A senior woman high fives her husband after looking over a laptop and paperwork

Planning for Retirement? Here’s How Life Plan Communities Can Save You from Costly Medical Bills

If you’re saving and investing in order to retire one day, the biggest question most people have is: “How much should I save?” When you consider a big portion of your retirement savings could be needed for things like health care and medications, it can be expensive to not have a solid plan. Learn how choosing a Continuing Care Retirement Community (also known as a Life Plan Community) with a Life Care contract — like The Chesapeake — can help add some financial certainty to your future. >

Concerns About the Cost of Health Care

A 2019 report by Gallup, titled >The U.S. Health Care Cost Crisis>, surveyed 3,500 adults across the country. It found significant numbers of Americans were borrowing money, skipping treatments, and cutting back on household expenses because of high health care costs. And a large percentage feared a major health emergency could bankrupt them.>

Other key findings included:>

  • 10% of Americans over 65 didn’t seek needed treatment in the past year because of the cost of care.>
  • Almost 7 million seniors couldn’t afford to pay for their prescribed medication in the past year.>
  • 80% of the prescriptions seniors can’t afford are used to treat somewhat serious or very serious health conditions.>
  • 92% of seniors believe the cost of health care will not improve or will get worse.>

How Senior Living Can Help

If you’re considering moving to a retirement community as a way to keep your senior living costs down, a Continuing Care Retirement Community (CCRC) with Life Care is a great way to plan for future health care expenses. Here’s how:>

  • CCRCs/Life Plan Communities — These types of communities offer an all-inclusive, maintenance-free lifestyle with a variety of services and amenities, as well as plenty of social opportunities and activities. And because health needs change — sometimes gradually, other times rapidly — they also offer access to higher levels of on-site care, providing essential security and peace of mind for you and your family.>
  • Life Care — Life Care> is often called the gold standard of senior living care contracts. Independent Living residents can lead a carefree lifestyle surrounded by premium amenities and services. They also know they can count on priority access to high-quality on-site care (at The Chesapeake, we offer Assisted Living, Memory Support, Skilled Nursing and Rehabilitation) at predictable rates for the rest of their lives, generally with little to no increase in monthly fees over what they paid in their independent living residence. They know where they’ll get this care, who will provide it, and how much it will cost … and they know they’ll pay far less for these services than they would on the open market. >
  • A lifetime of predictability — A Life Care contract requires the payment of a one-time entrance fee and predictable monthly service fees. But these predictable monthly costs are locked in for your entire stay at the community, making your financial planning easier and more straightforward.>


What Are the Benefits of Life Care?

  • Peace of mind: You and your family know you’ll get the quality, affordable care you need, right here at The Chesapeake.>
  • Savings: You’ll see substantial savings compared to the average cost of private nursing care, and you’ll be protected from the seemingly ever-rising costs of long-term care.>
  • Estate protection: At The Chesapeake, up to 90% of your entrance fee is refundable to you or your estate. Plus, your finances will be protected by predictable costs of care.>
  • Tax savings: A portion of your entrance fee and monthly fee could be tax-deductible as a prepaid health cost. As with all financial decisions, check with your financial advisor about this.>

A Smart Plan Can Help You Enjoy a More Carefree Today

To hear more about the financial benefits and peace of mind of choosing a senior living community with Life Care — like The Chesapeake — contact us here. You can also learn more about the 5-Star rating our Health Care Center has been given by the Centers for Medicare & Medicaid Services (CMS) for our superior Skilled Nursing and Rehabilitation.>