BECOMING A CONCORDIA RESIDENT

The entrance deposit is the one-time, upfront investment for the residence and the assurance of access to the on-campus continuum of care for the balance of their lives. It is based on the choice of health benefit plan, size of residence, number of occupants and the refund plan selected.

The 50% Refundable Entrance Deposit Plan allows for a refund to the resident or their estate of no less than 50% of the original entrance deposit paid upon residency. The amount available for a refund declines by 10% after the first month and further declines 2% per month for the next 20 months until it reaches 50% of the original payment.

The 0% or Traditional Entrance Deposit Plan allows for a declining refund over a period of time. The amount available for a refund declines by 10% after the first month and further declines 2% per month for the next 45 months of residency.

At Concordia, you’re in control of your budget. We offer three different contract options, so you have the flexibility to choose what type of plan meets your needs and price range. Your monthly service fee is based on your preferred plan, so there are no surprises.

Here are the three types of contract options that Continuing Care Retirement Communities or Life Care Communities may offer:

The Life Care Plan (Type A)

Offered by only a handful of senior communities in the Oklahoma City area, the Life Care Plan, also called the Type A or Extensive Contract, offers financial protection for your assets and guarantees access to care at below-market rate costs. This plan also guarantees access to Benevolent Care for those who meet appropriate qualifications. The Type A contract provides the greatest financial security against rising costs of assisted living, memory care and nursing care.

The Modified Plan (Type B)

Provides for a lower initial cost of entry and monthly fee as well as guaranteed access to higher care for a reduced fixed discount. This contract also offers Benevolent Care for those who qualify. This plan provides a cost-effective way to minimize future nursing care, memory support and/or assisted living costs and works well with limited LTC policies or individuals who may not health qualify for full life care benefits.

The Fee-For-Service Plan (Type C)

Provides the lowest initial cost of entry and monthly fee option and assures the resident priority access to Concordia’s on-site supportive services at then-currently published market rates. This plan may be a good option for those who have already planned to fund any future assisted living, memory care, or nursing needs through their own funds or long-term care insurance.

If you’re wondering about which plan is best for you, please review the following information. Your comfort, health and other factors like life expectancy and family history should also inform your best plan.

A fee-for-service contract offers baseline services as a low-cost solution to your care needs. While it doesn’t sufficiently cover future care needs, it gives you more financial freedom. It’s ideal for individuals who plan to finance their care needs through long-term care insurance or their own funds.

In contrast, a life care plan safeguards all your future needs by guaranteeing access to care and giving you total financial security against senior living costs. While more expensive upfront, this plan offers the most comprehensive coverage in the long term.

Finally, you might choose a modified plan that offers the best of these two options. While it offers a lower monthly fee than a life care plan, it still gives you guaranteed access to care and peace of mind as your needs change.

We believe in making educated decisions about the type of contract that is best for you. The Concordia Senior Living Advisors, as well as your financial advisor and attorney, can help smooth and solidify the decision process.

At a senior living community, you can enjoy one consolidated monthly payment that includes everything from dining and housekeeping to 24/7 health support and luxury amenities.

In contrast, aging-in-place may not offer the same high value. While your mortgage payment may be a lower cost, you’ll also have to pay for other bills separately, such as:

• Property taxes
• Utilities
• Groceries
• Housekeeping
• Entertainment
• Transportation

Ultimately, a senior living community will give you access to health support and top amenities that can be hard to find living alone. By choosing one monthly consolidated payment, you’ll have everything you need to thrive as you age.

At Concordia, our mission-driven philosophy shapes how fees are spent. As a nonprofit, we’re focused on providing the best possible living experience for residents – not just revenue.

First, residents’ monthly fees are used to cover medical costs available onsite, as well as special enrichment programs to nurture overall wellness. In addition, we invest in the community’s accommodations such as furnishings in each room and beautiful outdoor spaces available to residents.

We pride ourselves in being a supportive senior living community that upholds the true meaning of Christianity. Here you don’t have to worry about hidden costs or eviction if your financial circumstances change. Concordia Life Plan Community is a place where you can feel at home, always.