Contract Options

Entrance and Monthly Fee

With our Fee-for-Service contract, you’ll pay a one-time entrance fee and monthly service fee for lifetime residency at The Chesapeake. If you require short- or long-term assisted living or health care services, you’ll pay for those services when the need arises. This contract option provides residents with the flexibility to use existing long-term care insurance policies or personal funds to pay for on-site assisted living and nursing services.

The Fee-for-Service plan offers two refundable entrance fee options:

• Standard Declining Refund: The entrance fee is refundable 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 2% per month for the first 50 months of residency. After 50 months, there is no refund of the entrance fee.
• 90% Refundable: The entrance fee is refundable to the resident or resident’s estate, less a 4% administrative charge and 1% per month for the first 10 months of residency. The refund is never less than 90% of the original entrance fee.*

*The remaining refundable portion of the entrance fee due to the resident can be applied to the cost of monthly fees and care in assisted living, memory support or skilled nursing, according to the refund provisions outlined in the resident contract.