Answering all of your questions about Springpoint Choice
Is Springpoint Choice similar to long-term care insurance?
The program we offer is similar to the concept of long-term care insurance, but it is a membership program affiliated with our continuing care retirement communities that offers a broad range of services and support throughout your lifetime, to help you maintain your independence and remain at home. We are a nonprofit organization operating as a Continuing Care Retirement Community “without walls” and therefore are regulated by the New Jersey Department of Community Affairs and by the Secretary of State in Delaware.
What is the difference between Springpoint Choice and private long-term care insurance policies?
The focus of Springpoint Choice is to help individuals remain in their homes as long as possible. One of the key elements of our program is an emphasis on individualized, personal care navigation. Unlike long-term care insurance, there is no waiting period or “elimination” period before you start receiving benefit payments. Assistance can also begin with just one compromised activity of daily living, whereas long-term care insurance requires at least two. Our comprehensive plans are excellent options to consider for someone with or without long-term care insurance.
Would this program work for people who already have long-term care insurance?
Our flexible plans include a lower-cost option that can complement long-term care insurance very nicely. Whether you use your membership as a stand-alone alternative to long-term care insurance or as an extra layer of stability on top of an existing policy, you’ll get the same level of personalized care assistance, asset protection and long-term care navigation. We recommend scheduling an appointment where we can review your current long-term care insurance policy and you can review the benefits of Springpoint Choice.
What percentage of the fees is eligible for medical tax deductions as medical expenses?
The membership fee and the monthly fees are considered medical expenses. However, you should consult with your tax advisor to see if these fees meet the criteria based on your individual financial situation.
My health is good. Do I really need to enroll in the program now?
The medical screening for Springpoint Choice is one of the major factors in qualifying for membership. Therefore, your chances of being enrolled in the program are much better if your health is good. Too often people wait until there is a crisis before a decision is made. This will limit your options and potentially be a financial hardship. It’s never too soon to make this decision, but it can be too late!
Am I bound to a contract? Is there a penalty if I want to drop out of the program?
You have the right to terminate your relationship with Springpoint Choice at any time for any reason. The refund of your membership fee will depend upon the amount of time that has passed since you joined.
Will the monthly fees increase?
As a nonprofit organization, we try and keep costs as low as possible. The monthly fee is adjusted annually based on the cost of living adjustment.
Is the pricing for one person or two?
The pricing is for each person who joins Springpoint Choice. We do offer a discount on the membership fee on most of our contracts for individuals who live in the same home and join the program together.
Do you pay the monthly fees before you need services?
Yes. You begin paying your monthly fees the month that you become a member and you continue to make those monthly payments as long as you remain in our program.
What if I think I may move out of state sometime in the near future?
Springpoint Choice does allow you to maintain your membership if you move out of the initial service areas. Some restrictions apply.
Contact Us Today for Answers to Your Other Questions
We understand that planning for your future healthcare needs in a way that protects your finances is an important decision. That’s why we invite you to contact us to learn more about taking the next step. Our representatives will explain the process to you and help you get started right away.