Making Sense of Financial Options in Senior Living

Navigating Your Choices
Exploring the prospect of transitioning to an independent living community is not merely a financial consideration but a journey into a lifestyle filled with unique benefits.

Amidst the financial landscape, two prevalent options often emerge— the monthly rental and entrance fees. Navigating these choices demands a nuanced understanding of their distinct advantages, ensuring you’re well-equipped to make a thoughtful and informed decision about your future living arrangements. 

Stress-Free Retirement with Rental Options 
One of the main benefits of renting in an independent living community, such as The Lafayette, a Redeemer Senior Living community, is that there is no large upfront payment required. This means your savings can remain intact for other personal expenses if needed.

Moreover, the monthly rent for modern, well-designed apartments for seniors in an independent living community typically covers utilities, meals, housekeeping, maintenance, and access to community amenities and activities. This simplifies budgeting as you won't encounter unexpected costs each month

For example, at The Lafayette, the monthly fee includes most utilities, weekly housekeeping, daily restaurant-style dining, scheduled transportation for shopping and doctor appointments, social and recreational events and activities, and an inclusive spiritual life program that accommodates many faiths.

According to Robin Heppler, Director of Sales at The Lafayette, the rental fee option has gained popularity among residents. Robin explains, “Many people value the convenience and simplicity it offers. The monthly rental fee allows residents to enjoy all our amenities and services in one inclusive fee."

Robin believes this option appeals to individuals who prefer straightforward financial planning and appreciate the flexibility to reassess their living arrangements as needs change. "Ultimately," she says, "it aligns seamlessly with our goal of providing an enjoyable retirement experience free from stress."

Navigating Entrance Fees in Senior Living 
In contrast to the monthly fee, choosing an entrance fee requires an upfront cost. However, if needed, the cost usually guarantees priority access to higher levels of care within the same community, such as personal care, short-term rehab, or long-term care. Additionally, compared to the rental fee option, the monthly fees are usually lower. Over time, this can lead to significant savings. Some communities even offer partial or full refunds when you leave, benefiting you or your estate.

For instance, at The Lafayette, an affordable initial investment not only results in a reduced monthly rent but also guarantees priority access to services within Redeemer Health for as long as you stay in your independent living apartment. And, of course, a full range of services and amenities including those mentioned above are encompassed within the lower monthly fee. Additionally, when you eventually leave, at least 50% of your initial investment will be returned.

Robin often finds that a refundable entrance fee is a great fit for residents who are mindful of legacy planning. "This option allows residents to preserve a portion of their estate for their heirs," she explains. "It strikes a thoughtful balance between ensuring a resident’s comfort and well-being during retirement and leaving behind a financial legacy for loved ones."

Explore Payment Options that Are Best for You
Choosing between senior living payment options depends on your unique circumstances and financial situation. Both options have advantages and offer value for your independent living lifestyle in different ways.

At The Lafayette, we encourage you to reach out to us to discuss your unique situation. Our senior living team is ready to provide more information and guidance so that you can make the best decision. You deserve a fulfilling retirement free from worries, and understanding your senior living financial options is the first step toward achieving this goal.

To learn more visit Redeemer Senior Living or speak directly with a sales specialist by calling 215-214-2877. Our Redeemer Senior Living sales counselors would love to hear from you!