The Value of Searstone’s 100% Refundable Entrance Fee — No, the Other Value.
As you begin your research into retirement communities, specifically Life Plan Communities, you may come across a lot of terms and their factual definitions: entrance fee, Continuing Care Retirement Community (CCRC), Life Care, 100% refundable entrance fee and many more.
Another term that may be mentioned quite a bit? Value. But its definition might be a bit more subjective in comparison. That’s because there are differences among senior living residents in terms of what they value about living in a Life Plan Community like Searstone.
Value can be very personal and remarkably varied, especially when it comes to our CCRC’s 100% refundable entrance fee. We’ll explain below, with some help from current Searstone residents, and you may ultimately be surprised to discover that value goes far beyond the financial meaning.
The value of emotional security
You might think emotional security means peace of mind, and in a way, it does. But take a deeper look at how residents define it, and you’ll see emotional security really means a sense of confidence, safety and freedom from apprehension.
At Searstone Retirement Community, emotional security comes once residents have chosen a 100% refundable entrance fee combined with a Life Care contract. At this point, it’s important to note that Life Care and an entrance fee are two different things.
- Life Care is a contract that allows residents to pay an up-front fee for care. When the time comes that they need that care, they have guaranteed access for the rest of their lives with virtually no increase in cost, regardless of their future health changes.
- An entrance fee allows residents to enjoy all the benefits of independent living coupled with the added assurance of the full continuum of care provided at predictable costs. At Searstone, we offer a 100% refundable entrance fee, which secures the financial future for yourself and your loved ones by guaranteeing that 100% of the entrance fee you pay will be returned, no matter what.
Choosing our Life Care contract and its guarantee of care for life along with our 100% refundable entrance fee offers you confidence and a sense of freedom from apprehension. That’s the value of emotional security.
The value of personal security
Again, you may think that personal security is all about peace of mind. And while the two are related, personal security goes deeper as well: It’s defined as the measures taken to protect someone from a possible unwanted outcome. Peace of mind is a result of personal security.
Let’s look at possible negative outcomes through the lens of two types of entrance fees: refundable and nonrefundable.
- A nonrefundable entrance fee generally requires you to pay less money up front, but none of it will be returned to you or your beneficiaries if you leave the community. If preserving your estate is your primary goal, then this type of service fee doesn’t offer you the personal security of estate protection.
- Refundable entrance fees may be higher in cost, but a portion or all of the entrance fee will be returned to you or your beneficiaries if you leave the community. Searstone offers a 100% refundable entrance fee, which ensures the entirety of your entrance fee will be refunded to you, your family, or your estate in the future.
Our 100% refundable entrance fee can offer personal security for both you and your loved ones. You’ll have peace of mind knowing the entirety of your entrance fee will be returned to you, your family or your beneficiaries.
The value of financial security
When researching your retirement community options, you may think financial security leads the list of considerations. But we believe there’s a clear value to emotional and personal security as well; financial security is simply a more tangible benefit to understand.
This security comes in the form of financial protection: You’re preserving your estate for your beneficiaries. It’s also worth noting that some portions of your entrance fee can be tax-deductible. That’s because part of that fee is often allocated toward your future medical care, which the IRS recognizes as a pre-paid medical expense. And that may be deductible, depending on your overall medical expenses and tax situation for the year.
Overall value of a Life Plan Community like Searstone
Imagine living in a community where you’re among friends who quickly feel like family.
Where you’ve swapped out the have-to-do list for a want-to-do list — along with plenty of services, amenities and opportunities.
And where you’ve traded days filled with chores and responsibilities for days filled with purpose and joy.
Friendships, days of purpose, evenings that promise you won’t lose sleep worrying about what tomorrow may bring: That’s the value of Searstone. ________________________________________________________________________
Understanding the overall value of living at a Life Plan Community like Searstone can take some time and research. It may also require several conversations with senior living experts. At Searstone, we’re here to help you understand the full picture of entrance fees, Life Care contracts and the value both can bring to you as a resident.
You can get started by understanding the cost and the value of senior living. You can also learn why there’s even a cost associated with waiting too long to make your move.
Or, you can contact us today to start a conversation with one of our knowledgeable sales counselors. They can educate you and guide you through the decision-making process as you start your senior living journey.