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 (Life Care)

For the first 10 months of residency under a 90% refundable Life Care contract, 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.

 

90% Refundable (Continuing Care)

For the first ten months of residency under a 90% refundable Continuing Care contract, the entrance fee is refundable to the resident or the 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 for on-site assisted living or nursing care, according to the refund provisions outlined in 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).

 

Continuing Care
With our continuing care 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 Continuing Care option offers an entrance fee with a 90% Refund. 


 


The Chesapeake |
955 Harpersville Road | Newport News, Virginia 23601
| (757) 223-1600 | (800) 345-0474               Subscribe to our mailing list Click here to join our mailing list
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