Are you considering moving to a retirement community but are concerned about independent senior living costs? If so, a community with a Type C contract could be the key to enjoying your dream retirement.
In this comprehensive guide, we’ll unravel the ins and outs of Type C contracts and show you how they offer a flexible and affordable path to independent living.
Whether you’re just starting your research or are ready to make a decision, this guide will equip you with the knowledge you need to choose a path that aligns with your financial goals and aspirations for a fulfilling retirement.
What Is a Type C Senior Living Contract?
In senior living, a Type C contract, also known as a “fee-for-service” contract, is a type of agreement offered by Life Plan Communities – also known as Continuing Care Retirement Communities (CCRCs).
This type of contract is designed to give you more control over your finances and lifestyle choices by ensuring you only pay for the care services you need.
The Financial Advantage of Type C Communities
One of the most appealing aspects of Type C contracts is their potential for long-term financial benefits. Let’s take a closer look at the cost structure and how it can work in your favor.
Entrance Fee
The entrance fee for a Type C contract is often lower than other contract types, making it a more accessible option for many. Think of it as an investment in your future well-being, providing you with access to a vibrant community, comprehensive senior care services, and peace of mind.
When you choose Sedgebrook, a Type C community, you’re choosing a lifestyle that allows you to age in place with confidence. Even if your health needs (or your spouse’s needs) change, our community includes a full continuum of senior health services right here on our Lincolnshire campus, including the highly rated Radford Green Health Care and Rehabilitation.
As a resident, you have priority access to all levels of care, including in home care for independent living residents, assisted living, memory care, skilled nursing, and rehabilitation. This means you won’t have to leave the community you’ve grown to love, and the friends you’ve made at Sedgebrook can easily stay in touch.
Monthly Fees
Your monthly fees in a Type C community, like Sedgebrook, cover a wide range of services and amenities, including:
Services
- Maintenance-free residence, including most utilities
- Several dining options, including Shoreline Restaurant and Harvest Bistro
- Complimentary custom interior design service
- Landscaping and lawn care
- Scheduled transportation service to shopping centers, grocery stores and local entertainment
- Complimentary enclosed parking garage
- Fitness programs and exercise classes
- Personal trainers available to help with fitness goals
- Health & Wellness Navigation Program
- Full-service private concierge medical practice on-site
- 24/7 security; security staff are EMR/EMT-trained
Amenities
- Full calendar of activities
- Cardinal Beauty Salon
- More than 90 clubs, committees and interest groups
- 24-hour fitness center and aquatics center with pool and hot tub
- Nature walking trails
- Creative arts studio
- Woodworking and hobby shop
- Library
- Computer lab with high-speed internet
- Billiards and game room
- Worship center
- Special interest rooms for club meetings and social gatherings
- Gift shop/convenience market
- Bank with ATM
- Private dining room
- Catering for residents’ special occasions
- Guest suites
Refundability
Many Type C contracts offer refundability of a portion of your entrance fees when you leave the community or your estate. This feature not only provides financial security but also allows you to pass on a legacy to your loved ones.
Cost-Effective Over Time
Type C contracts often prove to be more cost-effective in the long run compared to other options. The lower monthly fees, combined with the potential for a refund, can help you manage your expenses more predictably and preserve your financial resources.
Plus, by paying for health care services only when needed, you can potentially avoid the higher monthly fees associated with Type A contracts that include those services upfront.
Financial Planning for Your Future
It’s important to consult with a financial advisor to determine if a Type C contract aligns with your overall retirement plan. They can help you evaluate the costs and benefits, taking into account your individual financial situation and goals.
By understanding the financial advantages of Type C contracts, you can make a well-informed decision that supports your financial well-being and allows you to enjoy a fulfilling retirement lifestyle.
Elevate Your Independent Living Experience With a Type C Contract
Choosing an independent living community with a Type C contract is more than just a financial agreement; it’s a gateway to a lifestyle that is both attainable and fulfilling, truly unlocking a retirement that resonates with your goals. Here’s why:
Thrive in a Community of Peers
Independent living is about more than just living on your own terms; it’s also about thriving in a community of peers where you have plenty of opportunities to connect with others over shared interests. In communities like Sedgebrook, you’ll find yourself surrounded by like-minded individuals who value their independence and are eager to embrace all that retirement has to offer.
Find Freedom In the Flexibility
With lower upfront costs and predictable monthly costs, this option is more attainable for many seniors who want to prioritize their independence without straining their budgets. You can allocate your resources toward the things you truly value, whether it’s travel, hobbies or simply enjoying the comforts of your new home.
Personalize Your Retirement Experience
A Type C contract gives you the freedom to personalize your independent living experience. You can choose the senior health care that best suits your needs and preferences, and you only pay for the care you require, when you require it. This flexibility allows you to maintain control over your finances and create a lifestyle that truly reflects your individual needs and desires.
Discover Peace of Mind for the Future
Knowing that you have priority access to long-term care provides an added layer of security and peace of mind. You can rest assured that if your needs change in the future, you’ll have access to the care you need without having to leave the community you love.
Embrace a Culture of Wellness
Maintaining your health and well-being is essential for enjoying your independent lifestyle to the fullest. Communities like Sedgbrook prioritize wellness, offering a wide range of fitness classes, wellness programs, and access to health care professionals.
Whether you’re swimming laps in the pool, practicing yoga or attending a health seminar, you’ll have ample opportunities to stay active, healthy, and energized.
Other Senior Living Contract Options
Let’s break down the different types of senior living contracts so you can make an informed decision about your future:
Type A Contracts (Lifecare Contracts)
Lifecare contracts typically require larger upfront entrance fees and higher monthly fees. In return, they often include a comprehensive range of services, including assisted living and skilled nursing care, in the monthly fees.
This provides a high level of security for future care needs but might not be the most cost-effective option if you prioritize financial flexibility and control.
Type B Contracts (Modified Lifecare Contracts)
These contracts offer a compromise between Type A and Type C. They typically have lower entrance fees than Type A but higher monthly fees than Type C.
Type B contracts might include a limited number of days of assisted living or skilled nursing care in the monthly fees, offering some coverage for future care needs but potentially less financial autonomy than Type C.
Rental Communities
These are the most flexible options, as they require no upfront entrance fees and offer month-to-month rental agreements. While senior rentals offer flexibility, they don’t provide the same long-term financial benefits and peace of mind as other senior living contracts. Monthly fees might fluctuate, and many senior rental communities don’t have a full continuum of care.
Explore the Possibilities at Sedgebrook
At Sedgebrook, we believe that retirement should be a time of joy, freedom, and financial peace of mind. Our Type C contract is designed to empower you to live life on your own terms while enjoying the security and predictability of a well-planned financial model.
Curious how our vibrant lifestyle can fit within your budget? Our Financial Fit calculator can help you estimate your costs and create a personalized plan for your dream retirement.
We’re happy to answer your questions and show you around! Contact us online or call (847) 780-9750 to schedule a visit at Sedgebrook and discover how our community can make your dream retirement a reality.
