VMP Life Care
What is the Life Care program?
• Life Care guarantees your future access to health care.
• Life Care allows you to plan ahead and decide where you'll receive care, should you need it, rather than trying to make arrangements in the midst of a health crisis. If something happens, you can be certain your needs will be met in a place you've chosen, a place with the quality of care you expect.
• Life Care preserves your financial assets. It is one of the best ways to protect your estate in the face of increasing long-term care costs.
How does Life Care work?
You select an independent living apartment from a variety of one and two bedroom styles. An entrance endowment is required, with the amount based on the type and size of unit. A monthly fee is also paid that covers the cost of apartment maintenance and expenses. The endowment and a portion of the monthly fee are set aside for Life Care to cover future care. The Life Care endowment and a portion of the monthly fee are tax deductible.
If your health changes, you will receive care in the area most appropriate to meet your needs. This could include assisted care and the skilled nursing area. In each case, you pay a flat fee substantially less than the prevailing rate for the higher level of care. The Life Care program pays the rest. This is the financial advantage of Life Care.
There are a number of Life Care options so you can choose the one that best suits your needs.
Unlimited Life Care guarantees that you will receive assisted care and skilled care throughout your life, at a flat fee substantially less than the prevailing rate for the higher level of care.
Four-Year Limited Life Care guarantees that you will receive assisted care and skilled care for a total of four years, at a flat fee substantially less than the prevailing rate for the higher level of care. Once the total of four years of care has been exhausted, you would pay the prevailing rate for care.
Three-Year Limited Life Care guarantees that you will receive assisted care and skilled care for a total of three years, at a flat fee substantially less than the prevailing rate for the higher level of care. Once the total of three years of care has been exhausted, you would pay the prevailing rate for care.
What is required in order to participate in Life Care?
• An applicant, or at least one spouse, must be 55 years old to be eligible for Life Care.
• Applicants must be able to live independently and must medically qualify for the program. Health and medical information will be evaluated to ensure that any medical condition is stable.
• A financial application is required. Applicants must show they have sufficient resources to pay the entrance endowment and the ongoing monthly fees.
All medical and financial information will remain confidential and will only be used in the application process.
Why should I consider a Life Care program?
First, the Life Care program allows you to be in control. If something happens, you can be certain your needs will be met in a place you've chosen, a place with the quality of care you expect. You will be familiar with the staff, the management and the overall approach to care. You know where you'll be; you know what to expect, and that certainty can provide peace of mind.
Also, Life Care can preserve your assets. The cost of long term care in either an assisted living setting or in a nursing home can be substantial. In 2006, the typical cost of a year in assisted living in the Milwaukee area is about $42,000, and the typical cost of a year in a nursing home is close to $80,000. If you need these services for any length of time, you can quickly deplete your savings. Rather than paying these rates, the Life Care program allows you to receive the care you need at a fraction of the cost. You pay a flat fee substantially less than the prevailing rate for the higher level of care. The Life Care program pays the rest. The savings allow you to maintain more of your estate.
What if I decide to move? Can I get any of the endowment back?
The endowment can be refunded, on a pro-rated basis, over the first four years of residency as long as a higher level of care is not needed in the four years. The Three-Year Limited Life Care plan is pro-rated over three years, as long as a higher level of care is not needed in the first three years.
Why should I select the Life Care program?
Financial advisors say the single most important thing to consider in a senior community is the financial health of the organization. You want assurance that in years to come, the community will be able to fulfill its promises. VMP is known for financial strength and prudent investment practices. This strong stewardship of resources provides real security and peace of mind.