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Great Value in Senior Living Provides a Solid Foundation for Retirement

June 14, 2024
Mark Embley of Erickson Senior Living

Moving to a senior living community is life-changing for many reasons. You're excited to enjoy a new beginning and easier living. At the same time, you want to feel confident that your new lifestyle provides the most value for your hard-earned retirement savings. 

We spoke with Mark Embley, a regional vice president of finance with Erickson Senior Living, to discuss points to consider when searching for the right place to live and why more than 30,000 people have found that moving to an Erickson Senior Living community is a sound financial decision.

Q: When it comes to senior living, what are the most important financial considerations?

A: There is a lot to consider when evaluating senior living options. I often think of my own parents. 

They've worked hard, and I believe that in their retirement years, they deserve to enjoy a high-quality lifestyle, exceptional service, and great value. Finding the right community that meets this balance is the key to securing their future.

For those exploring senior living options, I strongly encourage you to do your due diligence. Ask questions: Learn about the community's history, its culture, the services provided, what happens if a resident exhausts their resources, and the financial strength of the organization. The community should demonstrate the ability to support the lifestyle they promise you not only for today, but well into the future.

Q: How does a retirement community help its residents navigate economic challenges like inflation?

A: Over the past few years, nearly every business in America has faced economic challenges like supply chain disruptions, labor market fluctuations, higher interest rates, and unexpected world events. Although continuing care retirement communities are not immune from these issues, a responsible, strategic approach to financial stability helps residents weather challenging times with less volatility than if they were living on their own.

With a national network of communities, Erickson Senior Living can leverage strategic relationships with vendors, take advantage of economies of scale, and follow a long-range strategic plan to maintain predictability for residents' monthly service package. 

These advantages help our communities maintain low operating costs compared to other providers and help navigate economic challenges with confidence and stability.

Q: What does the monthly service package include?

A: A major benefit of living at a continuing care retirement community is having access to housing, health and well-being services, and a variety of socialization opportunities, all in one place. 

Because of our diligent processes, residents benefit from a monthly service package that keeps expenses predictable and economical. The package covers nearly all living expenses, including utilities and cable TV, property taxes, a dining plan, and access to amenities. Our communities feature dining venues, fitness centers, libraries, arts and entertainment hubs, and on-site medical centers. The package also covers all maintenance and repairs inside and outside the apartment home. 

Q: What makes the financial model at Erickson Senior Living communities desirable?

A: We have built a financial structure that makes an active and engaged lifestyle affordable for most retired homeowners. Erickson Senior Living communities offer a fee-for-service model in which residents pay for only the services they use. 

There are two basic components to living at our communities. First, there is a onetime entrance deposit that secures your apartment home as long as you live at the community. If your health care needs change, then the refundable portion of that entrance deposit can be accessed to cover qualified continuing care expenses. A percentage of the entrance deposit is also refundable should you leave the community or decide to pass it on to your heirs.

Second, residents pay a single monthly fee--the service package that covers the living expenses we described above. It stays the same all year long, covering repairs and replacements, so residents will never need to budget for big-ticket repairs or struggle to find a trustworthy repair person.

Q: Why is moving to an Erickson Senior Living community such a smart financial decision?

A: Erickson Senior Living has a proud 40-plus year history of providing exceptional services for residents. Our proven financial stability keeps the monthly service package affordable. We're especially proud to offer a Home for Life commitment whereby no resident has ever been asked to leave their apartment home at one of our communities because of a genuine inability to pay.

Erickson Senior Living and its communities are recognized as industry leaders in financial stability, resident satisfaction, and employee engagement. Living at one of our communities has proven to be a smart financial and lifestyle decision for many retirees. I encourage you to visit a nearby community to see for yourself!

Request a brochure to learn more about making the most of your retirement at an Erickson Senior Living community.