Choose the Type of Residence and Care Agreement That Suits You Best
Kendal at Granville offers prospective residents five variations of the Residence and Care Agreement. All the variations are identical in the accommodations and amenities provided. The differences are in the Entry Fees charged, the services included, the calculation of the refund, and any discount for self-insuring or using long term care insurance to pay for long term care. Each agreement is available for any style of residence at Kendal at Granville, and there are no differences in health criteria for admission. In the case of double occupancy of a residence, both Residents must select the same Agreement.
Life Care Agreements: The two extensive life care agreements we offer (Declining Refund and 50% Refund) include unlimited assisted living and long term nursing care without an increase in monthly fees. In the extensive life care agreements, residents are guaranteed to continue to live at Kendal at Granville even if their personal resources have been exhausted.
- The Declining Refund Agreement is available with the lowest Entry Fee. The available refund under this plan declines by 2% for each month of occupancy. After 50 months, there is no refund of the Entry Fee.
- The 50% Refundable Agreement requires a somewhat higher Entry Fee. The available refund under this plan declines by 2% for each of the first 25 months of occupancy. After 25 months, the refund stabilizes at 50% of the Entry Fee paid. This refund is a fixed amount and is not adjusted for inflation.
Modified Residence and Care Agreements give residents with long term care insurance or a desire to self-insure an entry fee or monthly fee discount. These plans are available with either the Declining Refund or the 50% Refundable Agreements. Under these plans, a resident receives a discount off the entry fee or monthly fee for using insurance and/or personal funds to pay for a defined period of long term care. At the end of the defined period (1 year, 3 year, or 5 year) the agreement reverts to an extensive life care agreement as described above.
Kendal at Granville is offering the choice of Entry Fee plans in response to requests by prospective Residents. Prospective Residents are free to choose whichever Agreement suits their personal circumstance and goals. While Kendal at Granville staff is available to explain the differences in the Agreements, prospective Residents might wish to consult their financial advisors for individualized guidance. Under the life care and modified life care agreements, a portion of the entry and of each months monthly fee are potentially tax deductible as pre-paid health care. Please consult a tax advisor to learn more about this advantage.
You are welcome to review copies of any form of the Agreement. Please call (888) 607-6660 for more information.