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Independent Living

How to Understand Your Life Care Contract

As you evaluate your senior living options, you will at some point encounter the term continuing care retirement community, or CCRC. These types of communities offer a variety of living arrangements, resort-style services and amenities, and healthcare options on-site.     

A Life Care community is a type of Continuing Care Retirement Community (CCRC) which offers residents lifetime access to on-site care in exchange for an entrance fee and monthly fee. Living in this type of community can give older adults a sense of security and confidence that they will always be cared for, even if their health needs change.   

Questions to Ask About Your Life Care Contract  

Each Life Care community will present to you a Life Care contract, which will detail precisely what is included and give the full terms of your agreement. This contract should always be reviewed carefully by yourself, your estate and a legal professional. Before you reach this stage, however, you should be able to get a broad idea of what is included and the fees for services. Here are some questions you can ask to get yourself started. 

Are There Multiple Contract Options? 

Most Life Care communities will offer some type of all-inclusive contract. Other communities may have several options, such as a Type B contract where monthly fees will increase in response to needing care, but you’ll pay a known, predetermined discount on the market rate. Or a Type C contract, where you will pay market rate for the care services you require.  

For most older adults, the all-inclusive option will be ideal, as 70% of older adults are expected to need some kind of long-term care in their lifetimes and healthcare costs continue to rise. Ensure that you are presented with the range of available contracts, and consider them carefully. 

Is a Continuum of Care Offered On-Site?

Each Life Care community is different, which means they may not offer every level of care you may need in the future. At Oak Trace, we provide a continuum of care, with most of our residents joining us in our independent living community. We also offer assisted living, memory care, skilled nursing and even rehabilitation services on campus for those recovering from an injury or hospital stay.  

What is Your Entrance Fee and What Does it Include?  

Entrance fees are required at most Life Care communities. While these will vary based on the type of residence you choose and the number of occupants, it’s estimated that the average entrance fee in 2022 was $402,000. 

What Do Monthly Service Fees Include? 

Life Care communities all charge a monthly service fee for access to housing, utilities, amenities and services, including some meals. There may, however, be a few perks or premium services that are only available for an additional fee. This could be something like access to a covered parking space or spa services.  

Is a Life Care Community Right for You?

Living in a Life Care community provides many benefits over living at home, with the added security of knowing that your care needs can be met on-site. Oak Trace provides residents and their families with the powerful reassurance that no matter what the future may bring, their care needs have been provided for. If you are seeking a future of stability and predictability where you know where and how your future care needs will be met, then a Life Care Community may be right for you. 

Explore Our Life Care Community at Oak Trace

At Oak Trace, our resort-like community offers a vibrant social calendar and holistic care at every stage of life. Our residents have access to a robust wellness program that is personalized to their needs and health goals. They also gain access to premium services and resort-style amenities in addition to priority access to all of onsite healthcare services and levels of living. 

Ready to see what a healthy and fulfilling life at Oak Trace can look like for you? Schedule a tour today.

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