Options for Senior Living Costs
Financial options to help you achieve your retirement dreams.
With today’s seniors living longer, healthier and happier lives, their savings have to go further than ever. That’s why seniors are looking for a smart plan for today and tomorrow. As you explore your retirement community choices and learn about the cost of senior living, you may wonder what option gives you flexibility and peace of mind.
As a Life Plan Community, Lake Port Square offers an independent lifestyle with services and amenities designed around living the life you love. Plus, with our Life Care contract,you’ll have peace of mind knowing a full continuum of high-quality care is available on-site, if you need it, at predictable monthly rates.
Entrance fee and monthly fees
For a one-time entrance fee and ongoing monthly fees, you can make Lake Port Square your home for life. Entrance fees start at $125,370 and monthly fees start at $2,392 for independent living. To better understand the following fees, we recommend you meet with one of our residency counselors:
The amount of this fee is based on the type of contract, the size of residence you choose, and the number of occupants. The larger your residence, the bigger your entrance fee. Your entrance fee covers your residence and gives you guaranteed access to any future care you may need at a cost lower than prevailing market rates.
Your monthly fee covers the maintenance of your residence as well as your property taxes, utilities, dining plan, fitness membership, our beautifully maintained campus, and other services and amenities.
Whether you’re in independent living, assisted living or skilled nursing, your living accommodations, services, and amenities will be adjusted to fit your lifestyle and any changing needs you may have in the future. Plus, we offer contract options that refund a portion of your entrance fee to you or your heirs, protecting your assets and ensuring your legacy.
Flex Your Future
This program lets more seniors embrace the freedom of independent living by customizing your senior living costs to suit your budget. To tailor how you pay your entrance fee, select your residence now with less out of pocket, then pay the remainder of your entrance fee on a flexible timeline.
If you ever need long-term health care, our Life Care Contracts offer a predictable way to pay for long-term care expenses that protects you from constantly rising prices, saving you tens of thousands of dollars. According to the Department of Health and Human Services, 7 out of 10 adults will need long-term care for an average of 3 years. Considering those statistics, having Life Care can be a financial lifesaver!
Take this two-minute assessment, powered by myLifeSite, to learn which Lake Port Square floor plan type is the best financial fit for you.
Many of our residents use a part of the profits from their home’s sale to cover the cost of their independent living entrance fee. The IRS has ruled that a part of your entrance fee and monthly fee are deductible on your federal tax return as prepayment of medical expenses. Consult your tax advisor to learn more information.