Navigating Senior Living Contracts: Your Guide to Making the Right Choice
At this stage in life, you’re likely exploring your choices for retirement communities and wondering which contract type suits you best. You want to be in control of your future needs and make a proactive, secure retirement living choice. Whether you’re a go-getter looking for an active lifestyle or just seeking peace of mind, this blog offers a guide to senior living contract options to help you make an informed decision about your future.
Life Plan & CCRC Contract Types
Life Plan Communities and Continuing Care Retirement Communities (CCRCs) offer varying types of senior living contracts outlining the services and amenities offered and how much residents pay for additional care services. Life Plan contract types encompass options for those who want to plan for their long-term care needs.
Type A or Life Care contracts are senior living agreements and are ideal for active, independent seniors. These comprehensive contracts provide unlimited access to a full spectrum of services, covering everything from independent living to skilled nursing care. They offer peace of mind and estate preservation by ensuring the cost of higher levels of care won’t lead to significant increases in your monthly fees.
At Casa de las Campanas, our Type A contract allows residents to effortlessly transition between various levels of care, whether it’s assisted living, memory care or skilled nursing. And there’s very little increase to your monthly fee. Even in situations where residents outlive their ability to pay, through no fault of their own, they are provided for through Casa’s benevolent fund. To adopt this contract, seniors must financially qualify and be able to live fully independently, making it crucial not to delay the decision.
Casa de las Campanas is unique in San Diego County as the sole Life Plan community offering a Type A Continuing Care plan. As a not-for-profit organization, we don’t have private owners or investors seeking dividends; any profits are reinvested into the community.
You can select between our traditional plan or two return-of-capital contracts within our Type A contract. When it comes to moving up to higher levels of care within the Type A plan, your monthly fee will only increase by the cost of additional meals needed and any medications and supplies you would have to pay for regardless of where you live.
A traditional Type A contract has a lower upfront cost, but your entrance fee will amortize over time and eventually become nonrefundable. A Return-of-Capital® Plan contract calls for a higher entrance fee, but we’ll refund you or your estate either 50% or 75% when you move out of the community or upon your death. This plan gives you more control over your finances and the legacy you leave to your heirs. The refund process typically takes 14 days, notably shorter than most other communities nationwide.
Type C contracts, or Fee-for-Service, offer a lower upfront cost and monthly fee than the Type A contract because future discounts for the higher levels of living are not built-in. With this option, you only pay for the care you use without committing to a full Life Care contract.
This contract type is an excellent fit for those who feel confident about aging independently but want to access additional care services if and when needed. It offers financial flexibility and puts you in the driver’s seat when managing your expenses. However, it’s important to note with a Type C plan you must pay market rates if you need higher levels of care.
Choosing a suitable senior living contract is a significant decision, and aligning your choice with your lifestyle, preferences and future care needs is essential. Whether you opt for a month-to-month agreement or a Life Plan contract, the goal is to ensure your retirement years are fulfilling, secure and tailored to your unique desires.
Month-to-Month Contract Types
A month-to-month agreement, or lease agreement, provides the freedom to maintain your residence while having access to the community’s amenities and services, such as maintenance, housekeeping and planned activities. If you require additional care in the future, you may transition to assisted living or memory care, provided it’s available in the same community; otherwise, you will need to move to a community where these services are provided.
Experience a Retirement Lifestyle That Brings Out Your Best
Whether actively engaging in committee meetings, finding your inner balance in a yoga mountain pose or relishing evenings at the theater with friends, our Life Plan Community offers you the lifestyle you deserve. If your health requirements shift, rest assured knowing you have access to a comprehensive spectrum of health care, including assisted living, memory care and our acclaimed on-campus Health Center, 5-Star rated by the Centers for Medicare & Medicaid Services.
Contact us to schedule an appointment with our team to learn more about the contract options we offer.
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