Fee-for-service is the most common type of contract offered by continuing care retirement communities in Virginia, according to a benchmarking report released Tuesday by Ziegler and My LifeSite. This type of contract, also known as Type C, requires residents to pay the full market rate for the cost of care in assisted living and skilled nursing care and typically entails an entry fee.
Although the fee-for-service contract is the most common contract type in the state, offered by 60% of communities, 52% of CCRCs (also known as life plan communities) in Virginia offer at least one other contract type, according to the report.
Ziegler and My LifeSite found that in Virginia, 61% of CCRCs have been operating for at least 26 years. Ninety percent of Old Dominion CCRCs are not-for-profit, and 54% of CCRCs in the state are part of multi-site organizations, according to the report.
- Independent living residences represent approximately 62% of Virginia’s total CCRC residences, on average, with assisted living, memory care and skilled nursing care making up the other 38%.
- Virginia’s entry fees range from an average low of $150,240 to an average high of $540,289. Monthly fees in Virginia range from an average low of $2,337 to an average high of $4,595.
- On the low end of pricing, the median entry fee for a life care contract is approximately 33% higher than for a modified fee-for-service provider (an entry fee contract whereby the resident will be responsible for a portion of the increased expense associated with assisted living and/or skilled healthcare services), and it is approximately 55% higher than a fee-for-service contract. On the high end, the median entry fee for a life care provider also is approximately 14% higher than for a modified fee-for-service provider but almost 70% higher than for a fee-for-service contract.
- 67% of Virginia’s CCRCs are not accredited by CARF International, an independent, not-for-profit accreditor of health and human services in the areas of aging services, behavioral health and opioid treatment programs.
- 62% of Virginia CCRCs are certified by Medicare and Medicaid.