FREQUENTLY ASKED QUESTIONS
What is an Entrance Fee? Westminster Village is a life care community, which provides a full continuum of housing, services, and health care that is centrally located and administered on our campus. The entrance fee is a pre-payment of medical expenses, similar to a long-term plan insurance policy. The payment of the entrance fee entitles you to lifetime use of our on-site Health Care Center or Assisted Living Center, if you should need it, for as long as you need. This allows you to plan for the future, rather than be ruled by unforeseen health care events.
What services does the Monthly Fee include? Does this fee increase? The monthly service fee provides a rich array of personal services. The cost varies based on the size apartment you choose. Services include one meal a day in one of our excellent dining venues, housekeeping service every other week, weekly flat linen service, scheduled transportation, twenty-four hour security, reserved covered parking and storage, building and grounds maintenance, thirty minutes of home health services per day, an array of planned activities and all utilities except for telephone, cable and high speed Internet. Yes, this fee generally increases between two and six percent each year. The increase is decided by our Board of Directors.
Is the entrance fee refundable? We offer two financial plans to suit your needs and financial situation. Under the “Standard Schedule of Fees,” the entrance fee is not refundable upon death. However, if you decide to move from Westminster Village, 10% of the entrance fee would be deducted plus 1.5 percent per every month you lived here. The remainder of the entrance fee would be refunded to you. Under the optional “60% Refund Plan,” the entrance fee is double the cost of the prices shown above. Under this Refund Plan, 60% of the entrance fee will be refunded at anytime, whether you move from Westminster Village or pass away.
I understand there is an income tax deduction for the fees paid. Please explain.In accordance with IRS regulations, residents of a life care community are entitled to an itemized medical expense deduction on Schedule A of their Federal income tax return for the portion of the entrance fee and monthly service fees attributable to medical costs. In 2014, our auditors calculated the deductible expenses to be $1,290 per person per month of service fees and $65,967 per entrance fee paid