A Simple Guide to Understanding Your Contract Options
Spring Lake Village’s Entrance Fee is a one-time upfront payment that provides you with lifelong access to your residence, the entire campus and all the amenities. The Entrance Fee also enables you to receive designated health care services of assisted living, memory care, and nursing care at a discounted rate or with priority access. The Entrance Fee is paid at the time you sign your Residence and Care Agreement and move into your new home at Spring Lake Village.
Spring Lake Village offers two Entrance Fee plans. The amount of the entrance fee is based on the size and style of the residence you choose as well as your eligibility and choice of health services coverage. All the obligations of Spring Lake Village for repayment of any refund are specified in the Residence and Care Agreement.
While the Entrance Fee does not convey real estate ownership, it provides distinct benefits and savings. A portion of the Entrance Fee may be deductible on your income taxes. Any refundable portion of your entrance fee allows you to manage your estate plan, provide for your heirs, and secure your own independent lifestyle and health care.
You have a choice of Life Care and Continuing Care.
Type A – Life Care
Life Care offers you comprehensive healthcare services with no change in your monthly fee when those services are needed. This plan is not available to West Grove residents.
- Pro-rated refund of the Entry Fee to zero over the first 60 months
- Comprehensive healthcare services are included with no increase in the base monthly fee
Type C – Continuing Care
Continuing Care means you pay a monthly fee, with healthcare services available for an additional fee
- 90% repayment of Entry Fee upon move-out and re-occupancy
- Healthcare services available for an additional fee
