If you’re considering a potential move to a continuing care retirement community, chances are, you’ve given some thought to the costs associated with such a move.
For Dick and Nancy Richmond, financial considerations were among the factors they took into account before they moved from their home in Winchester, Mass., to Brooksby Village, an Erickson Living managed community in Peabody, Mass, in 2016.
“Cost isn’t all that needs to be considered in choosing a CCRC [continuing care retirement community], but certainly, financial viability is most important,” says Dick, a retired software developer and an avid photographer who currently serves on Brooksby’s Resident Advisory Council as liaison to the community’s Finance Committee.
Dick and Nancy’s search for an active retirement community began in 2000, when Nancy started to explore CCRCs across Massachusetts and New Hampshire. The couple visited Brooksby Village in 2004 and joined the priority list at that time.
“I was still working, but Nancy was an active seeker of a CCRC that might be of interest to us,” says Dick. “We liked the activities offered at Brooksby Village and the size of the community. When all was said and done, it seemed Brooksby had the most to offer.”
Planning for a secure retirement
Set on 90 acres, Brooksby Village offers spacious, maintenance-free apartment homes, all with easy access to a host of amenities and services, including a swimming pool, fitness center, restaurants, and a convenient, on-site medical center. There are over 100 resident-run clubs and activities to keep body, mind, and spirit thriving, plus the peace of mind that comes from having the full continuum of care offered on campus.
Managed by Erickson Living, Brooksby Village is part of a nationwide network of CCRCs with 37 years of expertise in senior living. The strong financial health of Erickson Living sets Brooksby Village apart from other senior living providers, providing residents with financial security, predictability, and value.
“Two months after we moved in, I began attending the men’s group, and one of the club’s members was chair of the Resident Advisory Council’s Finance Committee,” says Dick. “He invited any who were interested to sit in on the Finance Committee meetings. I took advantage of his offer and learned a great deal. My interest led me to run for the Resident Advisory Council.”
A sensible financial decision
Brooksby’s financial model is both affordable and secure to help residents safeguard their futures and manage day-to-day expenses. There are two components to consider—the entrance deposit and the monthly service package.
The onetime entrance deposit depends on the size and location of your apartment home, and it secures your apartment for as long as you live at Brooksby Village. The deposit is 90% refundable to you or your heirs. Details are outlined in the Residence and Care Agreement.
The strong real estate market, spurred by low interest rates and limited inventory, favors home-owners, who are selling their homes quickly and for top dollar. The sale of a house often covers the entrance deposit. The monthly service package is a single bill that covers almost all regular living expenses, including utilities; flexible meal options; maintenance, including repair and replacement of appliances; fitness center and swimming pool; regularly scheduled transportation; 24-hour security and emergency response; professional landscaping; and much more.
As part of its Home for Life commitment, Brooksby Village maintains a Resident Care Fund, designed specifically to assist eligible residents who outlive their resources. No one has ever been asked to leave the community because of a genuine inability to pay. Funds are raised through a combination of annual do-nations and legacy-giving campaigns, managed by Brooksby’s philanthropy department.
“Brooksby Village provides financial value and security to residents through a transparent sales process, predictable expenses, and the long-term benefits of our 90% refund-able entrance deposit and Resident Care Fund,” says Sales Director Suzanne Davis. “Our residents enjoy a quality lifestyle with exceptional care at a great value.”
The best lifestyle for the best value
Now that Dick and Nancy have lived at Brooksby Village for four years, they say the lifestyle has exceeded their expectations.
“There’s so much here to do,” says Dick. “That be-came even more clear to us once we were residents.”
In his role as the Resident Advisory Council’s liaison to the Finance Committee, Dick expanded his look at Brooksby’s financial viability, prompted by a 2018 article in The New York Tim e s which offered specific guidance to seniors for evaluating the financial health of any CCRC they may be considering.
“The New York Times article highlighted six financial attributes and one relational consideration to evaluate the financial strength of a CCRC,” says Dick. “Those measures are occupancy rate, the aver-age annual increase of the monthly service fee, debt rating, profitability, capital improvements, reserves, and resident involvement.”
Dick’s research found Brooksby’s financial viability stacked up favorably to the Times’ performance standards. “For instance, the Times suggested a CCRC’s occupancy rate should be 90% or greater for entrance deposit protection,” says Dick.
“In 2020, Brooksby’s occupancy rate ranged between 96 and 98%. That’s good news. When you take all the other factors into account, Brooksby’s financial viability is positive and should contribute to its attractiveness for prospective resident s.”
To learn more about the financial value of moving to Brooksby Village, visit BrooksbyVillage.com/pricing or call 1-800-290-4320.
The first step to enjoying maintenance-free retirement living at Brooksby Village is to request a brochure.
Written by Sara Martin