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FAQ: What is a Life Care Contract?

Posted on July 21, 2017 in Frequently Asked Questions

Pennswood Village is a not-for-profit continuing care retirement community (CCRC, also known as a Life Plan Community), which means that we offer residents a full continuum of healthcare services throughout their retirement. In addition to independent living, we also offer personal care and skilled nursing services.

A Comprehensive Contract

When you decide to become a resident of a CCRC, you’ll pay a one-time entrance fee that typically covers the cost of your apartment home as well as future healthcare costs, and offers you priority access to the healthcare services provided on our campus. The contract and apartment home you choose determines the overall cost of the entrance fee, as well as outlines the conditions of healthcare services. But, how do you determine which contract type is best for you? Consider the benefits of Pennswood Village’s Life Care Contract.

The Life Care Contract is an agreement between the community and the resident that lays out the most comprehensive level of healthcare coverage available in a retirement community.

The Benefits of a Life Care Contract

A Life Care Contract offers numerous advantages. It ensures that all levels of healthcare, if you are to ever need them on a temporary or permanent basis, will take place here on Pennswood’s campus and your monthly fee will remain stable. While there is a small, annual cost of living increase, a Life Care Contract will ensure that you can expect a consistent rate, with no surprises.

The current national average of private and semi-private skilled nursing care is more than $280 a day, or $100,000 annually. With the Life Care Contract, if you are to ever need skilled nursing care at Pennswood, your monthly fee will increase slightly (or even go down in some cases). You’ll never have to worry about a dramatic increase in costs just because of a change in needs. You’ll know when, where, and how you’ll receive healthcare services – and exactly what your costs will be.

You’ll also benefit from our person-centered approach to care, as well as the wide array of services and amenities included in your monthly service fee. The Passmore Fitness center, personal trainers, exercise classes and outdoor campus amenities are just some of the conveniences you’ll enjoy as a Pennswood resident.

What About Long-Term Care Insurance?

A Life Care Contract is certainly appealing to someone who does not currently have another form of long-term care insurance, since it offers complete coverage.

Many Life Care residents at Pennswood still retain their long-term care insurance policies. If they need access to health care services here at Pennswood, they can still benefit from those policies in most cases.

A Plan for the Future

Another benefit to the Life Care Contract is that if you or your spouse/partner ever requires a different level of care, you will both be able to stay at Pennswood, and never have to worry about being separated at different care providers.

A Life Care Contract means a solid plan for the future. You or your family will never be pressured to make a difficult decision about healthcare during a crisis situation. As a resident of Pennswood, you’ll have peace of mind knowing that you are prepared for anything.

For more information, please give us a call today at 866-740-4977, or visit our online contact form here.