By choosing a senior living community with a reputation like ours, you can be sure that if you ever need long term care care, the best will always be available. We’re a Continuing Care Retirement Community (CCRC) that offers the peace of mind of Life Care.
A Life Care contract assures you access to Assisted Living, Memory Care, Skilled Nursing and Rehabilitation Therapy services — all right here on campus — should your needs change in the future. Life Care provides financial predictability since those levels of care are provided without substantial increases in monthly fees. It’s a permanent plan to maintain your independence, financial stability and security — today and tomorrow.
Residents at Lakewood enjoy comprehensive services, conveniences, spacious homes, and on-site Assisted Living Services in Richmond and Nursing Care Services as part of their residency. These benefits are provided through a one-time entrance fee and a monthly service fee. The entrance and monthly fees vary depending on the type of residence, number of occupants, type of agreement and refund plan selected. For a more detailed look at how your current expenses compare to living at Lakewood, take a look at our cost comparison calculator.
Do you have financial questions or need more information about our contract options?
Entrance Fee Options
Standard Declining Refund
The Entrance Fee is refundable to the resident or resident’s estate on a declining basis over a 50-month period. The Entrance Fee, less a 4% administrative charge, is amortized at a rate of 2% per month for the first 50 months of occupancy. After 50 months, residents may continue to receive all the rights and benefits of residency with payment of the ongoing monthly service fees; however, there is no refund of the Entrance Fee remaining.
The Entrance Fee is refundable to the resident or resident’s estate less a 4% administrative charge and a deduction of 2% per month for the first 25 months of residency. The refund is never less than 50% of the original entrance fee paid upon occupancy.*
The Entrance Fee is refundable to the resident or resident’s estate less a 4% administrative charge and a deduction of 1% per month for the first 10 months of residency. The refund is never less than 90% of the original entrance fee paid upon occupancy.*
*The remaining refundable portion of the Entrance Fee due to the resident can be applied to the cost of care in the on-site Assisted Living or Health Care Center according to the refund provisions outlined in the Agreement.
With this option, residents enjoy lifetime residency with the financial security of knowing that any short- or long-term services provided through on-site Assisted Living and Nursing Care will be provided with no substantial increase to the monthly fees other than the cost of additional meals and ancillary charges (i.e., medical supplies, pharmacy services, etc.). This is often referred to as the “All Inclusive” plan and acts as a safety net against future high costs of Assisted Living and Nursing Care. Because of the inclusive coverage with Option I, a portion of the Entrance Fee in the first year of residency and a portion of the ongoing Monthly Service Fee each year constitute a prepaid medical expense for income tax purposes and may allow for a tax deduction.
Life Care offers Entrance Fees under a Standard Declining Refund, a 50% Refund or 90% Refund.
This option consists of a one-time Entrance Fee and comprehensive Monthly Service Fee, providing residents the same lifetime residency as Life Care, with the financial freedom of not paying for short- or long-term on-site Assisted Living or Nursing Care until the services are received. Residents under Continuing Care (Fee-for-Service) have access to on-site Assisted Living and Nursing Services with the financial flexibility of only paying for those services when they’re received. Residents who’ve chosen Continuing Care will receive a 10% discount on Assisted Living and Health Services when services are needed. Continuing Care gives residents the ability to pay for their on-site Assisted Living and Nursing Care with existing long-term care insurance policies or personal funds.
Continuing Care offers Entrance Fees under a Standard Declining Refund, 50% Refund or 90% Refund.
LifeSpire of VirginiaTransfer Program
- LifeSpire of Virginia has a resident transfer program designed to allow residents to transfer between any LifeSpire of Virginia community.
- As needs change or as friends or family move the LifeSpire of Virginia transfer program enables flexibility in where you live.
- Transfers are dependent upon space being available at the destination community. For further details on the LifeSpire of Virginia Transfer Program call us at (804) 729-5563.