Pricing for Senior Living in Oklahoma City
You’re looking for the best possible care, but you’re not sure you can afford it. At Concordia Life Plan Community, we’re committed to transparent pricing and fees, so you can make the right financial decision – whether for your own future care or your parent’s senior living needs.
Life Plan Communities, also called Continuing Care Retirement Communities, typically have two types of fees: entrance deposits and monthly service fees. Below, we break down each fee and the pricing tiers, so you can understand your financial options and select the plan that aligns with your situation.
- Senior Living Entrance Deposits
- Senior Living Monthly Service Fees
- Which Senior Living Care Plan Is the Best?
- Continuing Care Retirement Community Cost Calculator
- The Cost of Senior Living vs. Aging-in-Place
- How Are Fees Spent at Concordia Life Plan Community?
- Empowering Your Senior Living Financial Decisions
Senior Living Entrance Deposits
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.
The entrance deposit is based on the choice of health benefit plan, size of residence, number of occupants, and the refund plan selected.
Entrance Deposit Refund Plans
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.
Senior Living Monthly Service Fees
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 assisted living, memory care, and nursing care costs.
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 current published market rates. This plan may be a good option for those who have already made plans to fund any future assisted living, memory care, or nursing needs through their own funds or through long-term care insurance.
Which Senior Living Care Plan Is the Best?
So which plan is the best? The answer to that question largely depends on you. It comes down to making a decision that you are comfortable with after considering things like your family history with regard to life expectancy and health.
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 full 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 compared to a life care plan, it still gives you guaranteed access to care and peace of mind as your needs change.
By educating yourself about the different types of contracts and considering your unique situation, you can make an educated decision 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.
Continuing Care Retirement Community Cost Calculator
The Cost of Senior Living vs. Aging-in-Place
Choosing between aging-in-place vs. a senior living community in Oklahoma City is a big financial decision. To get a real sense of the costs, you should consider all the expenses involved with both.
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. No need to worry about extra bills – it’s all included.
In contrast, aging-in-place may not offer the same high value. While your mortgage payment may be more low-cost, you’ll also have to pay for other bills separately such as:
- Property taxes
Ultimately, a senior living community will give you access to health support and top amenities that you otherwise wouldn’t have at home. By choosing one monthly consolidated payment, you’ll have everything you need to thrive as you age.
How Are Fees Spent at Concordia Life Plan Community?
At Concordia, our mission-driven philosophy shapes how your care fees are spent. As a non-profit, we’re focused on providing the best possible living experience for residents – and not just revenue.
First and foremost, 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 time and resources into ensuring the community looks its best, from the furnishings in every room to beautiful outdoor spaces.
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.
Empowering Your Senior Living Financial Decisions
Making the right financial decisions for your future care starts with understanding your options. If you have any questions about pricing, fees, or more, reach out to our team.