Dollars and sense

Understanding the financial piece of the puzzle at Highland Springs

Created date

May 29th, 2020
Highland Springs offers a sensible financial structure and peace of mind, making it a great value among senior living options in North Texas. You'll be free to enjoy beautiful landscaping and gorgeous amenities without worrying about yard work.

Highland Springs offers a sensible financial structure and peace of mind, making it a great value among senior living options in North Texas. You'll be free to enjoy beautiful landscaping and gorgeous amenities without worrying about yard work.

During both his working years and retirement, John Bird has kept a finger on the pulse of his community.

He spent his career with Celanese Corporation, making several moves across Texas before retiring in Dallas in 1995.

John and his wife Claudia first retirement home was in Horseshoe Bay, Tex., where John served on the property owners association. After Horseshoe Bay incorporated in 2005, John was twice elected to city council.

In September 2017, John and Claudiamoved once more, this time to Highland Springs, the Erickson Living-managed community in North Dallas, where John continues to play an active role, currently serving as the finance committee liaison on the Resident Advisory Council (RAC). 

“We have two children in the Dallas area,” says John. “We looked at a few retirement communities around Horseshoe Bay, but ultimately decided we want to be closer to family.”

Weighing their options

As the couple considered their options, financial considerations played a role in their decision-making process.

“Anecdotally, we’d spoken to friends and had an idea of the range of costs we would find as we started looking at communities,” says John. “We had to weigh our options and consider the value for the lifestyle we’d have at each potential community.”

Highland Springs was on the couple’s radar as they’d seen the community over the years when they visited their children in Dallas.

Situated on 89 acres at the corner of Coit and Frankford, Highland Springs offers independent living apartments, as well as the full continuum of care on campus. On-site amenities include five restaurants, medical center staffed by full-time physicians, bank, salon, neighborhood store, library, fitness center, swimming pool, putting green, bocce ball court, greenhouse, and gardens.

“When we visited Highland Springs, we felt it was the best option for us,” says John. “We liked all the activities on campus and the sense of community.”

Life care vs. fee-for-service

Not all continuing care retirement communities (CCRCs) operate on the same financial model. Two primary types are life care communities and fee-for-service communities.

As a fee-for-service community, Highland Springs residents only pay for advanced levels of care as they need them. By contrast, life care communities require a long-term, upfront financial commitment. Residents pay a substantial fixed monthly payment that remains the same as they progress through the continuum of care.

“Our on-site amenities and activities help our community members stay as independent and active as possible,” says Sales Director Christina Christie. “We only charge for higher levels of care if and when it’s needed.”

Sensible financial structure

Highland Springs’ financial structure has two components, a 90% refundable entrance deposit and a monthly service package. 

The onetime entrance deposit secures your apartment home for as long as you live at the community and is 90% refundable to you or your beneficiaries. The monthly service package is a single bill that covers almost all regular living expenses, including utilities, cable television, and select meals.

“We like the fact the entrance deposit is 90% refundable to us or our children,” says John. “After considering the financial structures of several communities, we felt comfortable choosing Highland Springs.”

Not long after they moved, John joined the finance committee, comprised of residents who interface with the finance director and his staff at Highland Springs.

“The finance committee meets monthly to go over the current numbers related to operations on campus,” says John. “We have the opportunity to ask questions and get a sense of where we stand from a financial perspective.”

Now in his second year as the RAC liaison to the finance committee, John says he’s confident in Highland Springs’ ability to continue to deliver an engaging lifestyle at a good value.

Security and stability

The Erickson Living network of managed communities brings over 35 years of experience helping seniors enjoy a vibrant, fulfilling lifestyle, free from the burdens of home maintenance. Erickson’s family of managed campuses offers the highest quality services and resources.

Erickson Living is a self-funded developer with financial stability, lending peace of mind even in the midst of economic uncertainty. Nationwide, Erickson Living-managed communities consistently boast occupancy rates above the industry average.

“We’ve experienced steady growth in recent years,” says Christie. “The strong financial health of Erickson Living will enable us to continue to bring an unparalleled lifestyle option to North Dallas.”