If you’re overwhelmed thinking about paying for senior care or how to cover the cost of assisted living in Oklahoma, you’re not alone. For a continuing care retirement community like Concordia, there are typically two types of fees: Entrance Deposits and Monthly Service Fees. The Entrance Deposit is the one-time, upfront investment for the residence and the assurance of access to the on-campus continuum of care for the balance of their lives. The Entrance Deposit is based on the choice of health benefit plan, size of residence, number of occupants and the refund plan selected.
It can be confusing to decipher the difference between the costs of living in a CCRC compared to the cost of staying at home. Concordia, in partnership with MyLifeSite, offers a Financial Protection tool that shows you how affordable our community will be, now and in the future. Using this tool, your Resource Counselor can prepare a confidential analysis that demonstrates how your assets and income will be affected over time. You can then share this document with your financial advisor.
Below, we’ve summarized the different health benefit plans, or CCRC contract types to make it easier for you to pick the option that will best fit your needs:
The LifeCare Plan (Type A) – Offered by only a handful of senior communities in the Oklahoma City area, the Life Care Plan, also called the Type A or Extensive Contract, offers financial protection for your assets and guarantees future on-site supportive services at below market rate costs. This plan provides the greatest financial security against rising long-term assisted living, memory care and nursing care costs.
The Modified Plan (Type B) – Provides for a lower initial cost of entry and monthly fee as well as for a limited number of days of future on-site supportive services at below market rate costs before then returning to the current published market rates. This plan provides a cost-effective way to minimize future nursing care, memory support and/or assisted living costs.
The Fee-For-Service Plan (Type C) – Provides the lowest initial cost of entry and monthly fee option and assures the resident priority access to Concordia’s on-site supportive services at then current published market rates. This plan may be a good option for those who have already made plans to fund any future assisted living, memory care or nursing needs through their own funds or through Long-Term Care Insurance.
The IRS has determined that certain portions of Entrance Deposits and Monthly Fees at CCRCs may be eligible for a tax deduction as a pre-paid medical expense. Please consult your tax advisor for how this may apply to your specific circumstances.
Monthly service fees are based on the health benefit plan, size of the residence and number of occupants. These fees provide each resident with certain services and amenities such as meals, transportation, housekeeping, maintenance, utilities, and linen service. Monthly Fees at Concordia range from $2,096 to $4,465 for single occupancy, and there is a second person fee of $777 to $1,036 applied when necessary.
The 90% Refundable Entrance Deposit Plan allows for a refund, to the resident or their estate, of 90% of the original Entrance Deposit paid upon Residency. 90% Refundable Entrance Deposits range from $169,215 – $336,920.
The 50% Refundable Entrance Deposit Plan allows for a refund, to the resident or their estate, of no less than 50% of the original Entrance Deposit paid upon Residency. The amount available for a refund declines by 10% after the first month, and further declines 2% per month for the next 20 months until it reaches 50% of the original payment. 50% Refundable Entrance Deposits range from $105,529 to $202,152.
The Traditional Entrance Deposit Plan allows for a declining refund over a four-year period. The amount available for a refund declines by 10% after the first month, and further declines 2% per month for the next 45 months of Residency. Traditional Entrance Deposits range from $63,686 to $134,768.
Refunds are paid per the terms of the Residency Agreement.
Life at Concordia is all about enjoying each new day – without worrying about your future health care. Regardless of what level of care you may need now or in the future, Concordia ensures priority access to the care you may need, in a community of friends and caring staff.