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The key to a financially sound future

Windsor Run provides plentiful benefits and the best in senior living

Created date

August 23rd, 2018
Erickson Living’s new community in North Carolina, Windsor Run, and all its services and features, are supported by a solid financial structure designed to provide the very best in value for the people who live there.

Erickson Living’s new community in North Carolina, Windsor Run, and all its services and features, are supported by a solid financial structure designed to provide the very best in value for the people who live there.

In March 2018, McKnight’s Senior Living reported that “Continuing care retirement communities (CCRCs) are the only segment of the senior living industry to see increased occupancy in 2018.”

One of the biggest reasons cited for the continued, and growing, popularity of CCRCs is the fact that these communities provide several levels of continuing care, all on site. And while many residents may never need all the available levels of care, they enjoy the peace of mind that comes with knowing the care is there for them if the need arises.

This peace of mind is a reality for the community members at Windsor Run, the Erickson Living community in Matthews, N.C. Living at a CCRC also provides community members with numerous financial benefits that far outweigh other retirement options.

“I decided to move to a CCRC as soon as I was able because, financially, it made the most sense,” says Sharon Featherstone, a retired foreign service officer with responsibilities in budgeting and finance. “I tend to look at things analytically and with a bottom-line point of view.”

With a strong fiscal background, Sharon, who lives at Windsor Run’s sister community Greenspring in Springfield, Va., was drawn to Erickson Living because of its industry-leading, 90% refundable entrance deposit and the inclusive monthly service package.

“At Windsor Run, our community members know, beyond a shadow of a doubt, that they are making a sound financial decision,” says Theresa Palladino, Windsor Run’s director of finance. “I can say with absolute confidence that Windsor Run provides extensive value for the money spent and, most importantly is a solid financial decision for the future.”

Down to the details

At the heart of Windsor Run’s financial structure is the 90% refundable entrance deposit. The entrance fee is the cost of a resident’s apartment home and is based on the home’s individual features.

The entrance deposit secures an apartment home for as long as the resident lives at Windsor Run. When they leave, 90% of the deposit is returned to either the resident or their estate. One of the many benefits of the entrance deposit is that it helps keep monthly fees low and preserves assets. (All the details are in the Residence and Care Agreement.)

In addition to the 90% refundable entrance deposit, Windsor Run’s monthly service package also provides benefits.

The monthly service package covers the costs of all utilities, all major repairs, 24-hour security, flexible dining plan, secure Wi-Fi, and cable television. It also includes several amenities not available when living in a house, such as home and seasonal maintenance, professional landscaping, furnace heat pump inspections and conditioning, and snow removal.

“The monthly service package is a wonderful structure,” says Palladino. “I wish I could combine all my bills like that. 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.”

Recognizing the differences

For many people beginning their investigation into retirement living, the amount of information available can be overwhelming.

“I meet with people every day who are interested in learning more about Windsor Run, and that often begins with addressing the financial benefits of a CCRC and, in turn, how a CCRC differs from other retirement living options,” says Sales Counselor Marlene Victorine. “Because a CCRC offers different levels of care—independent living, assisted living, and long-term care—people want to know how that differs from a life care community.”

As a fee-for-service community, Windsor Run requires residents to pay for additional care only if and when they need it. This differs from the reality of a life care community wherein residents prepay for long-term care, and their monthly expenses remain constant as they move through the levels of care.

“Visitors to Windsor Run are interested in learning how our financial structure differs and/or protects them when compared to senior living rental communities,” says Victorine. “I encourage people to carefully investigate the rental contracts. Often they offer limited amenities and higher monthly fees. When you move out, you aren’t refunded any money, although, many times, you’ve depleted a large percentage of your assets.”

Another differentiator, and important financial benefit of living at Windsor Run, is the community’s home for life commitment. The Benevolent Care Fund assists eligible residents who, despite carefully planning, outlive their resources. No one has ever been asked to leave an Erickson Living community because of a genuine inability to pay.

Breaking down myths

Often those who have paid off the mortgage of their current house fear that they will spend more money each month than they would if they stayed in their house.

However, even without a mortgage, the real cost of owning a house and living in it is often overlooked. According to data from the U.S. Census Bureau, a person who lives in a home valued at $246,000 can expect to have a monthly cash outlay of $2,831 when you factor in home maintenance, home owner’s association dues, insurance, property taxes, fuel costs, food, and utilities.

With these factors in mind, the monthly service package at Windsor Run is often less, while covering more expenses. In addition, community members enjoy numerous opportunities for activities and socializing, including access to a state-of-the-art fitness center, swimming pool and spa, plus classrooms and restaurants.

Initial investment

Thanks to Erickson Living’s strong financial record and the peace of mind that comes with a financially sound investment, the Windsor Run sales office is busy each day meeting with people interested in a future at the sought-after community.

“I tell all of our guests that the first and most important step is to join the priority list,” says Victorine. “There is never any pressure to make a decision. I want to make sure Windsor Run is the right choice for our prospective residents as much as they do.”

Those who decide to join the priority list pay a fully refundable $1,000 deposit and a $150-per-person nonrefundable application fee.

Once this deposit is made, the date is noted as the member’s priority list date. Members are then encouraged to select a preferred floor plan, that once available, will be offered to them, with right of first refusal, based on their joining date.

There is no penalty should the preferred apartment home become available before a prospective resident is ready to move. It is simply offered to the next member on the list and priority list status remains the same.

In addition to helping secure a future home at Windsor Run, joining the priority list opens up a world of exciting opportunities. Priority list members enjoy the use of Erickson Realty and Moving Services as well as the expertise of Personal Moving Consultant Rachel Gilbert. She helps people moving to Windsor Run prepare their house for sale, find the right real estate agent, and make a seamless, stress-free move.

“My advice to anyone considering their options is to research CCRC living,” says Nancy Eisenbise, who lives at Ashby Ponds, an Erickson Living community in Ashburn, Va. “In doing so you’ll discover all the advantages and economic feasibility of choosing to move to an Erickson Living community.”