Financial Plans
At Bishop Spencer Place, we offer three financial plans to meet your individual needs.
Entry Fee Options
Jardine Bruce – Lifetime 75% refundable entry fee – ensures your hard-earned estate is protected no matter how long you live in our community. This plan assures a lifetime refund of 75% of the entry fee to the resident (or the resident’s estate).
Buchanan – 50-Month refundable entry fee – This plan is refundable at a declining rate of 2% per month, with 0% refund after 50 months. With this plan, if a resident leaves the apartment before 50 months, the resident (or the resident’s estate) will receive a refund equal to the remaining portion of the entry fee less the 2% per month the resident has lived in the apartment.
Vogel – Non-refundable entry fee – this plan requires a lesser upfront expense – meaning your assets can remain invested and continue gaining value.
Additional Information
Health care benefit – For the Jardine Bruce and Buchanan entry fee plans, we offer a $60,000 benefit to help pay for future assisted living or long-term care. It’s like a long-term care insurance policy without the premiums. If a resident moves to a higher level of care within Bishop Spencer Place, they are immediately able to draw funds from the health care benefit which are divided into equal monthly portions throughout a five-year period.
Ongoing monthly service fee – Residents pay an ongoing monthly service fee which funds amenities and community improvements. The refundable portion of the entry fee can be used for monthly service fee payments, if needed. There is an additional second person occupancy fee.
