Things They Don't Tell You
ENTRANCE FEES AND RENT COST
One of the things I have learned is that most facilities are businesses with a goal of profit at the core. Of course, there are some facilities that are not for profit which run much differently than the bigger corporations we generally deal with, but for profit facilities are much more common.
-When you decide to commit to most facilities you will be required to pay a community fee. This fee is marketed as a fee for preparing a room for arrival and other costs to the community when a new resident comes in. There is also something called a buy in or entrance fee. This a fee you pay with a large sum of money almost like a down payment on a house to reduce your monthly costs. All senior facilities do things differently based on the type of facility they are.
The community fees can run from $1,500 to $5,000. When we first moved into a facility I assumed that the fee they told me I had to pay was required. However, what I learned later is that this was not the whole story. Remember that you are dealing with a salesperson when you go to look at senior living places. They are not managers, they are salespeople who want to get you to sign on the dotted line. Circumstances such as, how full the facility is, what additional care your loved one needs, and other things you may not be aware of can all play a role in the cost and fees.
There are many other questions that arise from this topic such as:
-What are buy in options?
-How can you negotiate fees and costs?
-What are you agreeing to when you sign your contract about rent?
-Is this person next to you with the same room paying the same rate?
-Can I switch rooms to a less expensive room later?
-When does rent increase?
I can provide you with this information and more which will help prepare you for the cost discussions at each facility.