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Finding financial security at Fox Run

June 25, 2019

Residents enjoy vibrant retirement living at incredible value

Novi, Mich. – Financial security is one of the cornerstones of a fulfilling retirement. A Gallup poll taken in 2018 noted that 78 percent of retirees report that they have enough money to live comfortably. A TD AmeriTrade survey of 2,002 adults taken in 2018 noted that 81 percent see their retirement years as a time to pursue new goals. And 76 percent see themselves using those years to pursue passions they previously neglected like spending time with friends and family, traveling abroad or taking up a new hobby.

That's why Fox Run, a continuing care retirement community developed and managed by Erickson Living, works hard to provide strong financial value to residents and help them to protect the investments they've built over their lifetimes. The community provides a competitive value for retirement living while also providing residents with many opportunities to pursue new goals and existing hobbies. With more than 100 resident-run clubs and committees ranging from photography to yoga to trips and travel, there is something for everyone at Fox Run.

And thanks to Fox Run's unique financial structure, all of those amenities come at an excellent value to residents. In addition to the abundance of leisure activities, Fox Run's affordable monthly service package covers standard maintenance, including repairs to residents' apartment homes, all utilities except phone, 24-hour security and emergency response, and flexible dining plans to enjoy at Fox Run's four distinctive restaurants.

Predictable and steady

"Living in their homes, there is lot of fluctuation for people from season to season. Those variations can be a headache for retirees to manage during a time when many are eager to simplify their lives," says Allison Murphy, Director of Sales. "At Fox Run, you know exactly what your monthly fee will be. It's predictable and steady, making it easy to plan ahead."

When you live in a house, you have to pay for things like lawn care, appliance maintenance and repair, trash removal, pest control, gutter cleaning, roof repairs and real estate taxes — all of which can be serious budget busters. But at Fox Run, all of those expenses are included in the monthly service package.

Less work, more savings

Jeanette Coviak and her now late husband moved to Fox Run in 2005. She had previously lived in a house on an acre of land in Howell, Michigan. As they got older, chores like mowing the lawn and shoveling the driveway became too cumbersome, so they started paying people to do them instead.

"We took piece of paper and wrote down all of our expenses and then we looked at what it would cost to live at Fox Run," says Jeanette, a retired social worker. "It was a definite savings to come to Fox Run, so we thought, 'Why are we killing ourselves doing all of this stuff around the house?'"

Pursuing her passions

Without home repairs and maintenance to worry about, Jeanette now has more time for the things she truly enjoys. She is an active member of her church and also does volunteer work in the community. At Fox Run, she is a member of the mystery book club as well as the genealogy club, which she co-founded.

"I like the fact that there is so much to do here that you never have to be home if you don't want to," Jeanette says. "People are quite friendly, and I've made a lot of good friends here."

Another key aspect of the community's financial structure is the 90 percent refundable entrance deposit. Should residents choose to move from campus, 90 percent of their deposit will be returned to them. Or, if they choose to spend the rest of their lives at Fox Run, those funds will be returned to their beneficiaries. Confidence that their entrance deposit will be returned to them or their heirs provides an added layer of financial security for Jeanette and other Fox Run residents.

A special promise

Perhaps the most unique aspect of the financial structure at Fox Run is the community's benevolent care fund, part of an incredible commitment the community makes to its residents. Fox Run maintains this fund to assure residents that they will never be asked to leave due to financial hardship stemming from unexpected or rising medical costs or other unforeseen circumstances.

"Our mission is to make sure that Fox Run remains affordable for the average middle-income person to retire comfortably," said Murphy. "For many residents, the promise made through the benevolent care fund is a meaningful differentiator and contributing factor to their choice to spend their retirement with us. It's not just the incredible amenities and lifestyle we offer, but that level of commitment to our residents that truly sets Fox Run apart."

Jeanette says knowing she'd always be taken care of was a big part of what attracted her to Fox Run.

"My kids also love me being here — they don't have to worry about me," she says.

Fox Run is a not-for-profit organization developed and managed by developed and managed by Erickson Living®. The community is governed by its own board of directors affiliated with National Senior Campuses, who provide independent financial and operational oversight of the community. 

About Fox Run: Fox Run, one of 20 continuing care retirement communities developed and managed by Erickson Living®, is situated on a scenic 108-acre campus in Novi, Michigan. The not-for-profit community of more than 1,300 residents and 750 employees is governed by its own board of directors, affiliated with National Senior Campuses, who provide independent financial and operational oversight of the community. Additional information can be found at www.FoxRunNovi.com.

Photo Credit: Richard Coulter

Photo Caption: Fox Run's strong financial value enables resident Jeanette Coviak to spend more of her retirement volunteering, pursuing new hobbies and making friends instead of worrying about home maintenance or repairs.

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