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What is an Equity-Based Continuing Care Retirement Community?

2 hands shaking over contract

There are many options available to older adults exploring their retirement housing. Among those options, continuing care retirement communities (also knowns as CCRC or Lifecare communities) are among the most popular. Within each individual community, there can typically be multiple contract options to serve different needs and budgets, but the common thread among all is to help community members predict and plan for stable monthly costs, even if their care needs change in the future. In a CCRC, community members will pay an initial entrance fee or purchase price and then have steady monthly costs and lifetime priority access to care at no additional cost.

Types of Continuing Care Retirement Care Contracts with Membership Options

Here are a few of the most common contract options you might find in the continuing care retirement community.

  1. Type A (Lifecare)
  2. Type C (Fee-For-Service)

In this blog post, you’ll also learn about Peconic Landing’s unique equity-based model.

1. Type-A (Lifecare)

A Lifecare contract (Type A), is similar to a long-term-care insurance policy. This allows members to transition from one level of living to another without an increase in fees. With the rising cost of long-term care, Peconic Landing’s lifecare contract protects individuals from the exorbitant expenses of long-term care. At Peconic Landing’s Long Island retirement community, a Type A contract grants you access our award-winning living, memory support, short-term rehabilitation and skilled nursing care at no additional cost. When both members of a couple are on a Type A contract, this  allows one member to continue to reside in his or her cottage or apartment home should the other need care in the Health Center – all at no additional cost.

2. Type-C (Fee-for-Service)

For individuals who already have long-term care insurance, a Type C contract will allow them to access the many services and amenities at Peconic Landing, alongside the benefits of home ownership and maintenance. Healthcare services can be accessed at market rate, and Type C contract members can still transition to a Lifecare contract at a later date if desired.

Understanding Peconic Landing’s Equity-Based Model

As the first and only equity-based Life Plan Community in New York State, Peconic Landing offers a cooperative agreement which gives members the benefits of home ownership without the hassle of upkeep and maintenance. As each member purchases shares in the cooperative housing agreement, these shares have the potential to appreciate over time, and this chance to build equity can help leave a legacy to family members and loved ones. These equity contracts can be a great benefit to the community, as members have a deep investment in the campus.

Learn more about contract types

At Peconic Landing, we know that you have many options when it comes to your retirement housing needs.

We are pleased to bring you this list of things to consider when retiring in Greenport, NY.  Are you ready to take advantage of all that Greenport, NY has to offer? Get in touch with us today. Call us at 631-593-8242 to learn more about Peconic Landing and schedule a tour.

Request a Brochure

To learn more about Peconic Landing or to schedule a tour, call 631-663-8779 or complete the form below.

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