Even with careful planning, the most prepared person wants to know they're making a smart financial decision when it comes to choosing a retirement community.
Financial structures vary, but one of the most financially sound options is a fee-for-service community with predictable monthly costs, like you'll find at Avery Point, an Erickson Senior Living community soon to be built in Richmond, Va.
Only pay for what you use
As a continuing care retirement community, Avery Point will have both independent living and higher levels of care located on campus (pending approval). Should a person's health needs ever change, he or she can receive specialized care without having to leave the community.
Unlike other continuing care retirement communities in the Richmond area, Avery Point won't require residents to pay for health services they may never use. The community will only charge for higher levels of care if and when needed—an approach that could save a resident and their family thousands of dollars every year they remain independent.
"This approach makes Avery Point a smart financial decision," says Avery Point Sales Director Jim Antonakos. "It has proven to be very successful at our other Erickson Senior Living communities around the country. And it gives people peace of mind, which is invaluable."
Another positive financial component of living at Avery Point will be its predictable monthly service package, which stays the same all year long. Each month, community members will pay a single bill that covers virtually all regular living expenses, including property taxes, utilities, telephone service, cable, light housekeeping, and meal plan options.
"The monthly service package is a wonderful structure. I wish I could combine all my bills like that," says Sales Counselor Charlotte Shirey. "You don't have to write several checks or worry about forgetting to pay a bill. Everything is conveniently covered in one fee, and the cost stays the same every month, which is difficult for even the best financial planner to accomplish."
The monthly service package also includes all utilities, heating and air-conditioning, a meal plan at the on-site amenities, restaurants, fitness center, pool, as well as maintenance and repairs inside your apartment home.
"Think about never having the surprise or financial burden of an appliance breaking down or a leaky roof," says Shirey. "Those annoyances will be things of the past."
Antonakos says the monthly service package and its benefits greatly contribute to a person's desire to move to Avery Point. In fact, they have already scheduled dozens of virtual appointments with people interested in calling Avery Point home.
Refundable deposit option
In addition to being a fee-for-service community, Avery Point's smart financial component includes the option of an 80% refundable entrance deposit.
The onetime deposit will secure a senior living apartment home for as long as one lives at the community and can be accessed to cover qualified continuing care expenses if health needs change.
All details are outlined in the Residence and Care Agreement, which is available through the sales center.
"The refundable deposit option allows residents or their families to receive most of their initial deposit back," says Antonakos. "And it acts as a safety net should they need funds to cover the costs of more advanced care. It truly is peace of mind at its best."
Avery Point will also offer a nonrefundable option for those who prefer it to a lower entrance fee amount.
What's in the package?
Avery Point's monthly service package will cover all of these costs:
• Property taxes
• Cooling and heating
• All utilities
• Local, long-distance, and international phone service
• A flexible meal plan
• Maintenance, including repair and replacement of appliances
• Regularly scheduled shuttle transportation
• Trash collection and recycling
• 24-hour security and emergency response
• Professional lawn care and landscaping
• Basic cable and Wi-Fi
For more information about vibrant retirement at Avery Point, request your free brochure today.