When the Modified Contract Might Be Right for You


When considering a move to a Life Plan Community,* it’s important to remember that everyone’s financial situation is different. The contract that works best for you will likely be different from that of your neighbor—and that’s OK—because you’ll both still reap the benefits of the Life Plan Community lifestyle, today and in the future. When a Life Plan Community offers an array of contract choices, it inspires confidence that you’ll be making the right choice for you.

Offering varying contract options is one of the many ways that Fountaingate Gardens stands out from other senior living options, allowing multiple routes to the lifestyle and assurances provided by a Life Plan Community. Among its contract options, Fountaingate Gardens offers both Modified and Life Care plans with varying refundability options – arrangements that work for every personal financial situation.

The Modified contract, in particular, will work well for you if you’re seeking all the benefits of life at Fountaingate Gardens while spending less upfront and monthly as compared to other options. Essentially, the Modified contract allows you to join the community with a lower entrance fee and then “pay as you go” should the need for care arise in the future.

If that means you are using Gurwin’s assisted living or skilled nursing services, you’ll pay the going rate for services as incurred at that time. Meanwhile, you’ll enjoy a lower monthly fee that covers all the services and amenities included with independent living at Fountaingate Gardens.

Here are three scenarios that illustrate how the Modified contract might be the best decision for your future.

Scenario 1: You already have long-term care insurance

If you already have a long-term care insurance policy, you bought it knowing that it will cover future changes in your health should they arise, and will provide benefits to help offset future care expenses. When this is the case, a Life Care contract—which provides discounted healthcare costs when moving through the continuum—may not be the optimal choice for your personal financial situation. To address this, the Modified contract allows you to keep your existing long-term health coverage and take advantage of lower monthly and upfront costs, all while enjoying the Fountaingate Gardens lifestyle.

Scenario 2: You are in good health

You’re generally healthy and you live a healthy, active lifestyle. If you can reasonably expect that each of those statements will remain true, you may not want to pay now for care that you may never need. This is where the Modified contract fits in by allowing you to pay only for what you want and need today: the services and amenities at Fountaingate Gardens. And, if by chance you do need to use Gurwin’s healthcare services temporarily, the Modified contract includes 60 cumulative days each of assisted living and skilled nursing care to help you recover – without any increase to your monthly fee.

Scenario 3: You want to keep saving

If you’ve been saving and investing for decades and want to keep as many assets as possible in interest-bearing accounts, the Modified contract lets you do so. You will pay a lower upfront entrance fee compared to a Life Care contract when you move to Fountaingate Gardens, which will preserve your estate and enable it to keep growing. In the future, if you do need to pull from those accounts for care costs, the funds are right where you saved them.

The value of choice

Regardless of your personal financial situation, it is always best to consult with your financial and tax advisors before making a life-changing decision like moving to a Life Plan Community.  With this in mind, Fountaingate Gardens understands the value of choice and the importance of allowing a family to select the best path forward based on their own financial situation. Providing a variety of contract options, including a Modified contract, ensures flexibility and peace of mind moving forward toward your new lifestyle. We encourage you to speak with one of our knowledgeable retirement counselors to learn the full scope of options available to you. Call us today at 631-715-2693 or click here.

*also known as a Continuing Care Retirement Community or CCRC

5 Responses

  1. I would like to know pricing and payment options. My mom would need a large one-bedroom apt. She needs no healthcare, just an active social life. Please explain pricing and rental or ownership options.

      1. Amy, Thanks for the comment! To receive pricing information, simply call 631-715-2693 and one of our Senior Lifestyle Consultants will give you all the details. We will also reach out to you by email.

    1. Norman, thanks for reading and thanks for the comment! Because pricing and contract options are customized based on the exact residence you select, the information will be different for everyone. If you’d like, feel free to reach out to us at 631-715-2693 and one of our Senior Lifestyle Consultants can give you exact details based on your wants, needs and personal financial situation.

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