One of the best benefits of The Chesapeake is that we’re a Continuing Care Retirement Community (also known as a CCRC or Life Plan Community). That means as your health needs change, you’ll have access to highly rated senior health care services right here on campus.
Comprehensive health care services at The Chesapeake are provided through a one-time entrance fee and monthly service fees. Fees vary depending on your choice of residence, number of occupants, type of service agreement and refund plan. A portion of your entrance fee and monthly service fee are tax-deductible. (Be sure to consult your tax advisor for your individual situation.)
We offer two types of service agreement contracts to choose from — Life Care and Fee-for-Service.
If you have financial questions or need more information about our contract options, please fill out our form.
Life Care Contract
Life Care allows you to put a plan in place for future care and removes the risk of unexpected and rising health care costs. You’ll have priority access to high-quality health care services and the ability to transition seamlessly from Independent Living to Assisted Living, Memory Care, Skilled Nursing or Rehabilitation Therapy without your monthly fee changing substantially when your needs do. There’s just a small charge for two additional daily meals.
Also, if you have a long-term care insurance policy, it can be used with a Life Care plan and provide you with additional financial benefits. Ask one of our retirement counselors how it applies.
Overall, a Life Care plan provides an enhanced quality of life, financial stability, and peace of mind for residents and their families — benefits you can’t put a price on.
Standard Declining Refund Entrance Fee
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.*
Life Care 90% Refundable Option Entrance Fee
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.*
With our Fee-for-Service contract, you’ll pay a one-time entrance fee and monthly service fees for lifetime residency at The Chesapeake. This includes a choice of an apartment or cottage, as well as community-based services, amenities and activities.
If you require short- or long-term Assisted Living or other health services, you’ll pay for those services when the need arises. This provides the flexibility to use existing long-term care insurance policies or personal funds to pay for on-site Assisted Living and nursing services.
Fee-for-Service Entrance Fee
With our Fee-for-Service contract, when residents require short- or long-term Assisted Living or other health services, 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, Skilled Nursing and Rehab.
Fee-for-Service 90% Refundable Entrance Fee
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 monthly fees and care in Assisted Living, Memory Care or Skilled Nursing, according to the refund provisions outlined in the resident contract.
On occasion, a nonresident may be admitted to The Chesapeake, depending upon availability.
For residents who’ve not paid an entrance fee, rates in our Assisted Living, Memory Care, or Skilled Nursing neighborhoods range from $199.20 per day to $305.70 per day, depending on level of care.
For more information about Fee-for-Service and Life Plan contracts, please contact one of our retirement counselors at 757-602-0827.
LifeSpire of Virginia Transfer Program
- LifeSpire of Virginia has a resident transfer program designed to allow residents to transfer between any LifeSpire of Virginia community.
- As needs change or as friends or family move the LifeSpire of Virginia transfer program enables flexibility in where you live.
- Transfers are dependent upon space being available at the destination community. For further details on the LifeSpire of Virginia Transfer Program call us at 757-913-0564.