Residents have different needs and expectations when they are considering moving to Goodwin House Bailey’s Crossroads. We understand that the decision is a significant one that requires planning and careful consideration.
Our financial options include three different resident agreements that guarantee Extensive Lifecare.
Even with the explanations below, you may have questions. Contact us and we’ll review the options, help you understand how your long-term care policy will work with these plans, show you sample contracts and help you decide which option is right for you.
In this traditional Extensive Lifecare plan, an entrance fee guarantees that all healthcare will be provided with no increase to the monthly fee paid in independent living, regardless of the level of care required. A refund of the entrance fee is based on a declining formula, which is 1% per month for each month of residency if an individual moves out and 4% per month for each month of residency if an individual passes away. The reason for the difference is that if a resident chooses to leave, Goodwin House wants to ensure that funds are available to support that individual in another living arrangement.
Based on the standard plan, this plan provides an option for individuals who prefer to pay a lower entrance fee. It has a higher monthly fee than the Standard Plan. The refund declines are based on the same formula as the Standard Plan.
50% Refund Option
This option was designed for individuals who prefer to pay a higher entrance fee knowing that 50% of the entrance fee paid will be returned to their estate at their death. The monthly fee is the same as that of the Standard Plan. The refund declines are based on the same formula as the Standard Plan, but not less than 50% of the entrance fee paid.
Long-Term Care Option
Designed for residents who have been paying long-term care insurance premiums to cover future health needs, this option provides 90 days of healthcare coverage in assisted living, memory support or the health care center, plus clinical services in the wellness center. After the 90 days are exhausted, the resident pays a private pay daily rate and works with his or her long-term care insurance company to obtain reimbursement. This plan has a discounted entrance fee with the same monthly fee in independent living as the Standard Plan. The refund declines are based on the same formula as the Standard Plan.
90% Refundable Option
This option is for residents who either have long-term care insurance or have sufficient assets and income to self-insure for future care needs. Under this plan, the entrance fee is 100% refundable in the first six months and 90% refundable thereafter. This contract does not include Assisted Living or Nursing Care but provides guaranteed access to higher levels of care. The resident is responsible for covering the private daily rate if higher levels of care are necessary. Should a resident not have sufficient funds to support the higher levels of care, the 90% refundable entrance fee would be drawn upon at that time.
The 2017 GHBC Stamped Disclosure Statement includes copies of resident agreements, audited financial statements and other pertinent information. Additional information regarding staffing can be found in the Disclosure Statement required by the Virginia Department of Social Services.