A choice of plans to fit your future plans.
Life Plan or continuing care retirement communities like Concordia typically have 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. Continuing care retirement communities or Life Care communities also offer a choice of three types of contract options:
Select a plan to secure your future.
The Life Care 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 access to care at below market rate costs. This plan also guarantees access to Benevolent Care for those who meet appropriate qualifications. The Type A contract provides the greatest financial security against rising 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 guaranteed access to higher care for a reduced fixed discount. This contract also offers Benevolent Care for those who qualify. This plan provides a cost-effective way to minimize future nursing care, memory support and/or assisted living costs and works well with limited LTC policies or individuals who may not health qualify for full Life Care benefits.
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.
A choice of entrance deposit refund plans is also available.
The 90% Refundable Entrance Deposit Plan allows for a refund, to the resident or their estate, of 90% of the original Entrance Deposit.
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.
The 0% or Traditional Entrance Deposit Plan allows for a declining refund over a period of time. 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.
Which is the best?
So which plan is the best? The answer to that question largely depends on you. It comes down to making a decision that you are comfortable with after considering things like your family history with regard to life expectancy and health. Are you comfortable with a certain level of risk, as you might find with a fee-for-service contract, or do you prefer to pay more in order to “play it safe”? Do you own comprehensive long-term care insurance that compliments one type of contract better than another? By educating yourself about the different types of contracts and considering your unique situation, you can make an educated decision about the type of contract that is best for you. The Concordia Senior Living Advisors as well as your financial advisor and attorney can help smooth and solidify the decision process.
Are you wondering if Concordia fits your financial plans? Try our cost calculator to find out which residential options are a preliminary match for your future.