Financial Plans
Patriots Colony offers a variety of financial options to help residents have confidence and peace of mind when making such a big decision. Speak to a marketing counselor to determine which plan is best for you.
LifeCare
Life at Patriots
Colony is focused on making the most of every day and living with as few
worries as possible. That's why we provide LifeCare, a special program offering
financial protection for your assets and guaranteed comprehensive health care
coverage today and in the future. Only a handful of communities in the
Williamsburg/Peninsula area offer LifeCare, and none of them provide the
security and peace of mind that come with backing by Riverside
Health System.
Our LifeCare plan offers residents a variety of Entrance Fee refund options. No matter what the future holds, your health care needs are met without the worry of wondering how to afford your care.
Residence and Services Plan
In lieu of
LifeCare, those who wish to self-insure or have long-term care insurance can
choose our Residence and Services agreement. (For purposes of comparison, some
communities refer to this as "Fee for Service.")
Under the Residence and Services program, residents pay the current market rates for health care services, if needed. This may be a good option for those with private long-term care insurance since all or most of their health care costs will be covered by their insurance provider.
A couple may also choose a "Combined Agreement," meaning that one spouse chooses LifeCare and the other chooses a Residence and Services plan.
The best way to determine which plan is right for you is to meet with one of our marketing counselors. They can assist you in determining your priorities and goals and make a recommendation to help guide your decision.
Fee Descriptions
There are two
types of fees associated with a Continuing Care Retirement Community (CCRC): entrance fees and monthly service fees.
The entrance fee is a one-time, upfront cost for the residence and the agreement that guarantees lifetime residency and access to the continuum of care. Monthly fees are based on the size of the residence, number of occupants and whether the LifeCare or Residence and Services agreement is chosen.
Your fees include your residence, daily services and amenities and access to a full continuum of care sponsored by Riverside Health System. Fees will vary based on the type and size of residence, occupancy, the entrance fee refund option, the continuum of care option and amount of entrance fee vs. monthly fee you wish to pay.
Compare the Value
The value of calling Patriots Colony home is greater than the fees alone: it is
represented in the freedom, peace of mind and security offered by the active
retirement lifestyle within a CCRC. Even more,
backing by Riverside means the resources and expertise of a trusted, local
health system are at your fingertips.
Very often people assume that once their mortgage is paid off it is less expensive to stay in their current home throughout their retirement years. However, maintaining a home, at any stage of life, is not without costs. Your Patriots Colony marketing counselor can help you compare costs and create a strategy for making the most of your financial assets.
Refund Options
Patriots Colony offers three entrance fee options ranging
from a Declining Refund Plan to 95 percent and 50 percent refunds. All plans
provide lifetime benefits and include a 100 percent refund of the entrance fee
if the plan is terminated for any reason within the first 30 days of occupancy.
- Declining Refund Entrance Fee: This plan allows for a declining refund over a 50-month period. The amount available for a refund declines by two percent per month over the first 50 months of residency. This offers the lowest initial investment, allowing residents to preserve more of their assets.
- 50 Percent Refundable Entrance Fee: This plan allows for a return of 50 percent of the original entrance fee paid upon residency. The potential refund declines two percent for the initial 25 months of residency, then freezes at 50 percent of the entrance fee paid. This plan has a higher initial investment than the Declining Refund plan.
- 95 Percent Refundable Entrance Fee: This plan allows for a return of 95 percent of the original entrance fee paid upon residency. This plan has a higher initial investment than the two other refund options.
Refunds are paid per the terms of the Residency Agreement. For those choosing the LifeCare agreement, a portion of your entrance fee and monthly service fee may be tax-deductible as a prepaid medical expense. Consult your tax advisor for eligibility.
To learn more
about our financial options and which is best for you, please
contact us.
Resident Choice of Fee Structure
For each of the
entrance fee options listed above, residents have a choice of paying the
standard entrance fee and monthly fees or paying a reduced entrance fee with
slightly higher monthly fees.
Choice 1 - Any of the refund options with standard entrance fee and monthly fees
Choice 2 - Any of the refund options with a reduced entrance fee and higher
monthly fees
This added flexibility allows residents to minimize either the initial investment or the monthly cost.
Simplify Your Move with Special Relocation
Services
Patriots Colony is connected to a network of resources to help ensure a smooth
move to your new home. Our realtors and downsizing and relocation experts can
be hired to assist you throughout the process, from the sale of your current
home to choosing where to best place furniture and other treasured items in
your new residence at Patriots Colony.
Your Patriots Colony marketing counselor can provide you with full details on these services. Call us at (757) 220-9000.