Understanding the Cost of Senior Living
When researching senior independent living in Georgia, understanding the cost is part of the decision-making process. After seeing the numbers, you may have thought, “Is this worth it? “What am I paying for?” Senior living communities are an exciting opportunity to embrace an active and enriching lifestyle — but let’s get to those cost questions first.
Senior Living Is Full-Service
Have you ever gone on a cruise or visited an all-inclusive resort? Everything is covered in one fee: your accommodations, food at multiple restaurants, entertainment, and social activities. It makes everything that much easier!
In the same way, a senior living community is designed to provide you with everything you need, so you can focus more on enjoying retirement. For example, The Lodge offers cable, utilities, housekeeping, landscaping, on-site restaurants, a fitness center, chapel, spa, and hair salon.
That’s why it’s often hard to benchmark the monthly cost of a senior community against current living costs. To compare apples to apples, you would have to add all the amenities and services in the community against your current expenses including utilities, food expense, home maintenance, property taxes and insurance.
What Is an Entry-Fee Retirement Community?
Understanding how entry fees work begins with knowing how retirement communities accommodate residents with varying wants or needs. According to AARP, the average initial payment to secure your spot is roughly $402,000. This payment helps the community maintain its amenities and ensures your access to various services as you need them.
There are two types of entrance fees:
- Refundable: these fees are higher, but if a resident moves or passes away, 50 percent to 90 percent of the amount will be refunded, depending on the contract.
- Nonrefundable: these fees are often less than refundable contract options, but the money will not be returned if a resident leaves.
Is a Community With No Entry Fee Cheaper?
It seems like a community with no entry fee is a better deal, but that’s not always the case. Entry fees come with other discounts that can add up over time. For example, a higher entry fee might incur a discount on your monthly payment. Your entry fee could even be refundable or provide you with discounted assisted living, memory care or skilled nursing services in the future while ensuring that your money is held safely for you or your estate and not impacted by the stock market or other investments.
How Does It Work at The Lodge?
As part of Magnolia Manor, a faith-based nonprofit organization, our mission is to serve seniors, not maximize profits. We manage our operations carefully and efficiently to keep costs down while providing outstanding quality and service.
The Lodge is a brand-new senior independent living community in Georgia with two types of entry fees — traditional and 50-percent refundable. Our refundable entry fees start at $109,000, much less than the national average. Residents also pay a monthly fee that includes meals, utilities, and a host of services and amenities.
Your contract includes priority access to healthcare accommodations. We have a fee-for-service model, which means you don’t pay for services unless you need them.
Ready To Learn More?
What’s the best way to learn more? Contact us to schedule a tour — we’d love to show you the best affordable, upscale senior independent living community in Georgia. Now is the time to take advantage of pre-construction specials! Visit a Magnolia Manor community and see if an active senior lifestyle is for you.