A Life Plan Community, (also known as a Continuing Care Retirement Community or CCRC), is an affordable, secure retirement option for many seniors. Life Plan Communities may offer several different types of residency and healthcare protection agreements—Life Care, Modified, Fee-for-Service, and Rental—so you’re able to choose the best option that works for you, your health, your finances, and your future. Whether you already have long-term care insurance or not, the financial flexibility of a Life Plan Community means you can live the retirement lifestyle you want with the security and peace of mind of future protection and services.
With most agreements or contracts, a resident will pay an initial, one-time entrance fee when they move into a community (based on the size of the residence selected), and a reoccurring monthly fee. The initial entry fee provides a “lease for life” for your new apartment home, capital costs for running and maintaining the community, and may even provide some coverage for future health care costs; the monthly service fee covers services and amenities, which often include dining services, housekeeping, maintenance, and programs. The cost of your monthly service fee may also depend on the level of care you receive. For example, based on the type of agreement you select, the monthly fee you pay while residing in independent living may be less expensive than an assisted living or skilled nursing monthly fee, where services are more health-related, requiring more staffing time.
Tailored Retirement Living
One of two contract types offered at The Knolls is the Modified Fee-For-Service, or Modified Contract. A Modified Contract means that if you were to ever need a higher level of care, your monthly fee would not increase for the first 60 days. You would continue to pay your independent living rate for 60 consecutive days, before switching to a monthly assisted living or daily skilled nursing rate.
The Modified Contract can be particularly beneficial for individuals who already have some form of long-term care insurance where there is often a “waiting period” of 30-90 days before that insurance plan kicks in. If you continue to receive health care services in assisted living or skilled nursing after 60 days, your personal long-term care insurance could offset the increased cost.
Another benefit of choosing a Modified Contract is that the initial entrance fee can be lower than with other contract types, potentially saving you thousands of dollars. Why? Because you’re not paying for future health care services that you may never need. Under the Modified Contract, residents still have priority access to health care services in the community, but without the upfront cost that is often associated with a Life Care Contract. Your financial advisor can help you choose the best contract option for your specific needs.
No matter which contract option you choose at The Knolls, it is comforting to know that health care services are provided on campus, giving you the security and peace of mind you deserve, along with easy access to family, and the friends you have made in the community.
For more information on contract options, or to request your free information kit, call The Knolls today at 914-468-4728, or visit us here.