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The Importance of Financial Strength and Stability in a Senior Living Community

April 12, 2022
Financial Stability Senior Living Community

Seniors often consider a range of factors when deciding to move to a continuing care retirement community (CCRC), from proximity to family to available amenities. But learning about the financial strength and value offered by a senior living provider is also a wise investment of time.

We recently spoke with Jim Kelly, an Erickson Senior Living vice president who specializes in business strategy and marketing, to answer some of the most common questions that future residents ask. Kelly's insight is particularly valuable, given his experience in the industry.

“Senior living has always been a huge part of my life. Growing up, I did ‘chores’ at our family-owned CCRC and really started my career there 40 years ago,” he recalls.

Q: From your perspective, what are the most important financial factors for people to consider when exploring their options?

A: When researching senior living choices, people should always strive to discover a community’s financial health. Are its residents highly satisfied and its employees positively engaged? Does it have a track record of strong occupancy? Is it up-to-date and well-maintained? Is it governed by a fiscally responsible organization?

People should also think about how the community aligns with their personal financial goals. Will they get value for their money? Will their current and future needs be provided for?

Finally, people should gain a thorough understanding of the community’s pricing structure. Sit down with some of the community’s representatives and discuss, specifically, what the costs are and how they are paid.

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

A: I have seen that, for many, moving to an Erickson Senior Living community helps people achieve their financial objectives, in part because of predictable monthly costs.

When residents have confidence in their financial future, they are able to enjoy a more engaged lifestyle, with expanded social, recreational, and cultural opportunities. Employees work hard to provide a truly maintenance-free experience, and residents have convenient access to the nation’s leading senior health care provider for their well-being.

By bringing these benefits together in one place, our communities offer people one of the best ways to enjoy their retirement years.

Q: How do the monthly service package and robust amenities available at Erickson Senior Living communities provide residents true value for their money?

A: For nearly 40 years, the Erickson Senior Living network of communities has delivered an array of services and amenities at a price that people cannot find anywhere else. And nearly all the costs associated with maintaining an individual residence - like utilities, landscaping, repairs, and cable - are included in the monthly service package.

When you add in dining, a fitness center and pool, security, and access to health care, there is nothing that compares to an Erickson Senior Living community.

Q: In today’s economy, costs are rising on everything from gas to groceries. How does living at an Erickson Senior Living community ease some of these inflationary pressures for residents?

A: Inflation has jumped considerably during the past year, placing pressure on people and businesses alike. Our communities and their partners at Erickson Senior Living are taking proactive steps to ease the impact on residents.

With a world-class procurement system, we use the purchasing power of our network to negotiate preferred prices on many items included in the monthly service package. Our disciplined fiscal management and strong financial position allow us to absorb temporary price increases within our operating budgets. Most visible to residents is our long-standing practice of annual planning, which provides them with a predictable monthly cost.

The economy is ever-changing, presenting both opportunities and challenges. Erickson Senior Living’s experience and commitment to responsible financial management will continue to allow our communities to offer residents consistent value and predictability.  

Q: In 2021, more people moved into Erickson Senior Living communities than ever before. What’s driving the growing demand for this lifestyle?

A: We indeed saw increased interest across the country last year with a record number of new residents moving in. That trend has continued in 2022, as initial inquiries are at an all-time high. There are two primary causes for this increase.

The first is our country’s expanding senior population, which increased by 54% between 2000 and 2020 and is projected to grow another 48% by 2040.

The second - and more compelling - aspect fueling demand is the way the industry is responding to the expanding senior population.

Industry leaders, like Erickson Senior Living, are not taking prospective residents for granted - we are carefully listening to them.

Our offerings are then better aligned to meet their evolving expectations and preferences in areas such as building design, services and amenities, and flexible financial plans.

As a result, more people are finding what they are looking for! Erickson Senior Living is excited about the future and the opportunity to share our worry-free lifestyle with more people. 

Request a brochure to learn about the financial value of Erickson Senior Living communities today.

 

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