Costs and benefits of a senior living community | Friendship Village of Schaumburg

Financial Benefits

Friendship Village offers so much more than the typical senior living community. In addition to enjoying a maintenance-free home and access to our various on-site conveniences, you get the comfort of knowing that your future is provided for, even if your needs change. It’s a smart way for you and your family to plan. Friendship Village offers many Life Care plan options that can vary the amount of the refundable entrance fees, monthly service fees and discounts on the future cost of care. All of these plans are designed and can help preserve your assets and provide you and your family with peace of mind that you are set for life. 

"Moving into a not-for-profit Life Plan Community provides financial security. We are committed to caring for residents throughout their lives."

- Mike Flynn, Chief Financial Officer
Entrance Fee

A Lifetime of Security

By paying a one-time entrance fee, not only do you have a plan in place for your future but also, you are guaranteed a home for life. If the day comes that you exhaust your financial resources – and you have met required eligibility guidelines, you can remain at the community thanks to the Get Set guarantee. Learn how it all works here.


Discounts on Future Cost of Care

Our contracts provide savings on the future cost of assisted living or skilled care, including memory support services. Our contracts also include 60 free days of assisted living or skilled care. You can also choose to use some of those free days for home care services. View an example of health care savings with a Life Care contract here.


Protect Your Estate

Protect Your Estate

If your goal is to leave a legacy to your children, you have the choice to select a contract option that refunds up to 90% of your one-time entrance fee to you or your estate when you leave the community. Or, select a traditional Life Care contract which can offer predictable costs for healthcare. Either way, residents have the ability to protect and extend their assets.


Tax Savings

Moving to a Life Plan Community like Friendship Village can provide you with valuable savings on your taxes. Because each of our entrance fee programs includes a way to offset the future cost of healthcare services, you may be eligible for medical tax deductions as allowed by the IRS. In addition, you can even qualify for a real estate tax deduction. We recommend you talk with a tax advisor to determine which deductions apply to your situation. 


Life Care

Predictability

You can enjoy not having to worry about expenses you’re paying now – like your mortgage, real estate taxes, insurance, home repairs and upkeep, groceries, utility bills, transportation, security and maybe even entertainment. You’ll be writing one check a month for most of your living expenses.


Not-For-Profit Difference

As responsible stewards, we have built a reputation for financial stability and openness to oversight. Our voluntary Board of Directors ensures the ethical management and financial integrity of the community. 

As a not-for-profit community, our mission is to provide services and care for those we serve, which means we are consistently looking to improve our community, services and amenities to enhance the resident experience. 

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Posted on Sep 20, 2017

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