Financial 411

Everything you want to know about Oak Crest’s cost and financial setup

Created date

May 24th, 2019

“[Oak Crest’s] entrance fee offers a huge benefit because it keeps our monthly fees lower than most other communities.”

—Dan Plakatoris, Oak Crest Associate Director
of Sales

When choosing a continuing care retirement community (CCRC), there are many aspects to consider—location, amenities, and neighbors, to name a few. One of the most important factors is the cost and the fee structure. 

Since it’s such a big decision, you’ll want to understand your options so you can make the best choice. To learn more about the financial structure at Oak Crest, Associate Director of Sales Dan Plakatoris answers some of the most commonly asked questions from prospective residents related to the financial aspects of their moves.

Q: What are the different types of CCRCs, and which type is Oak Crest?

A: There are many different types of CCRCs. Some are life care, where you pay one rate, but prices will never go up if you need care. Generally, these have higher monthly fees. Oak Crest’s philosophy is a little different—we are fee-for-service, which means you pay for services only if and when you ever need them. This means while you are active and healthy, your monthly fees are lower.

Q: What fees will I have to pay at Oak Crest?

FA: There are two fees associated with living at Oak Crest. The first is a 90% refundable entrance fee—this portion is refunded to you or your estate whenever you leave Oak Crest. Our Residence and Care Agreement has all the details.

The second fee is a monthly service package. The monthly service package covers all of your utilities; heating and air-conditioning; flexible dining plans; property taxes; maintenance, including repair and replacement of appliances; high-definition cable television; wireless Internet; scheduled shuttle services; trash and recycling collection at your door; 24-hour security and emergency response; professional landscaping; and lawn care and snow removal.

Plus, residents have access to all of our amenities like the professionally staffed fitness center, all-season pool and hot tub, on-site medical center, library, and much more.

Our entrance fee offers a huge benefit because it keeps our monthly fees lower than most other communities.

Q: If my house is paid off, won’t it be more expensive to live at Oak Crest?

A: Even if your house is paid off, it is not without cost. Every month you live there, you pay property taxes, heat and air conditioning, water, sewer, gas, and electric. You buy food for yourself and pay for snow removal, lawn care, and an alarm systems. And let’s not forget about those ever-present and unpredictable maintenance costs.

If you add up all these costs, most people are surprised to find that Oak Crest is comparable to their home, if not cheaper. And it comes with ten times the level of service, safety, and security.

Q: What if I run out of money while I’m living at Oak Crest?

A: I love this question because this is something that sets Oak Crest apart from other communities. It’s our strong belief as a community to help residents who experience an unforeseen financial hardship. Oak Crest’s Benevolent Care Fund assists those individuals who are unable to pay their full monthly fees by providing needed financial assistance.

This assurance says we will never ask you to leave the community for a genuine and unforeseen inability to pay. Again, our Residence and Care Agreement has complete details.

Q: Is my monthly service package going to go up every year, and what does management do to keep costs down?

A: Just like in any home, costs rise every year. Food costs more, taxes go up, utilities increase. Oak Crest is no different. There is an annual increase, but the economies of scale help to keep our costs down. Our executive director, board of directors, and executive team are all committed to controlling costs while still delivering an exceptional experience for the people who live here.

Q: If I’m interested in Oak Crest, do I have to put any money down?

A: If someone is interested in moving to Oak Crest, I highly recommend they become a priority list member. There are so many benefits, such as access to Erickson Realty and Moving Services, a special program that includes recommendations for trusted real estate professionals, moving companies, and downsizing experts.

Personal Moving Consultant Ashley Ruth provides complimentary coordination of these services and visits priority list members in their current houses to help begin the process of downsizing and space planning for their new home at Oak Crest.

And we invite priority list members to exclusive events and educational seminars to further their understanding of Oak Crest.

Joining the priority list requires a fully refundable $1,000 deposit and a $150-per-person nonrefundable processing fee. There’s really nothing to lose.