CONTRACT OPTIONS AND LIFECARE AT COVENANT WOODS RETIREMENT COMMUNITY
Contract options to fit your needs and goals
Covenant Woods offers multiple residency agreement options to let you select the plan that best suits your needs and goals. A Lifecare contract creates a predictable plan for future health care needs, a way to mitigate rising health care costs, and valuable peace of mind. It may also provide significant tax benefits. Fee-for-Service plans come with lower entrance fees, but less predictability should you ever need health care. For both contract options, entrance fees and monthly fees vary and are based on the size of residence you choose, the number of people who’ll occupy it, and other factors.
Which plan is right for you? That depends on your personal financial situation and your goals, and we’re happy to help you explore the options so you can discuss them with your financial advisor. In the meantime, this page will give you a good overview of the plans we offer. You may also find our online cost calculator to be a helpful way to narrow down your choices.
Lifecare: The only plan that ensures care for life
Lifecare residency agreements also offer three different entrance fee options: standard 50-month declining refund, 90% refundable, and 50% refundable. With these options, a portion of your initial entrance fee is returned to you or your estate when you leave Covenant Woods. The amount refunded is dependent upon the option you choose when signing your agreement and how long you have been a resident when you leave.
IN SIMPLER TERMS, LIFECARE PROVIDES:
- A predictable plan for future health care needs with predictable monthly rates
- A guarantee you’ll receive care when you need it
- A way to preserve assets and estate plans
- A form of long-term insurance
- Tax benefits as a portion of the entrance fee and monthly fees may be deductible as pre-paid health expenses. (Consult your tax advisor for details.)
- Freedom from the stress of finding care in a crisis
- Priceless peace of mind for you and your family
There’s more to learn about Lifecare than we can share here. For more information and to speak with a sales counselor, simply use our contact form or call 804.569.4281 to schedule a personal visit.
Fee-for-Service: The flexibility to pay for care when you need it
IN SIMPLER TERMS, THE FEE-FOR-SERVICE PLAN PROVIDES:
- A lower entrance fee
- The ability to pay for care only when you receive it
- A potential partial refund of entrance fee depending upon when you leave the community
What’s included in the monthly fee?
- A quarterly meal plan to use in our three dining venues
- Bi-weekly housekeeping
- Appliances furnished
- Utilities including electricity, heating/cooling, water
- Private internet service within residences
- Use of all amenities including the fitness center, group exercise studio and classes, and swimming pool
- Use of all community common spaces, both indoors and outdoors
- Planned recreational, social, educational, and cultural activities
- 24/7 security
- 24/7 emergency response system
- Interior and exterior maintenance and repairs
- Grounds maintenance
- On-campus shuttle service
- Complimentary local transportation services
- Pastoral services
How much will living at Covenant Woods cost?
Our Cost Calculator is a secure, easy-to-use, online tool designed to give you an accurate picture of the expenses you can expect as well as which residential options at Covenant Woods may be a good financial fit for you.
WHAT WILL YOU DO TODAY?
When you live at Covenant Woods, you’ll do the things that matter most to you. You’ll fill your schedule with clubs, fitness, outings, volunteerism … or even do nothing at all. It’s always up to you.
READY TO LEARN MORE?
As you get to know Covenant Woods, you’ll be invited to think beyond what you’ve always known. Downloading our brochure is a good way to continue the journey.
WHAT’S YOUR NEXT STEP?
There’s a lot to know about senior living. Our free Next Steps e-Guide is designed to help you learn about the options and what to consider as you look for the community that’s right for you.