A Smart Financial Decision
If we know, statistically, that 70% of us over 65 are going to need long term care, and also, that we are living longer than any prior generation, we can expect that health care costs are the big financial question mark in our future. Do we have enough money to cover our care? Will it be in a quality environment? How do we plan for the unexpected?
A Continuing Care Retirement Community like Birch Hill is a smart financial answer to those questions. You have the promise of award-winning care for your lifetime, in private rooms, with experienced, caring staff. The care you receive is discounted, predictable, and flexible – you don’t pay for care you don’t need.
At Birch Hill you pay a lower monthly service fee as an independent resident, and when you transition to health care, the fee goes up – but it is significantly discounted for our residents. Therefore, you don’t pay for care that you don’t need. Additionally, every resident benefits from 30 free days in The Manor, our health care center, every year.
A 50% refundable entrance fee
Means Asset Preservation for you
You also have the promise of asset preservation – our 50% refundable contract ensures that when you pass away, or if you move out, 50% of your original entrance fee is refundable to your estate, upon the resale of your unit. Therefore, you are planning ahead, and ensuring your assets are preserved.
Because you are pre-paying for your future health care costs, a portion of your entrance fee and monthly service fee can be tax deductible, as a pre-paid medical expense on your taxes, providing yet another financial benefit to life at Birch Hill.
Finally, many people ask what happens if they run out of money. As a non-profit community, Birch Hill also allows residents who may have outlived their assets, to apply for the Benevolence Fund, which helps keep them in the community.
Design your own home and receive a lifetime benefit of health care costs
Choose a newly renovated home and reap a lifetime benefit of discounted health care costs by joining the Cornerstone Club!
If you have been considering a move into Birch Hill’s independent living community, but you’re “Not ready yet,” The Cornerstone Club is an opportunity for you. For a limited time, we are offering people a chance to choose their brand new home, move in and enjoy a LIFETIME discount on their future health care needs by joining The Cornerstone Club.
What are the tax advantages of moving to Birch Hill?
A portion of your entrance fee and monthly service fee are deductible as a medical expense in the year paid. For calendar year 2017, 89% of the non-refundable piece of the entrance fee and 7% of the monthly service fee could be deductible. These rates change from year to year.
How do I know if I can afford Birch Hill?
Birch Hill has a confidential financial data application that must be completed prior to admission. This will help determine if you have adequate assets/income for your actuarial determined life expectancy.
What happens if I outlive my assets?
We do a comprehensive financial analysis during your application process, to ensure that your future is secure. Birch Hill has a benevolent fund that residents can apply for should they outlive their assets through no fault of their own.
How much do the monthly fees increase each year?
Rates typically increase from 3 to 4%
Do I need long-term care insurance?
Long Term Care insurance is not a requirement at Birch Hill, however depending on what your policy covers, it may reimburse you for expenses when utilizing the services in Assisted Living, Memory Care, Nursing, or Catered Living at Birch Hill.
What is the refund policy for the entry fee?
50% refundable fee to you or your estate- please elaborate
With the 50% refundable contract, if a resident terminates the Agreement the resident or estate will be entitled to a refund of 50% of the entry fee paid. The available refund declines by 2% each month for the first 25 months, after 25 months, the refund stabilizes at 50%. The second person fee is nonrefundable.
What does my monthly service fee include?
Housekeeping every other week, Utilities (sewer, water, electricity, heat and a/c), groundskeeping, local transportation on a scheduled basis, emergency call system, activities, unassigned parking, the equivalent of 1 meal per day, 30 days respite in the health center, discount to health center should they move permanently.