LifeCare or LifePlan?
Life at Warwick Forest is all about enjoying each new day – without worrying about your future health care. Our LifeCare Plan – offered by only a handful of communities in the Williamsburg/Peninsula area – offers financial protection for your assets and guarantees full health care. Regardless of what level of care you may need now or in the future, Warwick Forest ensures priority access to the care you may need, thanks to sponsorship from Riverside Health System.
You have plenty of options.
Our LifeCare program is designed to ensure you live a full and fulfilling life without the anxiety of dealing with health care expenses. Warwick Forest's LifeCare plan provides financial protection for your assets and a sound investment in your future. And with our Davis Fund, we ensure that any LifeCare resident who exhausts their personal fund through no fault of their own never has to leave our community. Our LifeCare plan also offers residents a variety of Entrance Fee refund options.
Did we mention there are plenty of options?
In lieu of LifeCare, those who wish to self-insure or have good long-term care insurance policies can choose our LifePlan agreement (for purposes of comparison, some communities refer to this as "Fee for Service").
Within this program, residents of Warwick Forest pay the current market rates for health care services, if needed. This may be a good option for those with private long-term care insurance since all or most of their health care costs will be covered by their insurance provider. A couple may also choose a "Combined Agreement", meaning that one spouse chooses LifeCare and the other chooses LifePlan.
Choose the plan that's right for YOU.
The best way to know which of our financial plans is best for you is to meet with your marketing counselor. We will help you evaluate your personal situation and present you with your options and a recommendation. We understand everyone has different goals, so once we understand yours, we can provide you with the right information to consider.
There are two types of fees associated with a CCRC: Entrance Fees and Monthly Service Fees. The Entrance Fee is a one-time, upfront cost for the residence and the agreement that guarantees lifetime residency and access to the continuum of care. The entrance fee is based on the size of residence, number of occupants, the refund plan and whether the LifeCare or LifePlan agreement is chosen.
Monthly service fees are based on the size of the residence, number of occupants and whether the LifeCare or LifePlan agreement is chosen.
Compare the Value
The value of calling Warwick Forest home is greater than the fees alone: it is represented in the freedom, peace of mind and security offered by the active retirement lifestyle within a Continuing Care Retirement Community.
Very often people assume that once their mortgage is paid off it is less expensive to stay in their current home throughout their retirement years. However, maintaining a home, at any stage of life, is not without costs. Use the comparison chart below to see how your current costs of living in your home can compare to living at Warwick Forest.
- Standard Declining Refund Entrance Fee: This plan allows for a declining refund over a 50-month period. The amount available for a refund declines by 2% per month over the first 50 months of residency. This offers the lowest initial investment.
- 50% Refundable Entrance Fee: This plan allows for a return of 50% of the original Entrance Fee paid upon residency. This plan is not available to those over age85 and has a higher initial investment than the Standard Declining Refund plan.
- 90% Refundable Entrance Fee: This plan allows for a return of 90% of the original Entrance Fee paid upon residency. This plan is not available to those over age 85 and has a higher initial investment than the two other refund options.
Refunds are paid per the terms of the Residency Agreement. For those choosing the LifeCare agreement, a portion of your Entrance Fee and monthly service fee maybe tax deductible as a prepaid medical expense; you should consult your tax advisor for eligibility.
- LifeCare Standard Declining Refund Entrance Fees range from $108,566 - $269,088
- LifeCare 50% Refundable Entrance Fees range from $151,992 - $470,904
- LifeCare 90% Refundable Entrance Fees range from $200,847 - $672,720
- LifeCare second person fee of $31,861 applies
- LifePlan Standard Declining Refund Entrance Fees range from $99,061 – $194,991
- LifePlan 50% Refundable Entrance Fees range from $138,685 - $346,302
- LifePlan 90% Refundable Entrance Fees range from $183,268 - $494,718
- LifePlan second person fee of $2,896 applies
- Monthly fees range from $2,357 - $3,133
- Second person fee of $1,067 applies
To learn more about our financial options and which is best for you, please contact us at (757) 886-2200.