Residence & Care Agreement Options
Kendal at Hanover offers prospective residents four variations of the Residence and Care Agreement. All the variations are identical in the accommodations and amenities provided. The differences are in the Entry Fees charged, the services included, the calculation of the refund, and any discount for retaining a long term care insurance policy for future health care needs. Regardless of the type of agreement, residents of Kendal at Hanover are guaranteed residency here, even if their personal resources have been exhausted.
Standard Agreement
(which the Schedule of Fees is based upon)
Residence & Care Agreement: provides the lowest Entry Fee. The available refund under this plan declines by 2% for each month of occupancy. After 50 months, there is no refund of the Entry Fee.
Refundable Agreement
Residence & Care Agreement with 50% Return of Entry Fee: requires a higher Entry Fee, which is based upon type of apartment and age at move in. The available refund under this plan declines by 2% for each of the first 25 months of occupancy. After 25 months, the refund stabilizes at 50% of the Entry Fee paid. This refund is a fixed amount and is not adjusted for inflation.
*for the two agreements mentioned above, the monthly fee essentially remains the same, regardless of what level of care a resident is transferred to; Assisted Living, Memory, or Nursing Care.
Modified Agreement
Residence & Care Agreement with Long-Term Care Insurance: gives residents, with long-term care insurance, a credit on their entry fee for using their insurance to pay for a defined period of long-term care. At the end of the defined period (starting at 1 year and goes up to 5 years), the agreement reverts to a standard life care agreement, as described above. The amount of the credit is determined by the terms of the resident’s policy.
Direct Admission
Agreement for Admission to Assisted Living: offers the flexibility for residents to enter directly into Assisted Living, Memory, or Nursing Care. Under this type of agreement, there is no Entry Fee. However, resident’s pay a higher monthly fee for our different levels of care.
A significant portion of the Entry Fee (when applicable) and Monthly Fee is tax deductible (please refer to our Medical Deduction Letter, located on our “About” page, under “Financial Literature.”) Additionally, residents are required to carry Medicare A, B and D (or equivalent pharmaceutical coverage), along with supplemental insurance, such as; a suitable Medigap Plan.
You are welcome to request copies, of any portion, of the Agreements listed above. Please contact Gillian Bouchard or Lisa Stone, in Marketing & Admissions, for more information at (603) 643-8900.
