We now offer new residents a non-refundable contract option as an addition to our portfolio of contracts.
A non-refundable contract has a reduced residential fee component and a reduced monthly fee – there is no refund to the resident or to their estate. There is a declining balance which begins on the fourth month of occupancy, 2% each month. Therefore, after 50 months, the refund balance is at 0%.
The entry fee is 13% lower and the monthly fee is 10% lower. This means that entry fees will be $17,000-$143,000 less and the monthly fees will be $350-$850 less per month.
The equity of this alternative contract and pricing required the approval of the New York State Department of Financial Services. The approval to proceed was based on their conclusion, after close study of our actuarial submission, draft contract and price list, that the offerings provide identical financial results to Kendal. And that every contract holder is paying equally for equal services.
Please call us for more information.