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Understanding CCRC Contracts: Planning for Senior Care | Valley Senior Advisors
Are you or a loved one considering senior care options for the future? Join us in today's video as we explore Continuing Care Retirement Communities (CCRCs) and delve into the three most common types of contracts they offer.
What is a CCRC (Continuing Care Retirement Community)?
CCRCs, also known as Life Plan Communities, cater to seniors who wish to age in one place. They offer a range of care options on a single campus, from independent living to assisted living, memory care, and skilled nursing. As your health needs evolve, CCRCs provide seamless transitions, ensuring you receive the right level of care when you need it.
Financial Aspects of CCRCs:
1️⃣ Entrance Fee: This upfront, one-time fee (averaging around $300,000) can often be funded using home equity.
2️⃣ Monthly Service Fee: This fee covers amenities and services, with costs varying based on the size of your residence and the services you select.
🤔 Worried about the cost? We'll break down how CCRC expenses compare to the cumulative costs of staying at home.
Types of CCRC Contracts:
Learn about the three most common contract types within CCRCs:
1️⃣ Type A (Life Care): Enjoy lifetime care without significant monthly fee increases, ensuring you're prepared for future healthcare needs.
2️⃣ Type B (Modified Plan): Lower entry and monthly fees but expect some cost responsibility when transitioning to higher care levels.
3️⃣ Type C (Fee-for-Service): Lowest entry and monthly fees, but you'll pay market rates for higher levels of care when needed.
Remember, CCRCs typically require entry at the independent living level. If you need a different level of care, standard senior living communities might be a better fit.
🌵 If you're seeking CCRCs or rental communities in the Phoenix Area, reach out to us for expert guidance. Our services are 100% free, and we're here to answer all your questions.
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Valley Senior Advisors is dedicated to helping you find the best senior care options in the Phoenix area. If you or your loved ones need assistance, don't hesitate to contact us.
Thank you for watching! Until next time, take care, and we'll see you in the next video. 🌼 #SeniorCare #CCRC #ElderlyCare #PhoenixSeniorLiving
#continuingcare #assistedliving #ccrc #seniorliving #independentliving
