Why Fox Run Is a Wise Financial Decision

When researching senior living communities, many people take time to carefully compare their options. Amenities, services, and financial security--now and in the future--often factor heavily into the decision, especially for those seeking value and a worry-free retirement.

Fox Run, an Erickson Senior Living community in Novi, Mich., has a financial model that offers all of the above!

Recently, the Tribune sat down with Sales Director Allison Murphy to learn more about Fox Run's model and pricing.

Q: Why is moving to Fox Run a wise financial decision?

A: One of the most compelling reasons is our pricing structure, which is made up of two components--a 90% refundable entrance fee* and a monthly service package.

The entrance fee, collected as part of the residency process, will go back to you or your beneficiaries, if or when you leave the community. Most people use the equity from their home to cover the entrance fee, which keeps our monthly cost significantly lower than other retirement communities. Compared to our five closest competitors, Fox Run's monthly service package is almost half the price! When you compare how much you would spend over ten years, Fox Run can save you hundreds of thousands of dollars.

The monthly service package bundles the costs of utilities; maintenance, including appliance repair and replacement; a meal plan at on-site restaurants; regularly scheduled transportation; and more, into one predictable bill. After adding up their monthly bills, most people find that the cost of living at Fox Run is far less than what they are currently spending in their house. And here, you have access to more amenities and services.

Q: What else do residents receive as part of their monthly service package?

A: Fox Run is significantly larger than every retirement community in the area, allowing us to offer a wider range of amenities.

Amenities include two well-equipped fitness centers, an indoor pool, five restaurants, a woodshop, creative arts studio, library, dog park, medical center, an on-site pharmacy, a performing arts theater, and more. In addition, residents have 150-plus clubs and groups to choose from. From pickleball and bocce to astronomy and birding, there's practically something for everyone.

Unlike living in a single-family house, where you have to pay for a gym membership and drive to get there, everything is included in the monthly service package and just steps away. Residents appreciate

how easy it is to stay active and involved here.

Q: Are there any other financial benefits of moving to Fox Run?

A: Yes! Fox Run has a fee-for-service model, meaning residents only pay for the services they use. At some other communities, services and higher levels of care are built into the monthly fee, even though a majority of residents never use them. In fact, more than 70% of residents never require a higher level of care. Those higher monthly costs are not recoverable, regardless of whether services are used. So, over time, Fox Run's model translates into substantial savings.

The Flexible Deposit Option is another benefit. In some cases, incoming residents have a strong monthly income but fewer assets. Maybe they lived in a modest house or in an area where home values didn't rapidly increase. For those situations, Fox Run offers the Flexible Deposit Option. This option allows retirees to reduce the entrance fee in exchange for an increase to their monthly service package. We are committed to being an accessible option and do our best to work with people's unique financial position.

Q: Can you talk about the Home for Life promise?

A: The Home for Life promise* is a significant draw for many prospective residents, as it provides long-term peace of mind.

No one ever expects to run out of money, but sometimes unforeseen issues arise that can quickly deplete your hard-earned savings and put you at risk. At Fox Run, we've planned for life's uncertainties and are prepared to assist eligible residents who outlive their resources. No one will be asked to leave the community because of a genuine inability to pay.

Fox Run is one of the only continuing care retirement communities around. So, if you ever need additional support, services like assisted living and long-term care are available on-site. With this assurance in place, residents are able to focus on enjoying life without stressing about the future.

Q: How can prospective residents learn more about Fox Run's pricing?

A: Prospective residents are encouraged to call the Sales Center and schedule a personal, pressure-free visit with a sales team member. We'll be able to answer all your questions with your financial picture in mind.

I also recommend joining the Priority List, as members can attend exclusive financial seminars throughout the year that provide additional information.

Each July, Financial Director Greg Meehan and I host "Financial Freedom," an in-depth seminar focusing on the monthly service package, financial stability, and long-term planning. The program also highlights Erickson Senior Living's strong foundation, which allows us to invest in renovations across campus.

To learn more about independent senior living, request your free brochure to get the scoop on pricing, amenities, floor plans, and much more.

*As per the Residence and Care Agreement.

By Michele Wojciechowski