Contract Options

The Lifecare contract at Edenwald offers residents unlimited lifetime assisted living, specialized memory care and comprehensive nursing care within their independent living monthly fee.  Residents who choose the Type A contract appreciate that they’re securing a predictable expense, no matter what level of care they or their spouse might need in the future.  Residents complete a health and financial qualification.

Consider these scenarios with Edenwald’s Type A, Lifecare contract:

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’s one-bedroom apartment with a predictable monthly fee. If 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.  The only additions are a small increase for all three daily meals and snacks in the care setting, phone service if desired, and personal care items.  Compare our Type A contract value to other communities, where monthly costs can more than triple when a resident moves to assisted living or nursing care. 

Resident Couple, Type A Contract

Mr. and Mrs. Jones move to a one-bedroom/den apartment at Edenwald with a predictable monthly fee.  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 with the additional fees for Mr. Jones for meals, phone service and personal care items.  The couple can stay in the same community, at different levels of care, for years for a single, predictable monthly fee.  Like with any community, residents should plan for a modest annual fee increase.

Tax Savings

Residents with a Lifecare contract may be eligible for a medical tax-deduction for a portion of both their entrance fee in the year they move in, and annually a portion of their monthly fee. Particularly in the year residents move in, this often provides tax savings and a unique tax planning opportunity.

Edenwald does not provide tax advice.  We encourage you to discuss this potential tax benefit with your tax advisor.

TYPE C, FEE-FOR-SERVICE CONTRACT

The Fee-for-Service contract at Edenwald offers residents the flexibility of lower independent living entrance and monthly fees.  Enjoy the availability and convenience of on-site lifetime assisted living, specialized memory care and comprehensive nursing care.

If care needs arise, the resident pays a market rate for healthcare services.  Residents who choose the Type C contract feel confident having guaranteed access to care under one roof, and often plan to offset the cost of care services with long-term care insurance or by accessing savings.  Residents complete a financial approval.

Here’s how a Type C contract might look for the same residents.

Single Resident, Type C Contract

Mr. Jones moves to Edenwald in a Canterbury one-bedroom apartment with a lower monthly fee as compared to the Type A contract.  He makes a subsequent move to assisted living or memory-care assisted living. His monthly fee increases, and he uses his long-term care insurance to offset the increase.  If he transfers to comprehensive nursing care or memory-care nursing, he pays a higher daily rate. There may be minimal additional charges for phone service and personal care items. 

Resident Couple, Type C Contract

Mr. and Mrs. Jones move to a one-bedroom/den apartment at Edenwald with a lower monthly fee.  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 for the independent apartment is replaced with the applicable daily or monthly fee for care services.  Mrs. Jones’ monthly fee is reduced to the first-person independent living monthly fee.  Additional monthly charges in healthcare may apply for phone service and personal care items.

Tax Savings

Residents with a Type C contract may qualify for a medical tax deduction equivalent to a portion of the monthly fees paid for care at the time care services are needed.

Edenwald does not provide tax advice.  We encourage you to discuss this potential tax benefit with your tax advisor.

For guidance weighing the best contract option for you and your situation, schedule your personal visit here.