The Colonnade - Life Care Plan Options
Residents of The Colonnade have the choice of three different Life Care plans. Each plan has its own benefits and is designed to achieve different goals.
The Capital Protection Plan
This plan is recommended for residents who have purchased long-term care insurance policies or who wish to self-insure for long-term care as needed. Under this plan The Colonnade offers a 10% discount
on the daily rate at the Owner Contracted Health Care Facilities. There is no exclusion period to receive the benefit.
The Capital Protection Plan also offers a 100% refund of the base purchase price after resale of the purchased unit. Our residents have the option of receiving an 80% refund at the time the unit is vacated without waiting for resale to occur.
The Health Care Assurance Plan
This plan is designed for residents who have not secured long-term care insurance and desire our maximum long-term protection.
The resident agrees to exchange a fixed amount of their future refund for the benefit of receiving lifetime health care services at deeply discounted "market rates". This rate is referred to as the "Alternative Monthly Service Fee" which is the Doric C1 rate at the time of admission to the health care center. This rate reflects approximately a 50-60% discount on the posted daily rate for skilled nursing care. There is a 30-day exclusion period on this plan.
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Future Refund Calculation
- Single Occupancy:
$150,000 of the base entrance fee amortizes down to $0 over a 60-month period. The balance of the entrance fee is the future refund due to the resident or the resident's estate at the end of the contract.
- Double Occupancy: The base entrance fee amortizes to a fixed amount of $200,000 over a 60-month period. The balance of the entrance fee is the future refund due to the resident or the resident's estate at the end of the contract.
The Wealth Preservation Plan
This plan is designed for those who may or may not have long-term care insurance and wish to prepare for the possibility of extended use of Skilled Nursing.
After a 30-day exclusion period, the plan allows you to insure yourself and your loved one a lifetime of care. It provides a 25% discount of the prevailing rates for room, board and routine nursing services, provided in the Owner Contracted Health Care Communities and amortizes the entrance fee to zero over a 60-month period.
