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Summary of Entrance Fee Options
Option I Option II Option III Option IV Option V
*That is, the monthly fee remains that of the independent living residence, except for extra meals and ancillary charges, and is adjusted periodically for inflation and changes in operating costs. Residents are required to carry an acceptable long-term care insurance policy if they choose Options IV or V.
Description Full LifeCare Declining Refund Full LifeCare 90% Refund Full LifeCare 50% Refund Continuing Care Deductible LifeCare
Refund Declines at 2% per month, reaching zero in 50 months Minimum refund of 90% of entrance fee paid Minimum refund of 50% of entrance fee paid Declines at 2% per month, reaching zero in 50 months Declines at 2% per month, reaching zero in 50 months
Health Care Services No extra fee* No extra fee* No extra fee* Extra fee – full non-LifeCare – resident per-diem rate Extra fee – full per diem rate – for cumulative 1,095 days, then no extra fee*
Monthly Fee Monthly fees are the same for all entrance fee options
Entrance Fee Standard Entrance Fee Option I Entrance Fee plus 71% Option I Entrance Fee plus 34% Less than Option I, by about $46,000 to $52,000 for single occupancy, and $67,000 to $73,000 for double occupancy Less than Option I, by about $21,000 to $26,000 for single occupancy, and $32,000 to $36,000 for double occupancy

The continuing care retirement facilities and services offered herein are offered solely by Covenant Woods corporation, a VA corporation, which is not affiliated with any outside continuing care retirement facility or provider.