Pricing Options
Residents at The Chesapeake enjoy a full array of community services, conveniences, spacious residences, and on-site Assisted Living and Nursing Care services as part of their lifetime residency. These benefits are provided through a one-time entrance fee and monthly service fees. The entrance and monthly fees vary depending on the type of residence, number of occupants, type of agreement and refund plan selected.
Standard Declining Refund
This plan refunds the entrance fee to the
resident or resident’s estate on a declining basis over a 50-month
period. The entrance
fee, less a 4% administrative charge, is amortized at a rate of 2% per
month
for the first 50 months of occupancy. After 50 months, residents may
continue
to receive all of the rights and benefits of residency with payment of
the
on-going monthly service fees, however there is no refund of the
entrance fee.
50% Refundable
This refundable entrance fee plan is available under both pricing
options. For
the first 25 months of residency, the entrance fee is refundable to the
resident or resident’s estate, less a 4% administrative charge and a
deduction
of 2% per month. The refund is never less than 50% of the original
entrance fee
paid upon occupancy less the 4% administrative charge. The remaining refundable portion of the entrance
fee due
to the resident can be applied to the cost of care for on-site assisted
living
or nursing care, according to the refund provisions outlined in The Chesapeake Agreement.
90% Refundable
This refundable entrance fee plan is available under the Lifecare option only. For the first 10 months of residency, the entrance fee is refundable to the resident or resident’s estate, less a 4% administrative charge and a deduction of 1% per month. The refund is never less than 90% of the original entrance fee paid upon occupancy less the 4% administrative charge. The remaining refundable portion of the Entrance Fee due to the resident can be applied to the cost of care for on-site assisted living or nursing care, according to the refund provisions outlined in the The Chesapeake Agreement.
100% Refundable
This refundable entrance fee plan is available under the Fee-For-Service contract plan only. Residents who choose the 100% refundable Entrance Fee plan will recieve a full refund of the Entrance Fee less a 4% administrative charge. The refundable portion of the Entrance Fee due to the resident can be applied to the cost of care for on-site assisted living or nursing care, according to refund provisions in the The Chesapeake Agreement.
Note: These pricing options are for independent living.
Life Care
Our Life Care option is often referred to as the “All Inclusive” plan because it provides for a lifetime of residency, care and financial security at The Chesapeake. As health conditions change, residents move between independent living, assisted living and nursing care, based on their health needs. They always remain in familiar, comfortable surroundings, close to friends and caregivers whom they’ve come to know and trust.
Life Care serves as a “safety net” that guards against the escalating costs of assisted living and nursing care services. Monthly service fees stay the same even when the level of care increases. The only added expenses are for two additional meals per day (one meal is already included in the monthly fee) and ancillary charges for medical supplies and pharmacy services.
With this all-inclusive option, a portion of the entrance fee in the first year of residency and a portion of the monthly fees each year serve as a prepaid medical expense for income tax purposes and may allow for a deduction. Life Care Option offers entrance fees under a Standard Declining Refund, a 50% Refund or 90% Refund (see below).
Fee-for-Service
With our fee-for-service pricing option, residents pay a one
time
entrance fee and monthly service fees for lifetime residency at The Chesapeake.
This includes a choice of apartment, or cottage, a well as all
community-based services, amenities and activities.
When residents require short- or long-term assisted living or nursing care, they pay for those services when the need arises. This gives residents the flexibility to use their existing long-term care insurance policies or personal funds to pay for on-site assisted living and nursing care. The Fee for Service option offers entrance fees with either a 50% Refund or 100% Refund.
