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Financial matters

Smart planning for a smart decision

Created date

June 26th, 2014

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Even with careful planning, the most prepared person wants to know they’re making a smart financial decision when it comes to choosing a retirement community. 

Financial structures vary, but one of the most financially sound options is a fee-for-service community with predictable monthly costs, like Lantern Hill, which will open in New Providence, N.J., in fall 2015. 

Only pay for what you use

As a continuing care retirement community, Lantern Hill will have both independent living and higher levels of care located on campus. Should a person’s health needs ever change, he or she can receive specialized care without having to leave the community.

Unlike other continuing care retirement communities, Lantern Hill doesn’t require residents to pay for health services they may never use. They only charge for higher levels of care if and when needed—an approach that could save a person and their family thousands of dollars. 

“This approach makes Lantern Hill a smart financial decision,” says Executive Director Patricia Swan. “It has proven to be very successful at the other  Erickson Living communities around the country. And it gives people peace of mind, which is invaluable.”

Balanced budget

Another positive financial component to living at Hill is its predictable monthly service package, which stays the same all year long. Each month, residents pay a single bill that covers virtually all regular living expenses, including property taxes, utilities, expanded basic cable TV, maintenance and repairs inside the apartment home, and meal plan options.

“The monthly service package is a wonderful structure. I wish I could combine all my bills like that,” says Sales Counselor Kathy Banks. “You don’t have to write several checks or worry about forgetting to pay a bill. It’s all conveniently in one place, and the same cost every month, which allows you to budget better than the best financial planner.”

The monthly service package also includes several amenities many people don’t have when living in their house. Services like light housekeeping, home maintenance, professional landscaping, and snow removal, just to name a few, keep the burdens light. 

“Think about never having to shovel snow ever again,” says Banks. “Or never having the surprise and financial burden of having a major appliance break down or having to get a new roof.”

Banks says the monthly service package and its benefits greatly contribute to people’s desire to move to Lantern Hill. In fact, since staff began accepting appointments at its sales center in early April, they have received more than 200 deposits from people interested in calling Lantern Hill home. The $1,000 refundable deposit guarantees priority list membership, which is considered the best way for seniors to secure their future at Lantern Hill.

Priority list members will be able to choose their home in order of their joining date when homes become available. In the meantime, they will have various opportunities to meet each other and learn about their new community. The Lantern Hill sales team even hosts special events exclusive to priority list members based on their interests.

Refundable entrance fee

In addition to being a fee-for-service community, Lantern Hill’s other smart financial component includes a 90% refundable entrance fee. 

This one-time fee secures an apartment home for as long as one lives at the community and can be accessed to cover qualified continuing care expenses if health needs change. 

All details are outlined in the Residence and Care Agreement, which is available through the sales office. 

“This approach allows residents or their families to receive most of their initial cost back,” Banks says. “And it acts as a safety net should they need funds to cover continuing care expenses. It truly is peace of mind at its best.”

 

What’s in the package

The monthly service package covers all of these costs:

•Property taxes

•Heating and air-conditioning

•All utilities except phone

•Select meals at the on-site restaurants

•Maintenance, including repair and replacement of appliances

• Basic cable TV

•Fitness center and indoor swimming pool

•Regularly scheduled transportation

•Trash collection and recycling

•24-hour security and emergency response

•Professional landscaping and snow removal

•Hospitality services

•Weekly light housekeeping

• Underground parking

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