In this issue...

• If You Have Questions, University Village Has the Answers
• University Village Residents Take Center Stage at California Lutheran University!
• Amazing Facts About Dark Chocolate

If You Have Questions, University Village
Has the Answers

Second in a Series

Tap into important financial information on long-term care insurance and the potential tax benefits of CCRC living. The answers may give you valuable insights as you plan your retirement future.

I have long-term care insurance — so I probably don't need continuing care, right?

Not true. Although you have taken the prudent step of safeguarding your estate from the high costs of long-term care, long-term care insurance is only a way to pay for your care — it does not solve the issues of how or where you will receive care or who will manage your care. You still need to have a plan for what facilities are nearby and where you are willing to go if you need care. You also need to plan for who will monitor and manage your care, and who will take care of your home if you are temporarily in a care facility. Residents of University Village have quality care available right next door, if and when they ever need it — and it's included as part of their continuing care lifestyle.

In addition, long-term care insurance comes in many shapes and sizes — there may be limitations pertaining to your policy. Most policies do not cover assisted living, and almost all are limited to some maximum number of days or dollars. Even benefits that may be adjusted to keep up with inflation usually do not keep up with the higher annual increases of "health care inflation." University Village residents have skilled nursing, Alzheimer's care, and assisted living all included in their program with no increase to the monthly fee, whether they need care temporarily or permanently.*

In all likelihood, your policy will work hand-in-hand with a continuing care community like University Village and pay earned benefits directly to you. However, as a resident of University Village, you will have the added peace of mind that all care, whether covered by your policy or not, will be available and included as part of our program, with our staff on hand to help manage your care needs.

As with all insurance issues, you should consult your insurance carrier or agent for specific answers regarding your individual long-term care insurance policy.

*Residents in the Health Center receive three meals per day, instead of one meal per day that is included while residing in their primary residence. There is a minimal charge for the additional two meals per day.

Are there potential tax benefits associated with living in a continuing care community such as University Village?

Yes. Communities like University Village that include the cost of care in the program have a unique and significant tax advantage. Several rulings by the United States Internal Revenue Service (IRS) have established that a portion of a continuing care retirement community entrance fee and monthly service fees may be deductible as a pre-paid medical expense. However, you can take advantage of the tax benefits even while living independently — but only at a CCRC like University Village, where the cost of the care is included — just as many University Village residents do. As always, you should discuss your individual tax situation with your personal tax advisor.

To find out more about University Village and whether CCRC living fits your plan for retirement, CONTACT US to set up a personal visit.

And, if you missed our last issue of Living, CLICK HERE to get important answers to the following questions:

• What benefits are covered with an initial CCRC entrance payment?
• What services can I expect from my regular monthly payment?