Choosing a senior living community is a big decision, and understanding the financial aspect is just as important as finding the right lifestyle and support options. If you’re considering a Life Care community, also known as a Continuing Care Retirement Community (CCRC), it’s essential to understand CCRC contract types and what they mean for your future.
At Beacon Hill, we prioritize financial security and long-term stability, offering residents an exceptional lifestyle, concierge-like services, and excellent amenities – all at a great value. We also believe in empowering potential residents with the knowledge they need to make informed decisions about their future. Below, we break down the most common resident contracts offered in CCRC senior living to help you determine which option best aligns with your needs.
CCRC Meaning and Contract Types
A Continuing Care Retirement Community is a senior living option that provides a continuum of services — from independent living to higher levels of living — all on the same campus. If your health needs change, you will have access to the support you need without having to leave your community.
Different Life Care/CCRC contracts offer varying levels of financial commitment, healthcare benefits, and cost structures.
- Type A CCRC (Life Care contract) – As the most comprehensive and predictable contract type, a Type A contract requires an entrance fee and a monthly fee while guaranteeing priority access to higher levels of living at a predictable cost.
- Type B (Modified contract) – A Type B contract provides access to higher levels of living, while additional costs may apply, making it a slightly less predictable option than Type A. The contract type often appeals to individuals who expect to access their long-term care insurance to pay the cost of future healthcare needs.
- Type C (Fee-for-Service contract) – A Type C contract requires a lower upfront entrance fee and offers access to additional services at market rates. It is the least predictable option financially compared to Type A and Type B contracts.
Beacon Hill offers the choice of Type A Life Care and Type B Modified contracts, providing you with the best financial options for a future with predictable costs and access to higher levels of living as needed. A key advantage of these options is the stability they bring to long-term financial planning, which means that instead of worrying about future expenses, you can focus on enjoying your best years.
What Does Beacon Hill’s Entrance Fee Cover?
A common question families ask is, “Are CCRCs worth it?” The answer depends on whether you value financial predictability, security, and access to high-quality services. Our entrance fee is a one-time investment that secures your private residence, premium services, and lifelong support. It provides a worry-free lifestyle, access to top-tier healthcare, and a vibrant community focused on residents’ comfort and stability. Consider the following advantages:
- Maintenance-free living. No more home repairs, landscaping, or upkeep.
- Predictable healthcare costs. Priority access to higher levels of living with stable rates.
- Resort-style amenities. Fine dining, fitness centers, swimming pools, and wellness programs to keep you active.
- Convenience and support. Professional housekeeping, scheduled transportation, and on-site healthcare services for stress-free living.
- Engaging social life. A calendar filled with cultural events, educational programs, entertainment, and clubs to help you stay connected.
- Long-term security. Your investment protects your future and provides financial stability for you and your family.
These lifestyle benefits make Beacon Hill an exceptional choice for active, independent older adults while also providing the safety net of supported independent living service agreements.
Choosing the Right Senior Living Option for You
As you compare types of senior living facilities, it can quickly become overwhelming when you find yourself evaluating the unique financial options available for senior living residents, including Type A vs. Type B contracts, life contracts, and other CCRC contract types.
Another major consideration is the availability of personalized services should you ever need it. At Beacon Hill, residents have access to Lifespace Personal Services, which offers a unique approach to supportive health services, including assistance with daily living tasks and health-related needs, delivered directly to their Beacon Hill residence.
As a Lifespace community, Beacon Hill gains the benefit of the strength of Lifespace Communities, Inc. We’re good stewards of your money, providing transparency, security, and long-term value. Our entrance fee and Life Care plan protect both your lifestyle and finances, allowing you to worry less and live more.
If you’re exploring senior living, Life Care agreements, or even nursing home contracts or short-term rehab options, we’re here to help. Contact us to discuss your options and find the best fit for your future.
Featured Image: Robert Kneschke / Shutterstock
