FAQ - Lakeview Village

FAQ

Frequently Asked Questions

About Senior Living

What is a retirement home?
What is a CCRC?
How much do retirement communities cost?
Should I move to a retirement community?
Who can live in a retirement village?
What is included in the monthly fee for retirement communities?
Do retirement communities allow pets?

About Lakeview Village

What will I gain by moving to Lakeview Village?
What types of homes are offered?
What are my dining options?
Can you accommodate a special dietary need in your dining room?
Do you serve alcohol in your dining rooms?
Are there age limits to moving into Lakeview Village?
Do I own or rent my home in Lakeview Village?

Financial Questions

What do I have to do to qualify to live at Lakeview Village?
When is the right time to move?
How much does it cost to live at Lakeview Village?
What does the entrance fee cover?
What services are included in the monthly fees?
Does the Monthly Service Fee ever increase? If so, how much and how often?
How will moving to Lakeview affect my tax and insurance bills?
Is there a refund if I choose to leave the community or pass away there?
Do I have to turn all my assets over to Lakeview Village when I move in?
What happens if I have a change in my health status after moving to Lakeview Village?

General Questions About Retirement Living

What is a retirement home?

Retirement homes, more commonly called retirement communities, are age-restricted neighborhoods for adults. Most of the residents in a retirement community live independently, though some have on-site medical care available, if needed. Additionally, the community, in exchange for a monthly service fee, provides services and amenities like dining, social activities, health and wellness services, housekeeping, laundry and much more. Return to top

What is a CCRC?

A Continuing Care Retirement Community (CCRC) is a retirement community that provides the full continuum of care for senior adults. Most of the residents of a CCRC live independently, but higher levels of care are available on-site, if needed. Higher levels of care can include home health services, assisted living, skilled nursing, short-stay rehabilitation, outpatient therapy and/or a medical clinic.Return to top

How much do retirement communities cost?

Fees at retirement communities vary widely. Many require both an entry fee and monthly service fee, while some rental communities may charge only monthly rental fees. For an overview of different retirement community options, download this free guide to Understanding Senior Living Contracts. Return to top

Should I move to a retirement community?

Yes. Retirement community life includes many services and amenities to help senior adults thrive as they age. Helpful services like housekeeping and lawn care are combined with healthcare services and social activities to meet the various physical, emotional and spiritual needs of residents. The socialization that takes place in retirement communities can help seniors live longer, healthier lives in many cases. Return to top

Who can live in a retirement village?

Most retirement communities have a minimum age requirement for residents. Some communities have medical and financial requirements that residents must meet in order to move to the community. Return to top

What is included in the monthly fee for retirement communities?

While services included in monthly service fees vary by community, at Lakeview Village, this payment includes all utilities (including cable TV and phone), one meal daily, 24/7 security, bi-weekly housekeeping, weekly flat laundry service, scheduled transportation, interior and exterior maintenance, grounds keeping, full use of the Fitness and Aquatics Center, educational and spiritual programs, and many more services and amenities to enrich your life. Return to top

Do retirement communities allow pets?

Retirement communities vary in their pet policies. At Lakeview Village, households are allowed up to two pets. Pets must be evaluated by a veterinarian prior to arriving at Lakeview Village. Return to top

General Questions About Lakeview Village

What will I gain by moving to Lakeview Village?

While leaving your home is never easy – emotionally or physically, including the move itself – you will be making a change that is consistent with changes that are taking place in your life. Living at Lakeview Village is completely maintenance-free. You won’t have to worry about mowing the yard, repairing a roof, or changing the smoke detector battery. More importantly, you won’t have to wait on repairmen, or worry about the cost or quality of their work. This gives you more FREEDOM to do the things you enjoy, like gardening, golfing, walking, reading, or taking a class. Plus, your family will have the PEACE OF MIND knowing that if you ever need a higher level of care, you have already paid for quality healthcare services on our campus. INDEPENDENCE, FREEDOM and PEACE OF MIND – sounds like you would be gaining more than you would be giving up, doesn’t it? Return to top

What types of homes are offered?

Lakeview Village has many residential and lifestyle choices for active seniors. Our community is home to 700 residents. Southridge, Northpointe, Gardenview, and Heritage Place feature a variety of apartment homes ranging from 600 square feet to 1,740 square feet. The Garden Cottage, duplex, patio home and villa neighborhoods offer spacious homes ranging from 800 square feet to 3,400 square feet, some with two-car garages. Return to top

What are my dining options?

There are four dining rooms on campus to serve our residents. They are located in Northpointe, Heritage Place, Southridge, and Eastside Terrace. Although the Bistro at Eastside Terrace is not included in the pre-paid dining program, it is open for breakfast and lunch during the week and offers light meal options. Residents choose from a selection of numerous menu entrees in the venue of their choice to meet new people throughout the campus. Return to top

Can you accommodate a special dietary need in your dining room?

We offer several menu items each day, making it possible for diners to avoid carbohydrates, sugar or other foods as part of a lifestyle decision. However, our kitchen is not set up to prepare food that is free from common allergens. Those individuals with severe food intolerances or sensitivities cannot be accommodated in our independent living dining rooms. Return to top

Do you serve alcohol in your dining rooms?

W serve a selection of wine and beer in our dining rooms. In addition, we have a weekly happy hour in our Northpointe and Southridge buildings featuring a cash bar. Return to top

Are there age limits to moving into Lakeview Village?

The minimum age at Lakeview Village is 62, but there is no maximum age. We take into account each person’s individual situation when reviewing their application for acceptance into our community. In addition, some people have moved in before age 62, if their spouse or housemate is age 62 or older. Adult children may not move in with parents. Return to top

Do I own or rent my home in Lakeview Village?

Lakeview LifeCare™ is not a typical real estate transaction. Our residents do not own their residence. Instead, they have paid for lifetime tenancy in the home of their choice, as well as unlimited long-term care in our assisted living or skilled nursing centers. Lakeview LifeCare™ has been proven effective for more than 50 years. Return to top

Financial Questions About Lakeview Village

What do I have to do to qualify to live at Lakeview Village?

There are two requirements for qualification: health (physical and cognitive) and financial. Healthwise, you need to be free of any serious pre-existing health conditions that would prevent you from living independently for a period of years. If these conditions exist in one spouse, but the other spouse is healthy, you may both come into Lakeview Village, but one may not qualify for Lakeview LifeCare™ coverage. Return to top

When is the right time to move?

In terms of finances, we do a confidential review and projection of your income, assets and expenses to determine whether you can live here comfortably for the rest of your life. We also factor in expected annual increases in the monthly service fee, as well as other expenses you may have for food, supplemental health insurance, prescriptions, auto insurance, travel, etc. It is our desire that you not have to change your current lifestyle to afford to live in our community. Return to top

How much does it cost to live at Lakeview Village?

The Lakeview LifeCare™ program is funded by two sources — a one-time, up-front fee referred to as an Entrance Fee, and a recurring fee called a Monthly Service Fee. The Entrance Fee is based on the size, type, and location of each residence. (We also have a second-person Entrance Fee, which is much less than the first-person entrance fee, so a couple does not pay double the fees of a single person.) The value of your home often exceeds the Entrance Fee, which allows you to keep your investment portfolio intact. We also take into account your monthly income as it relates to the home of your choice. Download our Pricing Guide for more information. Return to top

What does the entrance fee cover?

The entrance fee covers the projected cost to cover your future, unlimited long-term care as well as some capital costs to maintain the community as a whole. Return to top

What services are included in the monthly fees?

Our inclusive Monthly Service Fee includes many fees that reduce the need to pay separate bills as you do now. It includes all utilities (including cable TV and phone), one meal daily, 24/7 security, bi-weekly housekeeping, weekly flat laundry service, scheduled transportation, interior and exterior maintenance, grounds keeping, full use of the Fitness and Aquatics Center, educational and spiritual programs, and many more services and amenities to enrich your life. Return to top

Does the Monthly Service Fee ever increase? If so, how much and how often?

The Monthly Service Fee at Lakeview Village increases annually. For example, we have raised our monthly fees an average of 4.25% over the past 15 years. While this rate of increase is not guaranteed, it has been our practice to keep our rates in line with our carefully managed operating expenses, while providing the highest level of service to our residents. As a locally owned and managed not-for-profit corporation, all revenues are reinvested in the operation of the campus. Return to top

How will moving to Lakeview affect my tax and insurance bills?

Good news! You will no longer pay property taxes or homeowner’s insurance, and you may receive a significant federal and/or state tax deduction for a portion of the entrance fee AND your monthly service fees, a part of which are considered pre-paid medical expenses. The Internal Revenue Service recognizes that one of the reasons you are choosing to move to Lakeview Village is to provide for your future long-term care. Therefore, the IRS allows a one-time deduction on a percentage of the entrance fee in the year it is paid, and also a deduction each year for a percentage of your monthly service fees, as long as you are in independent living. This percentage is calculated annually by Lakeview Village and provided in a statement to be used for your tax purposes. The deduction for pre-paid medical expenses in 2018 is 45%, which is much higher than other retirement communities in the area. Please consult a tax advisor for details about your situation. Return to top

Is there a refund if I choose to leave the community or pass away there?

The answer is based on which agreement you choose. With the Traditional agreement (also known as the Declining-Balance agreement,) the amount to be refunded is determined by pro-rating the Entrance Fee equally over a 50-month period. Two percent per month is deducted from the date of occupancy to the termination date. Unlimited long-term care is available to the holder of this agreement, regardless of how long they have lived at Lakeview Village. If you choose one of our two refundable plans, you or your estate would receive 75% of your initial Entrance Fee back when both spouses have left the community. With both of these plans, you would receive unlimited care in our Assisted Living or Skilled Nursing Centers. Return to top

Do I have to turn all my assets over to Lakeview Village when I move in?

Absolutely not. Once you pay the Entrance Fee and begin paying the Monthly Service Fee, your other income and assets are yours to manage as you always have. One of the intangible benefits of coming to Lakeview Village is that if you run out of the funds necessary to live here, through no fault or intent of your own, the Lakeview Village Foundation raises funds to provide confidential financial support. This gives you another level of security, in addition to the unlimited care that our Lakeview LifeCare™ benefit provides. Return to top

What happens if I have a change in my health status after moving to Lakeview Village?

More good news! When you’re covered by our Lakeview LifeCare™ plan, your fees remain largely unchanged if you move to our Assisted Living or long-term care centers. Your fee increases only enough to cover two additional meals and any medical supplies. There is no time limit on how long you may use these healthcare services, as long as your doctor has specified the need for additional care. Return to top