Retirement community costs: frequently asked questions

These are just some of the questions we often hear about our financial setup.

Q: Do I rent my apartment home, or am I buying it?

A: You hold the lifetime lease to your apartment home while Erickson Living remains responsible for maintenance. You enjoy all the benefits of home ownership without the hassles—or customary retirement community costs for upkeep.

Q: Will I be responsible for the resale of my apartment home?

A: The community is responsible for reselling your apartment home. We also cover other retirement community costs like real estate fees, closing costs and transfer taxes.

Q: Will the cost of my entrance deposit ever increase?

A: No. Your entrance deposit is a one-time payment that secures your apartment home and is refundable should you ever decide to move. Once you’ve locked in your deposit, you will never be asked to put more money down. However, because retirement community costs can increase, the sooner you lock in your one-time entrance deposit, the better.

Q: Will the cost of my Monthly Service Package increase?

A: Your Monthly Service Package is typically adjusted annually to reflect the current retirement community costs of labor, energy and food. However, adjustments are small and any increases or decreases are determined by the community’s not-for-profit board of directors.

Q: I certainly don’t plan to run out of money, but what happens if I can’t pay my retirement community costs?

A: We are committed to supporting residents who experience unexpected financial difficulty with their retirement community costs.  Each community has a fund dedicated to assisting eligible residents.  The mission of every Erickson Living community—to care for residents no matter their financial position—is reflected in our 27-year track record: No one has ever been asked to leave due to a genuine inability to pay retirement community costs.

Didn’t see your question here? Give us a call at 1-800-917-8521. We’ll be happy to answer all of your inquiries.