Financial matters

Financial matters

Created date

August 22nd, 2019
Siena Lakes, a continuing care retirement community managed by Erickson Senior Living, is a premier option in Naples, Fl.

Siena Lakes, a continuing care retirement community managed by Erickson Senior Living, is a premier option in Naples, Fl.

Did you know that not all retirement communities operate on the same business model? A number of financial structures, in addition to lifestyle and amenity options, exist among area communities.

In the Naples area, you’ll find 55-plus communities with detached homes and neighborhood amenities, senior apartments that operate on a rental basis, life care communities, and fee-for-service continuing care retirement communities.

What’s the difference? 

Active adult 55-plus communities typically provide activities and a return on investment, but homeowners are still responsible for home maintenance.

Those who live at a senior rental community don’t buy in to the property, so they don’t receive a return on their investment. They pay one monthly fee to cover their rent and use of on-property amenities.

Life care communities, another option, require a long-term, upfront financial commitment. Residents pay a substantial fixed monthly payment that remains the same as they progress through levels of care.

At fee-for-service communities, residents pay for advanced levels of care only if and when they need it. It’s a financial model that could save you and your family thousands of dollars every year you remain independent. 

New option coming soon 

For the first time ever, Erickson Senior Living is building a maintenance-free, fee-for-service continuing care retirement community—Siena Lakes—in North Naples, one of Florida’s premier retirement destinations. 

Erickson Senior Living is a nation-leading developer and manager of continuing care retirement communities. Erickson’s network currently comprises 19 communities in 11 states, which together are home to more than 27,000 residents. These communities have been serving seniors for more than three decades.

There are two basic components to Siena Lakes’ financial structure: an entrance fee and a monthly service package. 

A onetime entrance fee secures your Siena Lakes independent living apartment home. Siena Lakes offers two unique options to fit your budget: an 80% refundable entrance fee or a nonrefundable entrance fee (details are outlined in the Residence and Care Agreement, which is available upon request from the sales office). 

Each month, residents will pay a single bill that covers almost all regular living expenses, including utilities, property taxes, cable TV, maintenance and repairs inside the apartment home, and select meals. 

The cost of the monthly service packages will be the same no matter which entrance fee option you choose. 

“When we meet with customers, we are very transparent in providing financial information regarding the entrance fee and monthly service package,” says Siena Lakes Sales Counselor Suzy McAllister. “We even provide a monthly cost worksheet to compare a customer’s current expenses at their house to what is provided at our community.” 

To learn more, visit  SienaLakesCommunity.com

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