There are two standard types of life plan community residency agreements:
Fee-for-Service Agreement – residents pay for health care services if and as they need them.
Life Care Agreement – requires pre-payment for health care services through a typically-higher entry fee and requires a medical qualification in addition to the financial review.
At Bishop Spencer Place, we’ve blended these two types of agreements into what we call Enhanced Fee-for-Service. This integrated agreement provides many benefits. It puts you in control of your future – you live where you want to live, and only pay for health services if you need them, whether through our personalized in-home care or in our assisted living or skilled nursing residences.
The below Life Care Comparison Chart helps compare the differences between fee-for-service and life care communities.
As you can see, with Bishop Spencer Place’s Enhanced Fee-for-Service agreement, you’re able to choose when and where to receive care, which means you’ll retain more of your money, since you are not pre-paying for health care services you may never need. Plus, residents who move in before they turn 85 receive a health care benefit ranging from $30,000-$90,000 to pay for future assisted living or skilled nursing care, so you’ll have help paying for future care, if needed.
We encourage residents to make their own health care decisions and encourage them to stay in their independent living apartment homes as long as possible. What’s more, our benevolent care program assures you a home for life – once you are financially approved to live here, you will never be asked to leave if you exhaust your financial resources. Since opening in 1995, more than $14 million of benevolent care has been provided to residents.