Developing A Lifecare Plan
Today, the sky’s the limit for retirees with even more lifestyle experiences to choose for this next most inspiring chapter of life. But today’s seniors realize that in addition to exploring residences, communities, cities, and amenities, they must also have a Lifecare plan in place for their future health care and wellness. Health care, health wellness, along with Lifecare planning, are subjects that come to mind for all individuals, but are especially crucial for those 55 and over.
What is Lifecare Planning?
With the promise of a Lifecare Type A contract, you can live a vibrant lifestyle while securing your financial future. Lifecare Type A coverage entitles you to receive long-term care, should it be needed, without a change to your monthly fee. You’ll get extraordinary, compassionate care that fits your needs, giving you seamless access to a range of services, including personal care, nursing care, and memory support. By finding a 55 and over community that has a commitment to excellence in service, exceptional environments, and caring team members, you can feel confident that you are making a wise investment.
5 Considerations When Developing Your Lifecare Plan
Step 1: Know Your Financial Standing
Taking the first step in planning your Lifecare involves understanding where you stand financially. It’s important to take stock of your savings, investments, and any sources of income, while also noting your expenses. By reviewing these aspects, you can create a budget that supports your retirement dreams. Don’t hesitate to seek the guidance of a financial advisor who can offer personalized advice and help ensure your financial plan provides the security and comfort you deserve.
Step 2: Identify Your Health and Wellness Needs
Consider what your current health looks like and what you might need in the future. Reflect on any ongoing health conditions, medications, and your overall well-being. This will help you choose a retirement community that provides the right level of care and support, tailored to your needs. Talking with healthcare professionals can offer valuable insights and help you find a community like Mosaic Lancaster and Willow Valley Communities where you can receive the compassionate care that aligns with your health goals.
Step 3: Plan for Social Security
Social Security can be a significant part of your retirement income. Understanding how and when to start receiving these benefits can make a big difference. Think about how these payments fit into your overall financial picture, and consider working with a financial planner to make the most of your benefits. This way, you can create a plan that helps support a comfortable and fulfilling retirement.
Step 4: Consider Tax Benefits
Retirement offers an opportunity to take advantage of various tax benefits. Different states have different tax benefits for retirees. For example, Pennsylvania does not tax retirement income making it one of the most favorable states in the nation for retirees. Look into potential deductions or credits that may apply to your situation, such as those for medical expenses, property taxes, or tax-advantaged accounts like Health Savings Accounts (HSAs). Also, a Lifecare contract may offer additional tax deductions. Consulting with a tax advisor can provide clarity and help you make informed decisions, ensuring that you keep more of your resources for enjoying your retirement.
Step 5: Plan for Health Care Costs
As you plan for retirement, it’s important to think about future health care needs. Research the costs associated with medical treatments, long-term care insurance, and any expenses not covered by Medicare. Understanding what’s included in your retirement community’s offerings and planning for any additional costs will help you stay prepared. A thoughtful approach helps ensure that you have the support and resources you need to maintain your health and well-being throughout your retirement.
Life At Mosaic Lancaster
One community that checks all the boxes in health wellness and health care in individuals’ lifecare plans is Mosaic Lancaster. Mosaic is a very special place to live. Rising 20 stories above the city of Lancaster, PA, Mosaic is the next generation of extraordinary residences from Willow Valley Communities and will offer 55-plus urban living at its absolute finest.
Mosaic’s 146 exquisite single-level, two- and three-bedroom residences will create a new city lifestyle vibe, allowing residents to open their front door to diverse shops, lively restaurants, cultural venues, and exciting community events every day. Instead of making only occasional weekend visits to a city, residents will experience Lancaster City’s vibrance as their daily lifestyle. Lancaster is a vibrant, walkable, and welcoming small city located in southeastern Pennsylvania—consistently ranked as a top place in the nation to retire.
Besides all that the small city, steps outside the front door brings, Mosaic will offer even more, including rooftop gardening and dog run areas, a wine cellar and tasting room, a ballroom, a movie theater, full-service restaurants, outdoor lounges with commanding views, a pool, a day spa, and many other exciting amenities.
Tim and Steph Schreyer, future Mosaic residents, have always passionately embraced the city lifestyle during the workday and beyond. Whether by going out to lunch, picking up something for dinner at Central Market, or meeting after work at a fabulous restaurant, they love Lancaster City and look forward to retiring there.
Tim and Steph attended the first Mosaic informational session held at Willow Valley Communities and then became one of the first to select their elegant residence overlooking miles of stunning views of Lancaster.
Referencing a New York Post article that called Lancaster “the New Brooklyn,” Tim says, “Lancaster is like a miniature version of the best of New York, Philadelphia, Washington, D.C., and Baltimore. You have the architecture, the activities, the culture, the food, and the community. Except it’s all in a 10-square-block area. You don’t have to take the subway—you can walk everywhere and really ingrain yourself in the culture.”
Why Choose a 55-plus Community with Type A Lifecare Contract?
At Mosaic Lancaster, residents receive a Type A Lifecare contract. Lifecare is the comprehensive promise that provides short- or long-term care, if ever needed, without an increase to the monthly service fee. This includes personal care, nursing care, and memory support. Since there is no increase to the monthly service fee because of a need for additional supportive care, residents know what their costs are going to be in the future.
The Type A Lifecare contract offers protection from the ever-escalating costs of long-term care. In contrast to some other communities’ fee-for-service contracts, which often charge a daily rate for supportive care that quickly adds up and can deplete assets, Mosaic Lancaster’s Lifecare contract offers financial predictability for life.
Consider the Costs of Future Health Care
After a median stay of 22 months in assisted living, 60 percent of residents will transition to a skilled nursing center. Once in a nursing home, about half of residents stay for at least a year, while 21 percent live there for almost five years, according to the Health in Aging Foundation.
The average stay in a nursing home is 835 days according to the National Care Planning Council.
What does it cost to come to a senior living community if you need supportive care and have to pay out of pocket? Consider the following data:
Sample Direct Entry / Private Pay Rates (approximate) without Type A Lifecare:
Personal Care
$236/day (or $7,316 per month)
22 Months in Personal Care: $160,952
Skilled Nursing Care:
$556/day (or $17,236 per month)
Five years in Skilled Nursing Care: $1,014,700
835 days in Skilled Nursing Care: $464,260
Mosaic residents say this Lifecare promise, along with the support of Willow Valley Communities, a leader in senior living for 40 years, is paramount to their mental and emotional health care and health wellness.
The Schreyers are anticipating all the fun of Lancaster city at Mosaic, but their move also has a practical, serious life care planning side. “Both our parents had challenges,” Steph recalls. “They had few plans and relied on the stars to align for them to age in place. That didn’t work out, and they did not age on their own terms.”
“It changed our framing of what it meant to age and retire and all the things you really should be thinking about so much sooner than later,” she continues. “One of those things is ensuring that our children will never have to be our caregivers.”
4 Ways Lifecare Planning at Mosaic Lancaster Gives Peace of Mind
- Lifecare Type A provides for short- or long-term care in supportive living (personal care, memory care, or skilled nursing care), if needed later.
- Monthly fees do not increase if you move from independent living to a higher level of care.
- Type A Lifecare offers predictability of long-term care costs.
- Type A Lifecare is included for all Mosaic residents.
The Schreyers are excited about becoming Mosaic Lancaster residents in Lancaster City. “Lancaster has the arts, the food, the baseball, the festivals, the events, the parades—it’s the perfect small, great American city,” Tim says. “We just can’t wait!”
And the Schreyers also have the security of knowing that with their Type A Lifecare contract, they are on a journey of good health and wellness for life.