As you begin researching senior living communities, you may be faced with a multitude of living options and contract types to consider. Among them, Life Care communities stand out as a favorable option for those seeking a sense of security, freedom, and peace of mind.
If you’re curious about the advantages of Life Care communities and what distinguishes this community type from other senior living options, we’re here to help. Below, you’ll find an in-depth look at Life Care, including contract details and how choosing a Life Care community can benefit you.
What is a Life Plan Community?
A Life Care community is a type of Life Plan Community or continuing care retirement community (CCRC). Life Plan communities, or CCRCs, are senior living communities that offer a continuum of care on one campus, from independent living to assisted living, skilled nursing, and sometimes memory care. CCRCs that offer Life Care give older adults a way to plan and pay for that care at a predictable rate.
What is Life Care?
A Life Care community is a senior living option that offers seniors the assurance of lifelong care in the community they love, paired with a predictable fee for health services if their care needs change. Life care communities require an entrance fee, which is sometimes partially refundable to your estate, in order to support these services. For more information on senior Life Care plans and contracts, you can explore our comprehensive guide.
Life Care and Independent Living in CCRCs
In addition to higher levels of care such as assisted living, skilled nursing, and memory care, many Life Plan Communities also offer private independent living options for active seniors who want to begin experiencing the benefits of a retirement community as soon as possible. These residences are equipped with fully appointed kitchens, washer/dryer systems, and a host of services and amenities, which may include:
- A maintenance-free lifestyle
- Regular housekeeping and flat linen service
- Paid utilities, including cable and telephone
- 24-hour security
- Scheduled transportation
- A pet-friendly atmosphere
- Various restaurants and chef-prepared meal selections
- Comprehensive health and wellness program
- Full calendar of social, cultural, and educational programs
- On-site salon and barbershop
- Numerous common spaces like a library, arts and crafts room, and woodworking shop
Generally, you’ll pay a one-time upfront entrance fee, which varies depending on the size of residence you choose, along with a monthly service fee. This monthly fee covers the costs of services and amenities like the ones above.
Life Care Contract Types
If the Life Plan Community doesn’t offer a Type A, all-inclusive Life Care contract with priority access to care like Oak Trace, they may offer a Type B Modified Contract. A Type B contract usually requires a lower monthly fee than a Type A contract, and the entrance fee may be lower.
With a Type B senior living contract, which isn’t available at Oak Trace, you may receive either a limited number of included days of health services or an ongoing minimally discounted rate for health services if you need assisted living, skilled nursing, or memory care. However, chances are very good that your monthly fee will become higher than what you pay in independent living because you’ll be responsible for some of the cost of your health care.
The Disadvantages of Type B Contracts
The problem with a Type B contract? If you need more care beyond your allotted free days, you’ll pay at per diem market rates, which can quickly add up to thousands or tens of thousands of dollars, depending on the type of care you need and how long you need it. And that can take a significant chunk out of your savings.
A Type B contract also doesn’t necessarily ensure priority access to the level of care you need, which means there may not be a guaranteed spot available in your community when you need it. If you and your spouse need two different levels of care, you may be required to pay two monthly service fees to cover the two different care levels.
Life Care Benefits for Seniors
With a Life Care Type A contract, your entrance fee and monthly fee may both be higher than what you’d pay with a Type B contract. However, the trade-off is that if you need to move from independent living to assisted living, skilled nursing, or memory care, you will already have locked in a predictable rate for those higher levels of care.
In essence, you’re pre-paying for some portion of the health-related services that you or your spouse may need in the future. This ensures more predictable long-term expenses regardless of health care needs in the future.
In addition to having a guaranteed place to live for the rest of your life, here’s what Life Care offers you:
- Priority access to assisted living, skilled nursing, memory care, and rehabilitation services, if ever needed
- Protection for you and your estate from many of health care’s rising costs
- Substantial savings compared to the average cost of senior healthcare
- A predictable monthly fee, even if you need additional levels of care
Find Life Care Services in Illinois at Oak Trace Senior Living
These reasons perfectly sum up why we say the biggest benefit of a Life Care community may be the peace of mind you give yourself, your spouse, and the people who love you. We’re here to help you understand all the advantages and decide whether Life Care at Oak Trace is a good fit for you. To get started, call us at (630) 769-6100 or fill out the form below.
