The Ins and Outs of Senior Living Financing

August 09, 2021  |  by WesleyLife

If you're new to senior living, the financial model of a Community for Healthy Living might be new to you. 'What's an entry fee for?' you might wonder. And 'why, on top of that, will I be paying a monthly service fee?'
 
We break it down for you below.
 

Entry Fees

An entry fee is a sum of money paid upfront to secure an apartment or townhome in a community. It also secures your ability to move through our various levels of living, should you need them; if you need to relocate to a more advanced level of service, you won't need to relocate to another community. The majority of the entry fee is refunded when the resident moves from the apartment.
 
Why is an entry fee a good thing? For starters: It's once-and-done, and it's affordable for nearly anyone who has owned a home. It also offers peace of mind: Entry-fee communities usually have little turnover, so the neighbors you meet when you move in will likely be your neighbors for years to come. And when you choose a not-for-profit organization like WesleyLife, you can rest assured that your entry fee will be used not only to help keep the community running, but will be invested back into the community to assist in funding capital improvements and other projects.
 

Monthly Service Fees

A monthly service fee is an amount you pay each month to cover the costs of services and amenities. The amount varies depending on your community and level of living, and covers most of your monthly expenses as well as the lifestyle programming that likely attracted you to the community in the first place! Monthly fees go toward such expenses as: dining; housekeeping; utilities; transportation; well-being, cultural, and entertainment programming; maintenance; security; and more. Your sales director can provide you with a breakdown.
 

Comparing Costs

So, will you pay more than you're currently paying... or less? Add your current monthly household expenses using the guide below. Then, compare that number to the monthly service fee amount at the community in which you're interested. The breakdown might surprise you!
 
  • Mortgage or rent payment
  • Utilities (including WiFi or cable/streaming services)
  • Home or renters' insurance
  • Property taxes
  • Groceries, takeout, and restaurant meals
  • Entertainment and hobbies
  • Lawn care
  • Housekeeping services
  • Maintenance/home repairs
  • Transportation (vehicle insurance, registration, fuel, maintenance, and repairs)

These expenses add up. And when you own a home, you also have to plan for unexpected costs. But when you move into a Community for Healthy Living, your monthly costs will be consistent, and you'll never be caught off guard by unexpected bills.

What's more, once you become a WesleyLife resident, should you deplete your financial resources through no fault of your own, you will not be asked to leave your home with us. Learn more about the WesleyLife Promise! 

We would love to welcome you to WesleyLife. Our sales director, Ward Phillips, will be happy to help you with any fee-related questions or concerns. He can also be reached by phone at (515) 669-2205.

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