Living at Cornwall Manor begins with a one-time payment called an entrance fee. A monthly fee provides a service package which includes utilities (including heat), general property taxes, interior and exterior maintenance, security, emergency response system, transportation, housekeeping (in apartments) and use of the fitness center and pool as well as many other services and amenities.
There are several types of entrance fee plans at Cornwall Manor. This article focuses on the “Asset Preservation” entrance fee plan.
- The entrance fee is a prepaid fee for residential living services to be rendered by Cornwall Manor.
- One half of your entrance fee is the amortizable portion which reduces in equal amounts over the first 50 month of residency. After 50 months, no part of the amortizable portion is available for refund or other health care needs.
- The other half is the Health Care Credit (“Credit”) to be used for care and services upon permanent transfer to the Health Center or personal care. The Credit remains at its full value regardless of your length of residency.
- If you move to another residential living unit or permanently leave Cornwall Manor, a refund of the entrance fee may be due to you or your estate.
- There is no separate escrow account for the Credit.
Factors that may impact gift planning
- Medicaid 5-year look back period
- Current Health Center rates
- Long Term Care Insurance
- Summarized financial statement – identifies other resources beyond the Credit