How a not for profit senior living community works | Friendship Village of Schaumburg

How It All Works

Friendship Village is an exceptional way to plan for your future and Get Set 4 Life ®

Friendship Village is a Life Plan Community (formerly known as a Continuing Care Retirement Community or CCRC). What that means is you can find many areas or neighborhoods of residency right on-site. But most importantly, it means you’ll have the comfort of knowing that as your needs change, you will always be cared for and have a home at Friendship Village.

Most people take advantage of our value-packed Life Care contracts which guarantee them a home for life and provides priority access to, and guaranteed savings on quality health care services. 

The cost of a Life Care contract is divided into two parts: the one-time refundable entrance fee and the monthly service fee.

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Entrance Fees - Buying into a lifetime of security.
  • You can choose from a variety of entrance fee programs, including one that can refund up to 90% to you or your family whenever you leave the community. The amount of your entrance fee will vary, based on the residence you select. Entrance fees range from $78,000 – $638,000.
  • All independent living entrance fee programs include 60 free days of assisted living or skilled care. Should you need more than 60 days, you’ll also receive discounts on our assisted living, skilled nursing or memory support. View an example of our health care savings from a Life Care contract here.
  • Your one-time entrance fee is what guarantees your place in one of Chicago’s best senior living communities. If the day comes that you exhaust your financial resources and you have met required eligibility guidelines, you can remain at the community thanks to the Get Set guarantee.
Monthly Service Fees - Covers most of your living expenses.
  • The amount of the monthly service fee is based on the contract option and neighborhood you select as well as the size of your residence. 
  • The monthly service fee includes a flexible meal program, most utilities, transportation services, housekeeping, maintenance, on-site conveniences, fitness center, resort-like pool, and full calendar of award-winning programs. Monthly fees range from $1,455 - $4,369. 

If you’re looking for more flexibility, Friendship Village also offers month-to-month rentals in some of our neighborhoods. Read more. 

What Can I Afford at Friendship Village? 

With three different independent living neighborhoods, a variety of apartment styles and sizes, and different contract options, our community offers exceptional quality that is accessible to a large majority of adults within the area. 

Our Residency Counselors can help you identify a style of residence (apartment or garden home) and contract that accommodates both your preferences and financial ability and goals. 

To ensure the financial viability of Friendship Village into the future, our community requires you to show that you have enough income and financial assets to live at Friendship Village for your projected lifespan. Each applicant is evaluated through an actuarial model exclusively used by Friendship Village.