February is Finance Month at Sedgebrook, and we’re offering up tips, tricks and insight for residents and those interested in moving to our senior living community.
Being a Life Plan Community in Lincolnshire, IL, we cover all the bases for a fulfilling retirement, from active living to providing care services when needed. We understand that everyone’s needs and desires are different when it comes to retirement, but at a Life Plan Community, everyone benefits – mentally, physically and financially.
Learn more about the ins and outs – and advantages – of Sedgebrook’s Life Plan Community and why it makes even more financial sense to move at an earlier age.
What is a Life Plan Community?
A Life Plan Community, also known as a Continuing Care Retirement Community (CCRC), is a senior living community that offers different contract types and provides a combination of lifestyle options and short- and long-term care levels.
You’ll typically find independent living, and a continuum of care that may include assisted living, memory care, skilled nursing care, and rehabilitation, met with a wide array of services and amenities for older adults.
Residents will pay a one-time entrance fee to move into independent living and an ongoing monthly service fee to ensure access to higher levels of care on site if and when they’re needed. The monthly fee also covers other senior living expenses, including residences, dining, and almost all services, amenities, and community activities.
To ensure both your budgetary and lifestyle needs are being met, Life Plan Communities generally offer different contract types to choose from. The three main contracts to know and understand are Type A (Life Care), Type B (Modified), and Type C (Fee-for-Service). Some Life Plan contracts even provide return-of-capital options.
Sedgebrook offers incoming residents a Type C contract with 0% or 80% return-of-capital, which is a standout benefit for residents. Let’s dive into further detail about this contract’s financial benefits.
Why does a Type C Life Plan Community make sense financially?
Why pay for something in advance if you may never need it? That’s the true advantage of a Type C Life Plan Community, among other stipulations.
With a Type C Fee-for-Service contract, residents at Sedgebrook pay a lower entrance fee and monthly fee than what’s required in Type A or Type B contracts. And while health services are guaranteed, you’ll only pay for them when you need them. The same goes for special, personalized services.
It’s important to note that those living in a Type C contract community will be responsible for paying current market rates for health care services at the time they’re needed.
Other benefits of a Life Plan Community
When you join Sedgebrook as an independent living resident, you’ll begin to notice even more ways in which our community helps you save in the long run.
For starters, you won’t have to manage the ongoing daily finances that come with homeownership – like home maintenance, property taxes, groceries and utility bills. All of that is taken care of automatically with your agreed-upon monthly fee and with help from our well-appointed staff.
With financial worries out of the way, you can take advantage of the services and amenities that make each day at our community wonderful.
Choose from a variety of floor plans, access delicious dining venues, participate in social activities, and put wellness first at our 24-hour fitness center. At Sedgebrook, the possibilities are endless – and when you enter our community earlier in your retirement years, you’ll have more time to enjoy each day and – the rest of your life.
Secure your future in Chicago’s North Shore.
Find a Type C contract in Lincolnshire, IL, where residents benefit from peace of mind knowing their well-being and their finances are protected. Discover different levels of care in one location met with exceptional services and amenities for ultimate worry-free living. You’ll never have to pay for more than what you need with our flexible contract options. Learn more about our community today and fill out our form to start a conversation with our team about finance options.