By choosing a premier Life Plan Community in greater Philadelphia, you are taking the first and most important step in bringing security and peace of mind to you and to your family — and that kind of reassurance is priceless.
Before you move in, you have an important decision to make: You need to choose between a Life Care and a Fee-for-Service contract — or a blend of the two options. Each basic type of contract has advantages; your decision may be influenced by factors such as your personal financial situation, health, age and comfort with risk. Here’s a little background on contract options:
Life Care Contracts (Type A)
- In general, Life Care contracts come with a slightly higher entry fee and monthly fees for independent living. However, those costs are offset by lower costs for future care.
- Allowing for yearly cost-of-living increases, you will continue to pay the same monthly fee assigned to your residential living apartment — even if you need to live in one of our care areas at some point in the future.
- At Rydal Park, you can choose between two types of Life Care contracts, the traditional entrance fee option and the 90-percent refundable entrance fee option.
Fee-for-Service Contracts (Type C)
- In general, Fee-for-Service contracts have a lower entry fee and lower monthly fees for residents in independent living.
- Should you need higher levels of care, you will pay current market rates for services.
- Long-term care insurance may cover part of the cost of your care.
- At Rydal Park, you can choose between two types of entrance fee payments, the traditional entrance fee option and the 90-percent refundable entrance fee option.
We’ve listed the benefits of each contract type in this simple chart:
|Financial benefits||Access to higher levels of care?|
|Life Care (type A)||-Monthly fee that stays the same* for future care||Yes, at the same monthly fee|
|Fee-for-Service (type C)||– Lower entrance fee
– Lower monthly fees (independent living)
-Market rate fees when care is needed (often offset by long-term care insurance)
|Yes, at market rates|
|Both type A and C contract types||– Choice of traditional and 90 percent refundable entrance fee options||Yes|
*Fees are subject to an annual inflationary increase
With both Life Care and Fee-for-Service contracts, you will enjoy:
- All of Rydal Park’s fabulous services and amenities
- Independent living in the apartment home of your choice
- Access to higher levels of care when needed
If you are two parties occupying one apartment, you can also choose to blend the two types of contracts to suit your individual situation and needs.
Should you ever need additional health care services, all contract types will give you priority access to:
- The state-of-the-art Joseph C. Scott Medical Center
- Personal care in a supportive residential environment
- Exceptional long-term nursing care in a private room that includes a private bath with shower
- Thoughtfully designed, supervised living for those with memory support needs
- Outstanding long- and short-term rehab services (physical, occupational and speech therapies)
- Full recreational therapy programs
- Prescribed therapeutic diets and individual dietary consultation
Need help deciding which type of contract is right for you? Contact us at 215-376-6292. We will explain your options and answer any questions you may have.