If you’ve been researching your options for fun and active retirement living that offers long-term security and care if you need it, you may have come across a term that tends to confuse so many: entrance fee.
Fountaingate Gardens, Long Island’s newest Life Plan Community* located on the Gurwin Healthcare System’s Commack campus, offers residents independent living, maintenance-free retirement living, complete with exceptional services and amenities. And, like many Life Plan Communities, residency will require an entrance fee and a monthly service package.
But what exactly is an entrance fee? And how does it differ from a real estate purchase? Here’s everything you need to know.
1. The Fountaingate Gardens entrance fee is a one-time expense
An entrance fee guarantees priority access to future health care from the highly rated Gurwin Healthcare System, including assisted living, short-term rehabilitation, memory care and skilled nursing care. It also provides the assurance of “A Home for Life,” promising that, should you exhaust your assets, you will never be asked to leave the community.
In addition to the one-time entrance investment, there is also an all-inclusive service package that you’ll pay monthly once you move in, which covers all services and amenities, home and campus maintenance, multiple dining options, utilities, taxes and much more.
2. Your entrance fee will differ based on your personal selections
As noted above, Fountaingate Gardens is not a real estate purchase. The community offers several different residency contract options that outline the level of future care services you may choose depending on your individual plans for asset and health care protection. The cost of the entrance fee depends on both the size of the residence and the contract type you select. In addition to 17 floor plan options to choose from, you’ll have two contract options to consider:
- The Life Care (Type A) contract is the most comprehensive, guaranteeing your monthly service fee will not change – regardless of the health care services you receive – except for a small yearly adjustment for inflation.
- The Modified (Type B) contract does not require that you pre-pay for future health care services until or unless you need them. This contract option pairs well with long-term care insurance.
3. Your entrance fee can be refundable
Once you choose Fountaingate Gardens, your residency agreement (the contract outlining services, terms, responsibilities, and costs between you and Fountaingate Gardens) will define the portion of your entrance fee that is refundable upon move-out. This portion can range from 0% up to 80% depending on the selections you make. The variety of flexible options enables you to choose a plan that works best for you.
4. You’re making a proactive choice
Choosing a Life Plan Community and paying an entrance fee is a proactive decision, much like purchasing home or car insurance. Like all insurance, you hope you never need to use it, but it’s there just in case… giving you – and your family – peace of mind, assurance and control. You may never need the health care services your entrance fee grants you access to, but at a Life Plan Community, you’ll always be prepared.
For more information about Fountaingate Gardens, give us a call today at 631-715-2693, visit our Information Center at 32 Hauppauge Rd., Commack, NY.
*Also known as a Continuing Care Retirement Community or CCRC