Contract Options

In order to provide you with options that best suit your personal financial situation, Edenwald offers two contract types: Type A, known as “LifeCare,” and Type C, known as “Fee-for-Service.”

TYPE A, LIFECARE CONTRACT

The Lifecare contract at Edenwald offers residents unlimited lifetime assisted living, specialized memory care and comprehensive nursing care in their independent living monthly fee.  The following are examples of Edenwald’s Type A, Lifecare contract:

Single Resident, Type A Contract

Mr. “Jones” moves to Edenwald in a Canterbury one-bedroom apartment with a monthly fee of $3,460. Mr. Jones makes a subsequent move to assisted living, memory care or comprehensive nursing care. His monthly fee remains at his current, independent living fee of $3,460 with an additional monthly charge of $285 for the three meals and snacks provided in healthcare, $20 for local and long-distance phone service and $22.75 per month for personal care items (there is no personal care item charge in Southerly Place assisted living). 

Resident Couple, Type A Contract

Mr. and Mrs. “Jones” move to the Windsor one-bedroom/den apartment at Edenwald with a monthly fee of $5,385 ($3,845 1st person and $1,540 2nd person). Mr. Jones makes a subsequent move to assisted living, memory care or comprehensive nursing care. Although he and Mrs. Jones now occupy two residences, their monthly fee remains at their current, independent living fee of $5,385 with the additional fees for Mr. Jones for meals, phone service and personal care items as noted in the example above. 

Residents with a Lifecare contract receive an annual tax-deduction for the medical expense portion of their monthly fee. In 2017, the deduction was $20,046 per person. The first year of occupancy at Edenwald, a resident may also claim a portion of their entrance fee as medical expense.  For 2017 that amount was $76,170 per person.*

Please note:

  • A resident must meet all of the criteria required by the IRS for a medical expense deduction.  We recommend you consult with your tax professional to discuss how the deductions will affect your personal income tax situation.
  • All pricing examples are based on Edenwald’s 2018 price lists in effect through December 31, 2018.
  • Carefully read the Residence and Services Agreement for conditions that must be satisfied before Edenwald is required to pay an entrance fee refund.

TYPE C, FEE-FOR-SERVICE CONTRACT

The Fee-for-Service contract at Edenwald offers residents the flexibility of a reduced independent-living monthly fee (when compared to the “Lifecare” contract) with the availability of on-site lifetime assisted living, specialized memory care and comprehensive nursing care, if needed, at a market-based rate specific to the healthcare area utilized.  The following are examples of Edenwald’s Type C, Fee-for-Service, contract:

Single Resident, Type C Contract

Mr. “Jones” moves to Edenwald in a Canterbury one-bedroom apartment with a monthly fee of $2,870. Mr. Jones makes a subsequent move to assisted living or memory-care assisted living. His monthly fee changes from $2,870 to $5,365.  If he transfers to comprehensive nursing care or memory-care nursing he pays a daily rate of $305, in lieu of the independent or assisted living monthly fee. There are minimal additional charges in healthcare areas of $20 for local and long-distance phone service and $22.75 per month for personal care items (there is no personal care item charge in Southerly Place assisted living). 

Resident Couple, Type C Contract

Mr. and Mrs. “Jones” move to the Windsor one-bedroom/den apartment at Edenwald with a monthly fee of $4.315 ($3,195 1st person and $1,280 2nd person). Mr. Jones makes a subsequent move to assisted living, memory-care assisted living, comprehensive nursing care or memory-care nursing care.  His second person monthly fee is waived and the applicable fee, as noted above ($5,365 per month for assisted living or $305 per day for nursing care), is added to Mrs. Jones’ first-person independent living monthly fee.  There are minimal additional monthly charges in healthcare areas of $20 for local and long-distance phone service and $22.75 for personal care items (there is no personal care item charge in Southerly Place assisted living). 

Please note:

  • Residents with a Fee-for-Service contract receive a medical expense tax-deduction when they are paying a healthcare per diem or monthly fee.  Fees are not deductible as a medical expense for independent living.
  • A resident must meet all of the criteria required by the IRS for a medical expense deduction. We recommend you consult with your tax professional to discuss how the deductions will affect your personal income tax situation.
  • All pricing examples are based on Edenwald’s 2018 price lists in effect through December 31, 2018.
  • Carefully read the Residence and Services Agreement for conditions that must be satisfied before Edenwald is required to pay an entrance fee refund.

The choice you make can depend on several factors, including your current finances, your age and your health. To get help with choosing a contract option, give us a call at 410-823-1349.