What does it cost?
Residents pay an initial entry fee and on-going monthly fees. Fees are based on the size of the residence selected and the number of occupants. Entrance fees for 2022 range from $168,260 to $585,750 for our Life Care contract. Monthly fees range from $3,770 to $8,985.
Entry fees are paid once and make a significant contribution to future care that residents receive. Kendal contracts offer a refund on the entry fee, declining at 2% per month, should a resident die or terminate their contract within approximately 4 years of joining the community.
Monthly fees cover the cost of delivering the contract services such as basic utilities, grounds-keeping and maintenance, fitness center and exercise classes, indoor heated pool, local transportation, housekeeping and linen service and a daily meal plan. These fees are adjusted annually as part of the budget process and historically rise no more than 3% each year.
Is this a good financial fit for you?
Try our easy-to-use calculator to find out which of Kendal at Ithaca’s residential options might be the best financial matches for you.
Kendal at Ithaca is designed for older adults who are in good physical health and able to live independently. Since there are waiting lists for all sizes of units, we urge you to plan ahead. Kendal at Ithaca has procedures in place that make the process a bit easier and ensure fairness in our dealings with applicants.
If you are interested in entering Kendal, you may join the Priority List by completing a Priority Reservation Agreement and making a deposit of $1,000. This deposit maintains your position on the Priority List in the order of the date the agreement and deposit are received. The Priority Deposit is fully refundable with interest if you withdraw from the List, and is deducted from your entry fee if you move in. Reserving a place on the Priority List is a preliminary step in applying for admission, and simply secures your position for possible future admission.
The Admission Process
People are considered for admission and offered residences in priority number order. Kendal will consider and admit applicants without regard to race, color, national origin, creed, or sexual preference. Applicants complete medical and financial application forms. These aid in the assessment of applicants’ ability to live safely and independently, and of their ability to sustain themselves financially for the duration of their stay. An admissions interview is held to review the contract. When the contract is offered, the applicant has 30 days to sign it and pay 10% of the entry fee, and an additional 90 days to make the final payment and begin the monthly fee.
Health care services are covered by the entry fee and ongoing monthly fees. Residents are also required to maintain Medicare A and B or the equivalent, plus a Medigap insurance policy. Kendal provides the services of a medical insurance clerk who will process claims and answer questions about benefits. Kendal offers assistance in evaluating your insurance coverage during the admissions process.
What are my contract choices?
People enter Kendal at Ithaca while they are able to live independently, and select from one of three different contracts: the original, all-inclusive Life Care agreement; the 50% Return of Capital Contract; and the Modified Contract.
The original, all-inclusive Life Care contract offers one of the most comprehensive ranges of services available. Holders of this contract have the security of knowing that their fees will not increase due to changes in levels of care. The same monthly fees are paid by those living independently as by those receiving skilled nursing care. The contract also includes pharmacy coverage for prescription drugs on our formulary. There is a declining entry fee refund over the first four years of residency. For those who wish to minimize the risk of unexpected future health costs, this contract offers the most protection.
50% Return of Capital
This contract is identical to the original, comprehensive contract exceptfor the refund of entry fee. Residents selecting this agreement pay a higher entry fee according to their ages. The entry fee refund then declines over the first two years until it reaches 50% of the original payment. Thereafter, residents or their estates receive a refund of 50% of the original entry fee. People who find this contract appealing are those seeking to preserve assets for their estate.
Increasing numbers of people have long term care insurance in place, and Kendal has begun offering a Modified Contract for those who want to maintain their insurance. In essence, people receive a reduction in entry fee, and agree to pay for three years of skilled nursing care (if necessary), usually by filing a claim with their long term care insurance provider. Care beyond the three year period is paid for by Kendal. This contract also does not include prescription drugs or Medicare co-pays. The Modified Contract is designed for people with long term care insurance in place, who are willing to take the risk of unanticipated cost for such things as prescription drugs.
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