Grandview Terrace Purchase Plans
Purchase Plans
The Capital Protection Plan
This plan is designed for those who have long term care insurance, or who plan to self insure for long term care as needed.
Under this plan, Grandview Terrace offers a 10% discounted fee at the Sun Health Grandview Care Center with no exclusion period, and a 100% refund of the base purchase price paid after resale of the condominium. Residents have the option of taking an 80% refund at the time of vacating the condominium.
The Healthcare Assurance Plan
Designed for those who desire maximum long term care protection, but without the need to have Long Term Care (LTC) insurance or the risk to self-insure. The Resident agrees to exchange a fixed amount of their future refund on their condominium unit in order to receive lifetime care services in the Sun Health Grandview Care Center.
Future Refund amount Calculation:
(A) Single occupancy - Condominium unit depreciates by a fixed amount of $150,000 over a 5 year period. The balance that remains is the future refund due to the Resident or his/her estate.
(B) Double Occupancy - Condominium unit depreciates by a fixed amount of $200,000 over a 5 year period. The balance that remains is the future refund due to the Resident or his/her estate.
The Wealth Preservation Plan
This plan is also designed for those who do not have long-term care insurance and wish to prepare for the possibility of extended use of nursing care.
After a 30 day exclusion period, this Plan allows you to insure yourself and your loved one of a Life-Time Care Benefit that provides a 25% discount on the prevailing rates for room, board and routine nursing services, provided in the Sun Health Grandview Care Center. This wealth preservation program amortizes down to a 0 refund over a 60 month period.
Lifetime Guarantee
No matter which Life Care plan you choose, you can never outlive your assets. We promise you as part of the contract between us that, "Owner will not terminate this agreement if the resident is unable to pay the full monthly service fee as a result of financial reverses provided such reverses, in owner’s sole judgment, are not the result of willful or unreasonable dissipation of the resident’s assets..."
This statement is extremely important to your decision making as it is a life time guarantee that you will always have a home and will always be taken care of under the terms of your Life Care Agreement.