Posted: Wednesday, November 22, 2017
By: CWGC Blog
Choose the right contract type for you
More and more folks these days are electing to create their retirement lives at a continuing care retirement community like Canterbury Woods Williamsville and Canterbury Woods Gates Circle.
When you join a continuing care retirement community (CCRC), you can move into a lovely living space that’s just the size you need, offering you a home base for your active and fun retirement lifestyle. You’ll no longer have to worry about home maintenance and repairs, or shoveling snow, or keeping up with the yard work. It’s all done for you! And you have added peace of mind, knowing that you have access to the level of care you require should your needs change. Your community will also provide assisted living, memory care and/or skilled nursing units that let you take advantage of a continuum of care throughout your lifetime.
One thing that’s important to understand about continuing care retirement communities is that your contract determines the kind and level of services you’ll be entitled to. Here’s an explanation of the types of contracts typically offered by these communities.
Type A, extensive or life care contract: With this contract, you pay an entry fee plus a monthly fee. Besides your beautiful apartment or cottage home, your fees cover a wide range of amenities, activities, services and dining options. You can take a fitness class, watch a movie, attend a lecture or discussion, join a club, work on an art project or head downtown to take in a concert or browse an art gallery. When you don’t want to cook in your well-equipped kitchen, you can have breakfast or a cup of coffee in a casual setting, enjoy a cocktail with a view or meet your neighbors for dinner in a formal dining room. The specifics will be covered in your contract.
Type A contracts generally carry the highest level of entry and monthly fees. That’s because you are essentially paying in advance for any additional health care services you may need in the future. You’ll have access to these services at little or no additional cost, although there may be periodic adjustments for inflation. You’ll know exactly what your long-term expenses are, regardless of your health care needs.
Type B, modified contract: Provisions of a modified contract will vary, but in general you’ll be getting most if not all of the residential services and amenities you’d have with a Type A contract. The main difference is that, if you need the kind of help that’s provided in an assisted living or skilled nursing setting, you’ll bear some of the cost. Your contract will specify what health services you’re entitled to at no cost before your payment responsibility kicks in, or it might offer discounted rates for health care. You’ll typically pay a lower monthly fee under a modified contract, and you might also find a lower entry fee is required.
Type C, fee-for-service contract: If you wish to pay even lower monthly fees and a lower enrollment fee, you can still have access to most or all of the typical residential services and amenities you’d get with a Type A or B contract. The big difference is that, if you need assistance with daily living or skilled nursing care, your monthly fees will rise. Fee adjustments will reflect the market rate for health services you require.
Retirement communities like Canterbury Woods and the brand-new Canterbury Woods Gates Circle offer you choices in the type and size of living unit so you can pick the one that suits you best. All of our living units are chock full of the features that retirees want—features like wood floors, custom kitchen cabinets and granite countertops, and lots of storage space. If you’re looking for a relaxed pace, suburban setting and resort-type lifestyle with lovely landscaped grounds and a choice of apartments and cottages, Canterbury Woods Williamsville might be the perfect place for you. If you love being close to the action, check out Canterbury Woods Gates Circle, an elegant, upscale and up-to-date community in the heart of Buffalo. Both campuses are renowned for state-of-the-art amenities, security and a highly qualified, caring, compassionate staff. Both campuses also offer you a choice between Type A and Type B contracts, with different levels of refundability.
We'd love for you to see these beautiful communities for yourself, find out about all of the retirement advantages that can be yours and learn more about which contract type is best for your particular financial situation. For more information about Canterbury Woods Williamsville and Canterbury Woods Gates Circle, contact us at (716) 929-5817.