Understanding The Cost
There are many flexible types of financial arrangements offered at The Spires, offering several benefits of senior living to meet your long-term needs. Some of our payment options offer refund of entrance fees up to 90%, making financial planning more predictable for both your estate planning and for different levels of care that may be needed someday.
WHAT IS INCLUDED IN THE MONTHLY FEE?
The monthly fee is generally equal to or less than the monthly cost of living residents formerly paid in their homes before moving to The Spires, especially when one considers the cost of all of the services, amenities and upkeep included. In addition to the comforts and convenience of living here, life at The Spires means saying goodbye to the cost of homeowner’s insurance, utility bills, property taxes, home maintenance, yardwork and all the headaches of home ownership.
WHY IS THERE AN ENTRANCE FEE?
In developing the exceptional style of living that The Spires offers, and to ensure the services that enable our residents to live comfortably, our goal is to create a financial arrangement that appeals to potential residents and provides the opportunity to meet the expenses of operating The Spires. The concept of our refundable entrance fee program allows The Spires and our residents that opportunity.
Many residents apply the proceeds from the sale of their home toward the entrance fee. This entrance fee model makes it possible for residents to enjoy the wonderful benefits of Life Plan community living (such as meals, housekeeping, upkeep, utilities, enrichment and entertainment programming) as well as the assurance of multiple levels of care in the future at predictable costs. Residents appreciate knowing that a portion of their entrance fee will be returned to them, their children or their estate in the future.
ARE THERE TAX ADVANTAGES OF MOVING TO THE SPIRES?
Tax laws are, of course, constantly evolving and always subject to interpretation, but recent legal precedents have been favorable for Life Plan retirement community residents who have sought to deduct portions of their fees. Of course, you and your tax preparation professional should consult closely to determine the best strategy for your circumstances.
Residents of The Spires at Berry College may be eligible for a tax deduction associated with payment of the entrance fee and ongoing monthly fees. Please consult your tax advisor for additional information.
WHAT IF I HAVE LONG-TERM CARE INSURANCE?
In most cases your long-term care policy will work hand-in-hand with your care at The Spires and pay earned benefits directly to you as the policyholder. These payments can help defray, and in some cases, completely cover, your long-term care costs at The Spires and help further preserve your assets. As with all insurance matters, you should consult with your carrier or agent for specific answers regarding your individual policy.
