Your entrance fee is a one-time payment based on the size of the residence you choose. Payment of this fee entitles you to lifetime residence at The Terraces and the availability of care. This fee is 90% refundable to you or your estate if you ever leave The Terraces at Bonita Springs for any reason.
Lifecare at The Terraces lasts for a lifetime. If you outlive your resources for reasons outside of your control and are unable to pay your monthly service fee, you still receive priority access to on-site health care at Renaissance at The Terraces, and your family won’t be saddled with the financial burden. This is ensured through our Foundation. Through contributions made by generous donors to the Foundation, we’re able to help residents who have outlived their resources.
Several IRS rulings have established that a portion of a Lifecare community entrance fee and monthly service fees may be deductible as a prepaid medical expense. As always you should discuss your individual tax situation with your personal tax advisor.
If you have a long-term care insurance policy, you may be eligible to receive benefits from that policy if you need assisted living, skilled nursing care or memory support. In all likelihood, your policy will work hand-in-hand with Lifecare and pay earned benefits directly to you. As with all insurance issues, you should consult your insurance carrier or agent for specific answers regarding your individual policy.
Learn why Lifecare sets The Terraces apart from other continuing care retirement communities in Naples, Fort Myers and Bonita Springs. Contact us today to schedule your personal visit.