Contract Types Matter: Why a Type A Life Plan Community Is the Best Investment for Your Retirement Years

If you’re researching independent living communities, you’ve probably found a lot of options that sound a lot alike or communities that say they offer everything you need to plan for a more secure future. However, the real story is in the details, and while communities may appear similar on the surface, it’s the different types of senior living contracts that can help you tell them apart. To assist you in making a more informed decision, here are some things to consider during your search.

Aren’t All Independent Living Communities Alike?

At first, they may seem similar. Independent living is a level of living for active older adults who are ready to trade in the burden of home maintenance and upkeep for more freedom and independence. There are usually a variety of available services and amenities to help you get even more out of life.

The difference is whether they’re a standalone community or a level of living that’s part of a Life Plan Community’s continuum of care. However, they only need to offer one additional level of living (like assisted living) to be considered a Life Plan Community. Freedom Village offers a full continuum of care which includes assisted living, memory care, skilled nursing and rehabilitation. When choosing a Life Plan Community, the key is to move early in your retirement so you can start taking advantage of all the social opportunities and other activities.

What Difference Does My Contract Type Make?

Regardless of what type of community you choose — Life Plan Community or rental independent living community — you’re going to sign some type of agreement. There are different contact types and each one spells out what you’ll pay for in independent living as well as any care you may need in the future.

At Freedom Village, we offer a Life Care contract. All Life Care communities are also Life Plan Communities, but not all Life Plan Communities offer a Life Care contract.

What Are the Benefits of Life Care?

The U.S. Department of Health and Human Services predicts 7 out of 10 seniors 65 or older will need some type of long-term care for an average of three years. So, there’s a good chance you may need care. And if you’re married, it’s more than likely that you or your spouse will need care in the future.

With a Life Care contract, if one of you needs care, you’ll pay the same monthly rate. Even if one of you is in independent living and the other needs a higher level of care, such as assisted living, your monthly rate will remain about the same, there may just be an extra charge for additional meals. When you compare that to other contract types that may charge full market rates or for independent living and a higher level of care, the potential financial benefits of a Life Care contract can really start to add up.

Discover the Benefits of Life Care at Freedom Village

As you explore your options, it’s important to make sure you know what you’re getting. To learn more about the benefits of Freedom Village, explore our financial options page. When you’re ready to experience our lifestyle and learn more about the peace of mind we can provide you and your family, schedule your personal visit by giving us a call at 616-200-7271, using our Community Assistant chat feature or contacting us here