As you are searching for senior living options, you will come across different types of communities and agreements. Besides having to choose between independent living and assisted living communities, there are many types of senior living contracts that you can choose from. It is critical for you to understand what the different types of senior living contracts involve so you can make informed decisions before committing yourself to an agreement. To help you create a wise senior living plan, we will go through the different types of senior living contracts in this article. Read on to find out more.
Type A Contracts
This type of contract is also called an extensive agreement. It agrees to deliver higher levels of care with no or little increase in monthly service fees. This is because when you sign this type of agreement, you will be paying a high upfront entrance fee, which ensures that you get future care. In the long term, Type A Contracts can provide seniors with significant savings.
Type B Contracts
This type of contact is also called a modified agreement. While it generally comes with a lower entrance fee, the monthly service fee will increase if you need more healthcare services as you age. However, the overall healthcare costs will still be lower than if you were to receive the services outside of the community.
Type C Contracts
This type of contract is also called a fee-for-service agreement. Seniors only need to pay for the care they require. While the entrance fee and monthly service fees are lower, seniors will pay the full market rate if they need higher levels of care. Seniors who only need short-term care can consider this type of contracts while they still keep their original place of residence.
Life Plan Community Rental Contracts
This type of contract is for rental communities where seniors do not have to pay entrance fees. However, they usually need to pay both monthly service fees with the full market prices for healthcare services.
Life Plan Community Contracts
This type of contract is for life plan communities that provide full-service housing options with a large selection of amenities and services, including long-term healthcare. This ensures that the residents have priority access to healthcare services whenever necessary.
Skilled Nursing Contracts
There are many types of skilled nursing contracts and the terms vary in different states. The fees that are paid in this type of contract will cover services including daily living activities, meals, housekeeping, and medical care.
Consider Conservatory At North Austin
If you are based in Austin and considering senior living options, look no further than Conservatory At North Austin. We provide concierge-level services and a wide selection of activities to keep our residents engaged and active. Feel free to contact us today to learn more.