What is a CCRC or Lifecare Community?
The Lifecare industry has been around for more than 100 years, and there are 1900 across the U.S. The majority of communities are not-for-profit and welcome vibrant adults who can live safely on their own. Residents enjoy maintenance-free living and many amenities and are confident in the knowledge that their healthcare needs will be covered.
Lifecare communities differ in their options, but most offer a full continuum of care options including Independent Living, Assisted Living, Memory Support, and Enhanced Assisted Living.
Understanding Differences Between CCRCs
Are you a planner? Are you someone who always does their homework? Welcome! You’ve found your people.
We love educating others on CCRCs so much that we actually wrote a book on it!
Designed for financial or legal advisors, as well as individual consumers, this 26-page workbook answers practical questions and provides handy references for those interested in learning more about how to choose a CCRC.
Understanding Types of Contracts
Every lifecare contract varies, but most contracts include housing, a meal plan (generally the equivalent of one meal per day), inside and outside maintenance services, access to programs and activities, and, importantly, unlimited use of different levels of long-term care service. Most communities structure their entrance fees and monthly fees based on the size of the home chosen. The larger the home, the higher the cost.
Type A (all-inclusive)
- The Type A contract generally offers unlimited use of long term care services, without an increase in the monthly fee (with the exception of the two additional daily meals when in healthcare).
- This contract option provides the highest level of insurance of all the CCRC contract options.
- Many of these contracts also offer refundability, which means a portion (50-90%) of your original one-time entrance fee is refunded to you or your estate, once the resident has left the community and the unit is resold.
Type B (defined insurance)
- Type B contracts provide a defined level of insurance to their residents.
- Typically, this means that a Type B entrance fee and monthly service fee will be lower than a similar Type A. In a Type B contract, when a resident moves to healthcare, the monthly service fee increases, based on the level of care they receive.
- Residents with a Type B contract get the benefit of discounted healthcare, and don’t pay for care they might not need. Type B contracts also offer refundable options.
Type C
- This contract option is often referred to as a fee-for-service model, and many of the for-profit companies are in this space.
- These contracts often do not require an entrance fee, have the lowest monthly service fees, and can sometimes be rented month to month. However, there is no guarantee of long term care services if and when they are needed, and residents will pay market rate for the care they receive.
See below for contract options specific to RiverWoods
It’s more affordable than you might think.
With a wide range of beautiful floor plan options available, we have many choices. Contact us today for pricing and availability or to take a personal tour.
RiverWoods is Northern New England’s Largest Family of Not-For-Profit Lifecare
Life is Better in Community
At RiverWoods, Northern New England’s largest family of not-for-profit communities, residents enjoy maintenance-free living, a wide range of on-campus activities and programs, diverse fitness opportunities, and flexible dining options. RiverWoods is resident-driven, meaning most of the activities, trips, lectures and classes are based on the interests of our residents. Many of our on-campus enterprises, like the library, country store, literary publication, and resident council are run by residents.
At any of our communities, you’ll find ample opportunity to volunteer, give back to the greater communities, and share your gifts with other residents. Our goal is to foster that sense of community, purpose, and peace of mind for your future.
Contracts Offered at RiverWoods
At RiverWoods, we are proud to offer a variety of contract options. But, we like to keep some things consistent. These are the details you’ll find at any of our communities:
– All communities are charitable not-for-profits with a benevolence clause.
– All communities offer a full continuum of care, including a Wellness Clinic.
– All communities have the choice of a refundable portion of the Entrance Fee.
– Pricing for the Entrance Fees (EF) and Monthly Service Fees (MSF) is based on home size, in all communities.
– All communities charge an additional two meals per day upon transfer to healthcare.
– All communities’ monthly service fees increase annually.
Click here for more information on RiverWoods Contracts.
RiverWoods welcomes engaged adults to independent living homes.
If injury or illness enters their lives, and healthcare needs change over time, so too does the level of care they receive.
Welcome home to retirement, redefined.