Video: Can I Afford to Live at The Moorings?

Posted by Presbyterian Homes on Jan 28, 2020 1:52:00 PM

Hear from the CFO, Mark Havrilka, as he answers affordability questions on life plan communities.

Moving into a life plan community, such as The Moorings of Arlington Heights, is an investment toward your future. Many prospective residents have financial questions about this type of investment, including “Can I afford it?

Frequently Asked Financial Questions about The Moorings

Mark Havrilka, Chief Financial Officer at Presbyterian Homes, answers the most frequently asked financial questions about moving to The Moorings of Arlington Heights.

 

Is a Life Plan Community Financially Right for Me?

At The Moorings, most of our residents were homeowners who used the proceeds from the sale of their home to pay the entrance fee. The ongoing monthly service fees really are no different than a lot of costs they're already incurring.

What Are the Costs Associated with The Moorings?

The cost of one of our communities is really not much different than the cost that our residents were occurring in their home before moving here. When you take into consideration the maintenance of their home, housekeeping, laundry services, dining, lawn care, and landscaping, Presbyterian Homes really represents a good value. 

What Would Happen if a Resident Ran Out of Money?

All of our contracts include language that should they outlive their assets, they are guaranteed the support of our Geneva Foundation and the strength of the organization. That's a luxury that most senior living communities don't have, and Presbyterian Homes is very fortunate to have the strength of the foundation supporting them.

What Are the Differences in Contracts?

Our current contract structure allows residents to have access to the same benefits regardless of which contract they have. The main difference in pricing and how the units are priced is based on the size of the apartment or townhome and then the level of refundability that the resident is looking for.

How Do Fees Work at The Moorings

As a life plan community, we include a range of health care services in return for a one-time entrance fee and an ongoing monthly service fee. The entrance fee provides access to the entire continuum of care, so we typically advise residents to move into the community while they are healthy and active, knowing they have secured advanced levels of care if they should ever need them in the future.

The entrance fee includes:

  • Your apartment or villa home.
  • Your life plan continuum of care plan. This is a health care plan providing peace of mind that all your health and lifestyle needs will be met through independent living, assisted living, skilled nursing, memory support, and rehabilitation, if any of these services are ever needed.

The monthly fee includes:

  • Community amenities, such as weekly housekeeping services, complete indoor and outdoor maintenance, utilities, transportation, dining services, 24-hour security, an emergency call system, a wide array of educational programs and entertainment activities, and more. 
  • A monthly discretionary account to choose additional campus amenities whenever you like.

Learn More about the Costs of Living at The Moorings

Since moving into a life plan community is an investment toward your future, we developed a financial planning guide with worksheets to help you determine if The Moorings of Arlington Heights is the right financial fit for you. When you download the free guide, you will get:

  • Our entrance and service fee structures. 
  • How to calculate your net worth.
  • What these costs will cover.
  • Cost comparison worksheets.
  • And more.

Download Free Financial Guide

Topics: The Moorings