Senior Living Financial Options at Park Place of Elmhurst
Plan for Your Future with Flexible Payment Options
Park Place of Elmhurst is a Life Plan Community, also known as a Continuing Care Retirement Community (CCRC). This type of senior living arrangement offers independent living along with access to higher levels of care on campus, should needs change over time.
Within the Life Plan framework, Park Place offers varying options. These agreements provide different ways to plan for housing, services and future care, allowing individuals to choose an approach that aligns with personal preferences, priorities and long-term planning goals. Exploring these options helps individuals and families better understand how each agreement supports lifestyle choices and financial planning over time.
Life Care Agreements
Predictability Within the Life Plan Model
Life Care agreements offer a comprehensive planning approach. These contracts are designed to provide access to higher levels of care on campus, if needs change, with costs structured to help manage future health care expenses. While specific terms vary according to individual choices, Life Care agreements share a common focus on predictability, continuity and long-term clarity.
If you live independently but need more support and move to assisted living, memory support or skilled 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.
This approach allows daily life to remain the focus, supported by a plan that looks ahead.
Fee-for-Service Agreement
A Flexible Life Plan Option, Available in Limited Numbers
The Fee-for-Service agreement is a second option. This approach offers priority access to on-campus healthcare, including assisted living, memory support, short-term rehabilitation and skilled nursing care. Should you need care, you will pay the then-current rate for services.
Rather than planning for future care costs in advance, this model allows individuals to manage expenses based on current needs. The Fee-for-Service agreement is available on a limited basis.
For some, this option provides flexibility while still offering access to the continuum within the Life Plan Community, if needs change. The Fee-for-Service option is often chosen by those who are comfortable self-insuring or who have long-term care insurance.
Choosing the Right Life Plan Agreement
Selecting a financial agreement within a Life Plan Community is a personal decision influenced by health considerations, financial strategy and long-term goals. Conversations about financial options are designed to be clear, informative and unhurried, offering time to compare approaches and ask questions.
Understanding how each agreement works within the Life Plan framework helps support confident, well-informed decision-making.
Talk Through Your Options
Financial planning benefits from conversation and context. Speaking with a knowledgeable team member can help clarify differences between agreement options and determine which approach aligns best with individual priorities.
Frequently Asked Questions About Park Place of Elmhurst
Answers to Common Questions as You Explore Next Steps
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?
The Life Care agreement allows residents to prepay for future healthcare needs through entrance and predictable monthly service fees. This option provides financial stability and can offer significant savings over time. Residents who later move to assisted living, memory support or skilled nursing pay an equalized rate similar to independent living costs.
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?
This option is often selected by those who have long-term care insurance or who are comfortable managing future care expenses on their own. It’s a good fit for active adults who value flexibility and prefer lower upfront costs.
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.