Financial Options at The Barrington of Carmel

At The Barrington of Carmel, we offer flexible financial plans to cater to a variety of needs and preferences, ensuring you find the arrangement that best suits your financial situation.

Monthly Rental Plan

Residents who enter The Barrington of Carmel with a rental residency agreement pay no entrance fee. All monthly rental plans include the following:

Benefits of the Monthly Rental Plan include:

Priority access to on-site health care services, should the need arise.
Access to all the services and amenities available at The Barrington of Carmel.
A medical tax deduction (calculated annually) for monthly service fees.

Life Plan

Residents who enter The Barrington of Carmel under a Life Plan residency agreement pay an initial (one-time only) entrance fee and a monthly service fee throughout their residency. The terms and benefits of the various Life Plan residency agreements are the same with the exception of the fees, charges, and refund policies.

All Life Plan agreements provide the following:

Priority access to on-site health care services, should the need arise.
Access to all the services and amenities available at The Barrington of Carmel.
Lower monthly service fee than the fees required for rental plans.
The opportunity to apply for charitable care if your financial resources are exhausted through no fault of your own.
A medical tax deduction (calculated annually) for a portion of entrance fees and monthly services fees.
Declining Refund Option and Return of Capital Option available with different refund policies.

Continuing Care Declining Refund Plan

With this option, should you move permanently from The Barrington of Carmel, the potential refund is based on 90% of the entrance fee and declines each month of residency until it is fully exhausted at the end of 48 months, as per the terms of the residency agreement.

Continuing Care Return of Capital Plan

Under this option, if you should move permanently from The Barrington of Carmel at any time, up to 80% of the entrance fee would be refunded to you or your estate as per the terms of the residency agreement.

Frequently Asked Questions

The Barrington of Carmel offers several financial options, including the Monthly Rental Plan and Life Plan. These plans are designed to meet a variety of financial needs and provide residents with flexibility and security.

The Monthly Rental Plan at The Barrington of Carmel provides a simple monthly fee structure with no entrance fee, enhancing flexibility for residents. This plan includes priority access to on-site health care services when needed, unrestricted use of all services and amenities, and an annual medical tax deduction on monthly service fees.

The Life Plan provides long-term financial predictability with an initial entrance fee and lower monthly service fees. It includes priority access to on-site health care, eligibility for charitable care if financial resources are depleted, and tax deductions on a portion of the entrance and monthly service fees.

Yes, both the Monthly Rental Plan and Life Plan provide opportunities for medical tax deductions on portions of monthly service fees and entrance fees. This helps make the cost of care more financially manageable.

To discuss which financial plan aligns with your needs, contact The Barrington of Carmel’s office at 317-810-1800. Their team can help explain the details of each option and guide you to the best fit for your financial situation.

Two refund options are offered with the Life Plan:

Continuing Care Declining Refund Plan: Refund based on 90% of the entrance fee, which declines each month and exhausts after 48 months.
Continuing Care Return of Capital Plan: Up to 80% of the entrance fee can be refunded to you or your estate if you permanently move from The Barrington of Carmel.