In assessing the cost of living in a retirement community such as Roland Park Place, it is important to first recognize the scope of what you stand to save in home ownership expenses.
From maintenance and real estate taxes to insurance and utilities, the emotional challenge of moving from a home you have cherished can be offset substantially by the bills you will no longer have.
At Roland Park Place, your wants and needs have been anticipated and your living expenses included —from cleaning services and dining to entertainment, recreation, and wellness programs. Factor in the assurance of knowing that your healthcare needs will be expertly addressed right where you live, and you will start to recognize the true value of moving to Roland Park Place.
An incredible opportunity has just become available at Roland Park Place. We are excited to introduce a Type C, or Fee-for-Service, contract type that offers yet another choice to experience the lifestyle you desire with the comfort you deserve, all while still enjoying the remarkable amenities and services currently available and on the way with our Grand Expansion.
Previously, our community has only offered a Type A Life Care contract — an agreement that allows you to prepay for future healthcare needs. While initially more expensive for some, the savings that come from significantly discounted healthcare rates in the future are undeniable. Still, we recognized that some individuals would rather pay less upfront and manage the healthcare costs that could arise with more control. Now, you can do just that.
Type C contracts are often a desirable option that allows you to hold onto more of your own money on the front end so that you can manage your care costs as needed. This contract type features a 5% discounted accommodation fee and 30% discounted monthly fee, as compared to our Type A Life Care contract. Rather than pre-pay for potential healthcare services, your monthly fee remains low and only goes up if necessary to cover care costs at market rates.
As a not-for-profit Life Plan Community that is dedicated to serving the needs of its residents, Roland Park Place strives to offer pricing that is commensurate with the quality of our offerings as well as a range of options to suit a variety of financial circumstances. Finally, as your financial advisor or tax accountant can verify, a significant percentage of your monthly fees (for the Type A contract only) are considered deductible as medical expenses under current IRS guidelines.
Type A Life Care declining balance accommodation fee starts at $222,200 and is the most affordable option upfront. It also keeps your future healthcare costs stable, however, this option preserves the least of your estate. Conversely, a Type A 90% refundable contract starts at $388,800 with monthly service fees starting at $4,021. This option costs the most upfront but preserves the largest amount of money in your estate.
Type C Fee-for-Service contracts are a smart investment option for those who wish to pay less upfront while still maintaining the largest portion of their estate. These contracts start at $133,400 for the traditional declining balance accommodation fees and $369,300 for 90% refundable accommodation fees and $2,814 monthly service fees, with healthcare costs increasing to market rates should they become necessary.
You now have more choices than ever, and that choice is all yours. Our team can help you determine which option is the best fit for you, so do not hesitate to reach out with any questions.