With so many senior living communities sprouting up around Wilmington, it seems timely to address the subject of the entrance fee here at Plantation Village. Entrance fees have a negative connotation for seniors who are interested in a Continuing Care Retirement Community, but that perception in many cases is based on a lack of awareness about the facts.
The entrance fee at Plantation Village allows us to provide our residents with convenient access to Champions Assisted Living and the Davis Health Care Center – two of the highest-rated health care facilities in the area. As an exclusive benefit of living here, our residents have the opportunity to receive assistance at the facilities mentioned above at a substantially reduced price, guaranteed.
After considering that we provide residents with up to 30 days of temporary care every year at no additional cost, many potential residents embrace a viewpoint about entrance fees that is decidedly more positive. Adding to this is the fact that we have a Resident Care Center that is open 24 hours a day. The services and amenities at the Resident Care Center are included in the monthly fee.
There is even a financial difficulty clause that is included within our contract, which provides our residents with the guarantee that they will never have to leave if they are suddenly unable to meet their financial obligations. This is a sharp contrast to the senior living communities that operate on a rental basis. Also, if the situation warrants, residents can opt to use the refundable portion of the entrance fee to offset the cost of health care at the Champions or Davis facilities.
One aspect of the entrance fee that is especially popular is that a percentage of it is returned to the individual or the family after the settlement of the estate, no matter how long the resident calls Plantation Village home. There are two options to choose from pertaining to entrance fees: a 90 percent Return-of-Capital Plan, and a 50 percent Return-of-Capital Plan.
Crunch the numbers, and what all of the amenities and services amount to is a significant value for anyone who chooses to become a resident. Taking into account that a portion of the entrance fees and monthly fees are tax deductible, since they can be considered a pre-paid medical expense, and many folks begin to realize that Plantation Village provides a significant tax advantage over many other senior living communities. Of course, a qualified tax adviser should always be consulted for guidance about entrance fees or deductions.
The added savings and benefits in terms of health care are usually enough to convince people sitting on the fence to make a decision about coming here. Anyone seeking a worry-free lifestyle is also certain to be impressed by the weekly housekeeping and linen services, security staff, emergency response system, property maintenance and dining options. For those who are more interested in resort-style amenities, the saltwater pool, wellness center, bistro, bar and salon services only add to the appeal.
To learn more about how you can save on health care costs by living at Plantation Village, call (910) 319-1416, or visit www.PlantationVillageRC.com.
Lisa Polanski is the director of marketing at Plantation Village. Plantation Village is a nonprofit continuing care retirement community that offers independent living on a 56-acre campus in Porters Neck, just minutes from downtown Wilmington and area beaches. Residents enjoy first-class services in a wide variety of home styles, from one- and two-bedroom apartments to cottage homes and two-bedroom villas. Plantation Village is managed by Life Care Services™, the nation’s third-largest elder care management company. For more information, visit plantationvillagerc.com.
Christina Haley O'Neal - Oct 23, 2020
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