Frequently Asked Questions
What are the requirement for membership?
To become a LifeChoices at Bethany member, you must meet the following requirements:
- Must be 55 years old or better
- Must be reasonably healthy and living independently at time of enrollment
- Must have financial resources for a one-time investment based on age to become a member, plus a monthly fee based on the plan option chosen
Other membership benefits include:
- Membership fees are discounted for two people of the same household
- Membership fees may be tax-deductible as a prepaid medical expense
- Membership options are available to individuals with an existing long-term care insurance policy
- If members decide to move, their services may go with them anywhere in the continental United States
Is this like insurance?
In general terms the concept of protecting your assets can be considered insurance. Yet, the LifeChoices® at Bethany Program is more comprehensive than insurance and focuses not only on preserving assets but also providing and managing services for our members for the rest of their lives. This is one of the many reasons LifeChoices® at Bethany is very unique compared to long-term insurance.
What makes LifeChoices® at Bethany different than a CCRC model?
The Continuing Care Retirement Community (CCRC) is much like LifeChoices® at Bethany is life care model except that it generally includes moving out of your home into a congregate living environment. LifeChoices® at Bethany is committed to providing life care within a membership model to those who want to remain in their home for life. The CCRC model generally has a much larger entry fee which is necessary to cover the cost of housing.
Why should I pay for services that I won't receive for years or maybe never?
If you consider any type of financial protection we purchase in our lifetime, such as life, homeowners, automobile or disability, the focus is on preserving your assets from being depleted due to some unforseen event. Nobody ever wants to be in a situation where they need to utilize the insurance they carry, however, most of us understand the importance of having the proper financial protection for our families and ourselves. The reality is that most of us will need some form of long-term care as we age.
What happens if I die? Will there be a benefit to my estate?
LifeChoices® at Bethany is designed to have membership entry fees deplete at 1.5% per month for up to sixty-six months. If you were to die during this period of time your estate would be reimbursed the prorated balance of the entry fee.
Do I have to pay extra if I have to move into Assisted Living or Extended Care?
Your LifeChoices® at Bethany membership covers the cost of assisted living and nursing home care. You will be responsible for the ongoing monthly membership fee.
Why would I need the LifeChoices® at Bethany program if I have Long-Term Care Insurance?
LifeChoices® at Bethany is very different from long-term care insurance. It is much more comprehensive and personal. You have access to an Advocate the day you become a member of our program. Insurance is mainly used to offset a portion of your financial exposure if you need future care; it is not responsible for managing and/or providing services. We not only cover the cost of care, but we manage and coordinate services for each of our members. Individuals with current long-term care insurance can receive discounted pricing for LifeChoices® at Bethany services if they choose to keep their insurance intact.
Won't Medicaid, Medicare and/or my supplemental insurance pay for these services when I need them?
A major misconception regarding long-term care is that traditional health insurance will cover those expenses. In reality, when an individual is in need of custodial long-term care, most of the costs are paid for privately, not covered by Medicare or supplemental insurance (Medicare and/or supplemental insurance may cover some of the initial costs when it is an extension of a hospital stay.) Currently, Medicare would only become available when a person has reduced their financial assets down to $2,000.00 or less (it would be considered welfare at that point).
Is the pricing for one person or two?
The pricing is for each person who joins LifeChoices® at Bethany. We do offer a discount on the membership fee for individuals who live in the same home and join the program together. Each member is entitled to his or her own separate care and service, which is why the pricing is per person even if they are joining as a couple.
How do I know the program won't go bankrupt?
It is impossible to guarantee or predict what will happen in the future but LifeChoices® at Bethany is a LLC and subsidiary of Bethany Life and has its full support and backing. Bethany Life has been in existence for over 100 years and is a financially strong organization with extremely high standards and reputation.
Is my membership entry fee and monthly dues tax deductible?
Usually, a portion of the entry fee and a portion of the monthly fee are considered pre-paid, tax deductible medical expenses. It is your responsibility to consult with your tax advisor to take advantage of this potential tax savings.