Although price and value might seem like the same thing, they can actually be quite different. The price of an item usually takes into account objective factors such as manufacturing and materials costs, supply and demand, and profit. On the other hand, value is typically more subjective and, like beauty, in the eye of the beholder. It’s possible for something high in cost to be low in value, something low in cost to be high in value or any combination in between. Yet, when it comes to senior living, how do you determine if the cost is worth it? The best place to start is with the facts.
Friendship Village Tempe is a Life Plan Community that offers Life Care. Life Plan Communities feature an engaging lifestyle with a robust selection of services, amenities and activities. They also have a full continuum of care on-site, including assisted living, memory care, skilled nursing and rehabilitation. However, it is important to note that not all Life Plan Communities offer Life Care.
What is Life Care?
Life Care is a type of financial contract that allows you to better predict the future cost of long-term care, if ever needed. This is done by paying for some of your potential care costs in advance through an entrance fee. At Friendship Village, our entrance fee starts at $199,600 and includes all the benefits of Life Care. We offer several contracts to meet your financial situation and long-term goals.
Buying Into a Lifetime of Security
Depending on your financial goals, we offer two types of entrance fees:
- The Traditional Plan: This option requires the least capital investment. If you ever decide to move from the community, a portion of your original entrance fee may be refunded, depending upon your length of residency. Under the Traditional Plan, there is no return of entrance fee to your estate.
- The Return of Capital™ Plan: This choice refunds 80% of your initial entrance fee to you or your estate, regardless of your length of residency at Friendship Village Tempe.
Monthly Living Expenses
Your monthly fee combines all the bills and costs of living in a house and covers all maintenance, housekeeping, meals, water, cable, electricity, unlimited use of common spaces and campus amenities and much more. The monthly service fee amount is based on the contract option, size of your floor plan and whether or not you live with a second person. A second person pays a significantly lower monthly fee. The starting monthly fees for our residences are as follows:
- One-bedroom apartment homes: $3,507
- Two-bedroom apartment homes: $3,857
- Three-bedroom apartment homes: $4,508
- Garden homes: $3,857
Value of Life Care
Life Care has profound advantages and guarantees, but it can seem complex. Here’s a high-level explanation of how Life Care works:
- Savings: You’ll see substantial savings compared to the average cost of private assisted living, memory care and skilled nursing.
- Asset preservation: By paying lower prices for higher levels of care, you’re preserving your assets over your lifetime.
- Tax savings: A portion of your entrance fee and monthly fee could be tax-deductible as a prepaid health cost. As with all financial decisions, check with your financial advisor about this.
- Peace of mind: Your family members won’t have to worry about what your next move will be if your physical or mental health changes. By pre-planning your future now, you’re maintaining control over those decisions.
Discover the Value of Friendship Village
Having a smart and practical plan for the future can give you a feeling of freedom to do more of what you enjoy. Friendship Village provides you with a wide range of activities and a community of friendly, outgoing neighbors to get more out of today. To experience our lifestyle for yourself, set up a personal tour by contacting us here.