In order to provide you with options that best suit your personal financial situation, Edenwald offers two contract types: Type A, known as “LifeCare,” and Type C, known as “Fee-for-Service.”
TYPE A, LIFECARE CONTRACT
The Lifecare contract at Edenwald offers residents unlimited lifetime assisted living, specialized memory care and comprehensive nursing care in their independent living monthly fee.
Residents with a Lifecare contract receive an annual tax-deduction for the medical expense portion of their monthly fee. In 2020, the deduction was $23,700 per person. The first year of occupancy at Edenwald, a resident may also claim a portion of their entrance fee as medical expense. For 2020 that amount was $96,100 per person.*
TYPE C, FEE-FOR-SERVICE CONTRACT
The Fee-for-Service contract at Edenwald offers residents the flexibility of a reduced independent-living monthly fee (when compared to the “Lifecare” contract) with the availability of on-site lifetime assisted living, specialized memory care and comprehensive nursing care, if needed, at a market-based rate specific to the healthcare area utilized.
Residents with a Fee-for-Service contract receive a medical expense tax-deduction when they are paying a healthcare per diem or monthly fee. Fees are not deductible as a medical expense for independent living.*
Your contract choice, Type A or Type C, can depend on several factors, including your current finances and health. To get help with choosing a contract option, give us a call at 410-339-6290.
*A resident must meet all of the criteria required by the IRS for a medical expense deduction. We recommend you consult with your tax professional to discuss how the deductions will affect your personal income tax situation.