Senior Living Costs & Financial Options in Elmhurst, IL
Plan for Your Future with Flexible Payment Options
Explore flexible financial agreements for a secure future in a Life Plan community.
Financial Agreement Options at Park Place of Elmhurst
Choosing a Life Plan community, also known as a Continuing Care Retirement Community, like Park Place is a decision about how you want to live now and how your needs will be met in the coming years. It’s a proactive step that keeps decisions in your hands and provides the security you need to live the life you want.
Two agreement types are offered: The Life Care agreement and our newest offering, the Fee-for-Service agreement, which is available on a limited basis.
Life Care Agreement
The Life Care agreement offers the ability to prepay for future healthcare through a higher monthly and entrance fee.
By choosing Life Care, you gain financial predictability for your long-term care costs. If you, your spouse, or both of you live independently but need more support and move to assisted living, memory support or nursing care at Park Place, you would pay an equalized rate that amounts to the median cost of all independent living residences within the community. This can represent very significant savings.
Life Care is appealing to those who want to limit their risk and increase financial predictability. It is often preferred by those with no long-term care insurance or those who wish to secure additional benefits to supplement their long-term care insurance.
Fee-for-Service Agreement
The Fee-for-Service option is often chosen by those who are comfortable self-insuring or who have long-term care insurance.
Financial Options Frequently Asked Questions
What financial options are available at Park Place of Elmhurst?
Park Place offers two financial agreement types for residents: the Life Care agreement and the Fee-for-Service agreement. Both provide flexibility and peace of mind for those planning for their future in a Life Plan Community in Elmhurst.
What is the Life Care agreement?
Who might benefit most from the Life Care agreement?
Life Care is ideal for those who want to reduce financial uncertainty and secure future care at predictable rates. It’s often chosen by individuals without long-term care insurance or by those who want added protection to supplement their coverage. Learn more about Life Care at Park Place.
What is the Fee-for-Service agreement?
The Fee-for-Service agreement offers lower entrance and monthly fees compared to Life Care. Residents have priority access to on-campus healthcare including assisted living, memory support and skilled nursing. Should care be needed, services are paid at the current market rate and only at the time they are utilized. Explore how this option fits your plans for Independent Living in Elmhurst.
Who typically chooses the Fee-for-Service agreement?
Can Park Place help me decide which agreement is best for my situation?
Yes. The team at Park Place can help you compare both options and understand how each aligns with your lifestyle, goals and financial plans. Contact our Elmhurst senior living team to schedule a personalized consultation.
Download Our Guide to Life Plan Living
Discover the benefits of Life Plan living at Park Place of Elmhurst, offering independent living, assisted living, memory care, skilled nursing and rehab — all in one connected community.
Which agreement is best for you?
Deciding between the Life Care and Fee-for-Service agreements is an important choice that should align with your lifestyle and future healthcare needs. To better understand the benefits and to determine which option fits you best, we invite you to contact us.
Guide To Life Plan Living