Your Financial Plan

Nearly 70% of people over age 65 will experience a life-altering health event requiring some kind of long-term care.

There are four common options to cover costs and care:

1. No plan
2. Continuing Care Retirement Community (Life Planned Community)
3. Long-term care insurance
4. Friend Life Care Membership

Download “A Confident Retirement” and look for the “Your Options for Future Care” chart for a comparison of these options.

Your Financial Plan

Have you been putting money aside to cover long-term care costs? Do you know if you have saved enough? Self-paying for care means that you will pay out of your pocket from your savings. Transferring risk to Friends Life Care membership means that you pay an annual fee and gain access to a pool of money based on your chosen plan options. The entire pool of money is available to you to use to cover long-term care as soon as you become a member.

Consider your finances and the retirement goals you have; then, decide how much you want to self-pay and how much risk you want to transfer. A Friends Life Care plan counselor is just a phone call away. They can take you through your options and the prices for each.

Membership Cost

The average cost of membership is $3,300 a year.

Your cost may be as little as $400 a year. You may pay $8,000 a year or more. The actual amount you will pay depends on the plan you choose as well as your age, health and other factors. If you and a spouse/partner join together, you may receive a discount. A plan counselor is available to provide you pricing for the plan you prefer. Call 800-496-1985 today.

All plans include the same care coordination benefit. Different plans provide you with different amounts of money to pay for care. Calculate the financial benefit, pool of money, which fits your situation with the Benefits Calculator.

Membership vs. Personal Savings

Some people tell us they’d rather pay into a personal savings account each year instead of paying the annual membership fee. With current interest rates, doing so won’t save as much as with Friends Life Care membership. If you prefer to self-insure, there are available membership plans that exclusively offer care coordination without the financial component.

Connect with one of our experienced Plan Counselors to learn more and customize a plan to fit your unique needs.

Friends Life Care Membership vs. Continuing Care Retirement Communities

When planning for retirement, Continuing Care Retirement Communities (CCRCs) are a  common type of facility people might turn to for receiving care. Some people may opt for more well-known options without recognizing that memberships with continuing care at home organizations like Friends Life Care can provide financial benefits AND an aging in place option for you or your loved one. Many people would consider their own home as the most comfortable environment for growing older. We’ll compare the two to find the best outcome for your situation.

Continuing Care Retirement Communities offer a spectrum of care, from independent living to assisted living to nursing home care. However, the cost can quickly add up. CCRCs often require hefty entrance fees, ranging from tens of thousands to hundreds of thousands of dollars. In addition, monthly charges can vary significantly based on the level of care required. This variability can be beneficial for some or add an element of unpredictability at a time when you are likely to want more stability.

Friends Life Care membership plans offer versatility while allowing you to stay in your own home for as long as possible. Our plans provide peace of mind and stability by offering unique financial planning advantages, preventative care and wellness advice, and many other benefits suited to your lifestyle. We’re here when you need us most, providing relief in case of health changes that can make life more challenging as you age.

Friends Life Care Membership vs. Long-Term Care Insurance

Long-term care insurance is designed to cover the cost of services that assist with activities of daily living such as bathing, dressing, or eating. According to the American Association for Long-Term Care Insurance, a 55-year-old couple can expect to pay between $3,000 and $6,000 each per year in premiums.^[1] As you get older, the fees increase. Fees can also increase based on your health as there is underwriting required for policy eligibility. And LTCI policies historically do not include any care coordination in their services for policyholders.

Friends Life Care offers a solution that promotes both financial security and aging in place independence for seniors. Our affordable membership plans provide access to a suite of services aimed at promoting wellness and ensuring quality care right at home. From Day 1 of your membership, you have access to our care coordination team, who will check in with you at least once a year to assess your wellbeing and offer recommendations for preventative care, holistic wellness, and home accessibility. Your health and comfort are our priority, and our membership aims to provide the best level for all members.

Making an Informed Decision: Which Retirement Care Option is Right for You?

Choosing the right membership option is an important decision that can significantly impact your quality of life during retirement. Consider the level of care you might need down the line. Do you have any existing health conditions that may require specific care? Would you prefer to age at home, or in a community or facility setting? Understanding these aspects can help you choose a path that focuses on you and only you.

Your lifestyle preferences should also play a significant role in your decision. If you are looking to lead an active lifestyle well into your retirement years, choose an option that includes wellness programs and preventive care. If you value independence, look for solutions that cater to your desire for independent living as you age. Fortunately, Friends Life Care offers versatility for these needs and more.

When looking into the different membership options that are out there be sure to take your time, do your research, and consider all factors before making your choice. With the right plan in place, you can look forward to enjoying your retirement years with peace of mind and the assurance that your care needs will be well taken care of. If you’d like to chat about options, you can contact a Friends Life Care Plan Counselor at (215) 628-8964.

To learn more about Friends Life Care memberships and what we can do for you, visit our pages with detailed information on our care coordinators, planning brochures, and more.

^[1] http://www.aaltci.org/news/long-term-care-insurance-association-news/2021-long-term-care-insurance-price-index-publish