Vi at Highlands Ranch

Continuing Care Retirement Communities (known as CCRCs or life-care communities) are the answer for a growing number of older adults who want to enjoy an enriching lifestyle now, while knowing they've planned for their future. Continuing care communities provide housing, amenities and services spanning a continuum of care including independent living, assisted living, memory support and skilled nursing. These communities are often in an attractive campus-type setting and typically charge a recurring monthly fee after an initial entrance fee.Benefits of continuing care communities are many, enabling residents to maintain active social and community bonds even when enhanced care is needed. Type A continuing care communities also provide financial peace of mind by ensuring that monthly fees do not increase as a result of moving to a higher level of care within the community.Read a residency contract carefully for the following distinctions:Type A (or extensive) contracts describe monthly service that fees do not increase if an independent living resident moves to a higher level of care (minor cost for meals additional to the original meal plan or for ancillary items may apply). Type A contracts can provide predictable cost over time even in the case of long-term care or when the health needs of spouses diverge.Type B (or modified) contracts describe that a resident may have a fixed number of days in which to use higher levels of care, after which a market rate or other rate of cost may accrue on a daily basis.Type C (or fee for service) contracts often describe monthly cost only for the level of care a resident initially receives. Higher levels of care may or may not be described by the contract and, if available, are likely billed at then-current daily market rates. By distinguishing between these three types of continuing care contracts, Colorado consumers may also be better prepared to discuss critical tax issues with their professional financial advisors. Different types of contracts may include different amounts of healthcare within the agreement. How and when a resident pays for healthcare within the continuing care community contract, as a portion of both entrance and monthly fee, may have tax consequence and potential benefit well worth exploring. Understanding these types of continuing care communities helps prospective residents, their families and loved ones become better-educated consumers, able to effectively compare the range of continuing care communities available in Colorado.Editors Note: This article was submitted by Sarah Harman, Community Relations Manager with Vi at Highlands Ranch. Vi at Highlands Ranch is a Type A continuing care community. Sarah may be reached at 720-348-7845 or by email at SHarman@ViLiving.com. For more information, please visit www.ViLiving.com/DiscoverHighlandsRanch.