Exceptional value

Understanding the financial piece of the puzzle at Brooksby Village

Created date

May 29th, 2020
Larry Chiappetta compared the financial structure of continuing care retirement communities across New Hampshire and Massachusetts and chose Brooksby Village for its exceptional value.

Larry Chiappetta compared the financial structure of continuing care retirement communities across New Hampshire and Massachusetts and chose Brooksby Village for its exceptional value.

As a retired high school teacher and administrator, Larry Chiappetta understands the value of homework.

That was especially true when he began researching senior living options in 2017.

“My wife passed away in August of that year, and I started to look at senior living communities soon after,” says Larry. “I didn’t want to stay in my home for two reasons. One, it was lonely, and two, I didn’t want all the tasks that come with keeping up a house.”

Larry’s search took him to continuing care retirement communities (CCRCs) across New Hampshire and Massachusetts.

“I lived in Hopkinton, [N.H.], but my daughter and her family live in Waltham, [Mass.], so I liked the idea of moving closer to them,” says Larry.

As he began his search, Larry discovered that not all CCRCs operate on the same financial model. 

“Life care communities seemed to be a big negative right off the bat,” he says. “You’re basically buying long-term care insurance you may never need.”

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.

“I’m fine paying for advanced levels of care if it’s something I need in the future, but I don’t want to pay for it in advance,” says Larry.

Best financial choice for your retirement

By contrast, residents living in a fee-for-service CCRC only pay for additional levels of care as they need them.

Brooksby Village, developed and managed by Erickson Living in Peabody, Mass., operates on a fee-for-service basis.

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

Brooksby’s 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 Brooksby Village and is 90% refundable to you or your beneficiaries. (More information on the 90% refundable entrance deposit is available in the Residence and Care Agreement.) The monthly service package is a single bill that covers almost all regular living expenses, including most utilities, cable television, and select meals. 

“Brooksby Village was far and away the most financially advantageous of all the communities I considered,” says Larry. “Even among fee-for-service communities, Brooksby’s 90% refundable entrance deposit is a better option than the 50% or 70% refundable deposits I found at other CCRCs.”

Security and stability

The Erickson Living network of managed communities brings over 35 years of experience to helping seniors enjoy a vibrant, fulfilling lifestyle, free from the burdens of home maintenance. Erickson’s family of managed campuses benefits from the economy of scale, offering the highest quality services and resources. As a self-funded developer with financial stability, Erickson Living offers peace of mind even in the midst of economic uncertainty.

“Since Brooksby opened in 2000, we’ve experienced steady, measured growth,” says Davis. “The strong financial health of Erickson Living will enable us to continue to bring an unparalleled lifestyle option to the North Shore.”

Nationwide, Erickson Living-managed communities consistently boast occupancy rates above the industry average.

Looking back over the research and consideration Larry devoted to choosing a CCRC, he says the effort was well worth it for the lifestyle he enjoys at Brooksby Village.

“Brooksby’s campus is beautiful and incredibly well looked after,” says Larry. “The amenities are just what I was hoping to find. When I first visited, I was taken with the fitness center and swimming pool. Since I’ve moved, I go to the gym regularly, I attend lectures, go to movies, take continuing education courses, and play scrabble once a week. I can be as active and engaged as I choose to be.”