CORONAVIRUS DISEASE 2019 (COVID-19) INFORMATION. View Here.

 

What is Life Care?

When it’s time to begin researching senior living options, you may feel overwhelmed by the many choices available. While there are a number of options, the good news is that you will find an option that suits your unique needs. A Life Plan Community, like Friendship Village Columbus, is a great option for those who want a one-stop shop for all their senior living needs. A Life Plan Community offers independent living, assisted living, memory care, short-term rehabilitation, and long-term care on one campus. What contract options are available for residents of a Life Plan Community? We’re glad you asked!

Types of contracts available at Life Plan Communities

Most Life Plan Communities offer a variety of contract options, including Type A (also known as Life Care), modified versions or variations of Type A, and rental contracts.

Rental contracts

A rental contract is designed for those who prefer no upfront entry fee or a nominal community fee. Rental contracts are often month-to-month and typically the monthly fee is higher than that of a Type A contract. You pay as you go and utilize services, rather than pre-empting what your needs may be in the future. Some or all utilities may be included in your rent with “ala carte” pricing for other services, such as meals. Many rental contracts do not provide residents with priority access to healthcare services, meaning availability could be limited if or when a healthcare need arises. Residents pay the full market rate, meaning they receive no discounts or price reductions for any healthcare services.

Type A (Life Care) contracts

True Type A contracts are also known as Life Care contracts. Residents of a senior living community who choose this type of contract often pay a bit more upfront, either a higher one-time entrance fee or a higher monthly service fee and have access to all residential and healthcare services and amenities with little increase in fees over time. There is peace of mind that comes from having predictable expenses for the rest of your life regardless of any changes in health. Because this option includes pre-paid healthcare, there is also the potential for significant tax-related savings.

It’s important to understand exactly what is included in the Life Care contract you’re considering. Not all Life Care contracts are inclusive and may provide services for an extra cost.

Modified Type A contracts

Variations of the Type A contract (known as the Life Choice contract at Friendship Village Columbus), usually have a lower entrance fee and include a discounted rate on future healthcare costs. At FVC, the Life Choice contract provides a 15% discount on assisted living, memory support, and long-term care plus up to 10 days of skilled nursing or rehabilitation in our Health Care Center or up to 10 days of short-term assisted living care in a calendar year. This type of contract works well for those who have long-term care insurance, want to self-insure, or manage pre-existing conditions while limiting the impact of future healthcare costs.

Life Care versus Life Choice contracts at Friendship Village Columbus

Life Care Life Choice
One-time entrance fee

Independent living, assisted living, memory care, and long-term care included with access to short-term rehabilitation

Return of Capital options are 50 percent refundable

Provides greater peace of mind knowing you have set pricing for a home and healthcare for a lifetime

Lower one-time entrance fee

Independent living included and 10 days in either assisted living, memory care, short-term rehabilitation, or long-term care included each calendar year

Return of Capital options are 50 percent refundable

Residents receive a discount on the market rate for assisted living, memory support and long-term care

Fall into savings at FVC

Through October 31, 2019, Friendship Village Columbus is offering lucrative savings opportunities on Life Care, Life Choice, and rental contracts.

  • Option 1 (Life Care or Life Choice contract): $10,000 savings on entrance fee plus one month free for a studio or one-bedroom apartment
  • Option 2 (Life Care or Life Choice contract): $20,000 savings on entrance fee plus one month free for a two-bedroom or larger apartment
  • Option 3 (rental contract): One month free plus 10 meals per month for one year

When you choose Friendship Village Columbus as your next home, your whole life comes with you. The only thing you leave behind is the maintenance of your house and yard, making more time for what matters most to you. Call us today at (614) 568-0503 to talk about which contract type is best for you.

See why others chose FVC as their forever home