Understanding the Value
As you age, you have many options for where you live, the health
care you receive, and the services you rely on every day. At
Vi, we provide your home, services to support and enrich your life,
along with care if you need it, for a one-time entrance fee and
recurring monthly fee. When you compare the costs of living in a
CCRC like Vi to your other living options, including your home, you
may find that it is less expensive to live at Vi.
What is a CCRC?
Continuing care retirement communities, or CCRCs, offer
independent living with a combination of a private residence,
services, amenities and care in return for a monthly fee and an
entrance fee. CCRCs offer services such as assisted living,
Alzheimer's/memory support care and skilled nursing care on site so
that residents may continue to stay within the same community,
close to their spouse, friends and neighbors, even as their care
needs change.
Continuing care retirement communities generally offer one or
more of the following contracts:
- Extensive (Type A): Should the need for care
arise, a resident who is approved for continuing care can move to
the community's on-site care center and continue to pay the same
monthly fee charged for his or her independent living home, plus
charges for extra meals and ancillary items. Because the monthly
fee paid by an individual who has been approved for continuing care
does not increase if that individual moves to the care center, the
individual will typically pay less for care center services than he
or she would pay for such services at a comparable care facility
without a continuing care contract. Care at these rates is
available for an unlimited period for approved individuals. If one
member of a couple requires care and moves to the care center, the
other member may remain in the independent living home. The couple
continues to pay only the monthly fee for the independent living
home, plus charges for extra meals and ancillary items at the care
center. Increases in the monthly fee may occur due to inflation or
increases in operating costs as set forth in more detail in your
residency agreement. All Vi continuing care retirement
communities except Vi at TidePointe offer Type A continuing
care.
- Modified (Type B): A limited number of days of
care per quarter or lifetime of a resident is provided at a reduced
rate. Stays in the care center beyond the agreed-upon period are
billed to residents at the market rate. In addition, if one member
of a couple needs to move to the care center, the couple would pay
the single occupant fee for the independent living residence and
the market rate for the care center. If both individuals need to
move to the care center after they have used the allocated number
of days, each individual would pay the market rate for care.
- Fee-for-service (Type C): Priority access to
the care center is offered to residents. The monthly or daily fee
for residents while residing in the care center is the market rate.
Vi at TidePointe offers Type C continuing
care.
Fees for Couples
An additional entrance fee and monthly fee is charged to couples
to help cover the cost of the life care benefits for the second
person. Depending upon the terms of the contract, entrance fees may
be fully or partially refundable to the resident if he or she
leaves the community or to the resident's estate.
Compare the Costs
Understanding the value of a CCRC starts with understanding your
current living costs. Complete this assessment, and compare
the costs with the fees at our communities. You can view fees
online in each community, or contact a sales director in one of our
communities.
