options to support your needs and preferences at every stage of life.As a resident of Freedom Village of Bradenton, you'll experience:Independence: Enjoy the freedom to live life on your terms, with a range of residential options and maintenance-free living that allows you to focus on the things that matter most to you.Quality Care: Benefit from access to a continuum of care services, including assisted living, memory care, and skilled nursing, all conveniently located on our campus. Our dedicated team is committed to providing personalized care and support tailored to your individual needs.Engaging Lifestyle: Discover a vibrant community where you can nurture connections, explore new interests, and participate in a variety of social, recreational, and educational activities. From fitness classes to cultural outings, there's always something exciting happening at Freedom Village of Bradenton.Financial Security: With our Life Care contract, you'll enjoy financial predictability and peace of mind, knowing that your future healthcare needs are covered. Our commitment to excellence ensures that you can age in place with confidence, surrounded by a supportive and caring community.Pet-Friendly Environment: Bring your furry friends along to join you on your journey at Freedom Village of Bradenton. We understand the important role pets play in our residents' lives and welcome them with open arms.Whether you're seeking an active retirement lifestyle or need additional support and care, Freedom Village of Bradenton is here to help you live your best life. We invite you to explore all that our community has to offer and discover why so many seniors choose to call us home. Welcome to Freedom Village of Bradenton, where every day is an opportunity for freedom, joy, and fulfillment.