The senior living contract: More than just an agreement
You may have heard it said that contracts replaced the good old-fashioned handshake when lawyers got involved. When it comes to something like your retirement, however, knowing exactly what that entails and having it in writing provides peace of mind.
That’s certainly true when it comes to the contracts we offer our residents. Whether you’re moving in or have a loved one who’s chosen to call Aberdeen Village home, it’s important to know exactly how everything is structured. From a continuum of care to meals, activities and more, everything is spelled out clearly in the contract. That’s freedom from worry and anxiety a simple handshake just can’t provide.
So, what’s in a senior living contract anyway? If you are a resident, reviewing it from time to time can be helpful. Maybe you’re considering entering a community for the first time. Whatever the case, knowing how it works couldn’t be more important -- you should read it carefully and get any questions you may have answered before signing it.
Generally, becoming an independent living resident involves two key agreements – a reservation agreement and a residency agreement.
A typical reservation agreement between a resident or residents and one Aberdeen Village spells out the following:
- Entrance fees
- Monthly fees
- Reservation of Residence
- Reservation Procedures
- Refund of Deposit for Voluntary or Involuntary Termination
- And much more
A residency agreement is going to have even more details spelled out, such as:
- Description of Services and Facilities
- Costs to Resident
- Medical, Insurance and Transfer Information
- Other policies and procedures
As you might expect, there are different types of residency agreements offered by senior living communities. In connection with becoming an independent living resident, Aberdeen Village offers an entrance fee with monthly service fees-style contract. The entrance fee is 90% refundable to the resident(s) or their estate/beneficiaries after the last person on the contract at any care level leaves the community and the independent living residence is re-occupied, including the new entrance fee being paid. The remaining 10% stays with our community to support our mission of providing quality senior services guided by Christian values.
Once our residents move in, they can always refer back to the residency agreement and remain in full control of their lives. Independent living residents, for example, know exactly how their meal plan works, what activities are available, and what the future looks like if they need additional care. That’s covered in the residency agreement so there should be no surprises along the way.
The same is true for assisted living residents and those in health care. This provides peace of mind not just to the residents themselves, but also to their families.
Should a resident decide to change their living situation and move out of one of our communities, once again the residency agreement comes into play. Residents making such a decision know upfront exactly what terms are in place regarding their deposit, and how the process will look from a financial standpoint moving forward, as explained above.
Our mission has always been about Christian service to seniors. That’s reflected in the way we do business and, as a not-for-profit, we’re able to put in place a structure that means our residents receive compassionate care and service from the day they move in.
What’s in a senior living contract? At its core, it’s all about service to seniors and being transparent in all we do. If you have questions, just ask. Together we’ll find the answers.