Frequently asked questions
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Q: Can I or a loved one afford living at The Evergreens?
Long-term healthcare costs can easily deplete a lifetime of savings. The Evergreens helps contain that cost and provides a framework for projecting what it could be. Knowing the limits makes possible the financial planning for an unknown future.
Completing your financial application for approval is a good way to determine affordability. The Evergreens must be fiscally responsible and takes into account your assets, income, insurances, age and general health. This information will also help to determine which size apartment, or even the contract that is most appropriate for your unique circumstances.
Q: Are any of the required fees to live at The Evergreens tax-deductible?
In most cases, a portion of your fees at The Evergreens may be tax-deductible as pre-paid medical expenses. Because of changes in federal and state tax codes from year to year, you should consult your tax advisor to determine the extent of your allowable deductions.
Q: What are the major differences between the two contracts offered at The Evergreens, in terms of fees and included services?
There are three contract types at The Evergreens; Life Care and Modified Life Care have the same services and amenities included in the monthly fee. There are obvious benefits to having things such as security, electric and one meal a day included. Potentially, real cost savings can come from included maintenance and service. All of your home and major appliance repairs, maintenance and worries are relegated to the past. Many residents eventually elect to use the included Transportation services enabling many to do without the second car or to forgo all cars, their repairs and car insurance.
The contracts specifically differ in each of the entry fees. The Life Care Contract provides a sizable discount on healthcare services should they become necessary. This extra coverage protects your estate should extended stays in long-term care be required. The Fee-for-Service Contract reduces the initial entrance fee and provides for a limited quantity of covered healthcare days if and when they become necessary. Beyond those covered days, per diem healthcare fees would apply at a 10% discount.
Q: What are the financial variations between the two contracts offered at The Evergreens?
The Life Care Contract, Modified Life Care and the Fee-for-Service Contract all include two financial variations – a traditional structure with a depreciating entrance fee and an alternative plan with an entrance fee that is 90% refundable. In both contracts the 90% refundable entry fee is higher than the deductible entry fee.
The traditional or deductible entry fee plan amortizes at the rate of 2% monthly for the first fifty months of your contract while living in an independent living apartment or at 4% in either healthcare area, so should you need to terminate the agreement within that time period you may recover the balance of your entrance fee.
Q: How do I pick which contract is right for me?
Simply put, your unique circumstance and preferences will lead you to the best decision. Those who have Long Term Care Insurance or intend to self-insure typically prefer the Fee-for-Service contract. Those who want to leave a larger estate select the 90% refundable option of either contract.
Available assets and how much you want to allocate toward the entry fee are other financial factors to consider.