At Bishop Spencer Place, we offer three financial plans to meet your individual needs.
Entry Fee Plans
Lifetime 90% Refundable Plan ensures your hard-earned estate is protected no matter how long you live in our community. This plan assures a lifetime refund of 90% of the entry fee to the resident (or the resident’s estate).
50-Month Refundable Plan requires a lesser upfront expense while providing a partial refund of the entry fee, depending on how you live at Bishop Spencer Place – meaning your assets can remain invested and continue gaining value. 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 at Bishop Spencer Place.
For both plans, refundable portions are immediately available to fund expenses in assisted living or skilled nursing, once the independent living apartment is vacated and the resident moves to a higher level of care. The refundable portion of the entry fee works like a reverse mortgage from which residents can directly withdraw funds for their monthly health care payments.
Available for a limited number of Madison building apartment homes, the month-to-month rental plan does not require an upfront entry fee. Those moving in under the rental plan do receive the same services and amenities as those moving in under an entry fee plan; however, the monthly service fee is higher and this plan does not provide the health care benefit.