Contract Options

A selection of financial options for Independent Living at The Chesapeake

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.

50% Refundable Option
The entrance fee is refundable to the resident or resident’s estate, less a 4% administrative charge and 2% per month for the first 25 months of residency. The refund is never less than 50% of the original entrance fee.*

90% Refundable Option (Life Care)
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.*

90% Refundable Option (Fee for Service)
The entrance fee is 90% refundable at any time to the resident or resident’s estate, less a 4% administrative charge. Fee for Service is available for residents with long-term care insurance.
*The remaining refundable portion of the entrance fee due to the resident can be applied to the cost of care in assisted living, memory care or health care according to the refund provisions outlined in the resident contract.