As you’re considering your options, you’ll soon discover some communities charge a senior living entrance fee and some don’t. When that happens, you may wonder why and what difference does it make? Here are some FAQs and other helpful information to help you make a more informed decision.
“Living at Newcastle Place, I really feel like I can do whatever I want, whenever I want. The opportunities are endless when it comes to activities. I can have my family over for dinner, have happy hour with friends, go fishing or go bike riding. I even manage to take a weekender to La Crosse. What could be better?”
– Dr. Carl Schmidt, resident
What community types have an entrance fee?
Most Life Care Communities, including Newcastle Place, require a one-time payment, called an entrance fee or buy in. Rental communities don’t charge an entrance fee.
Is the entrance fee at Newcastle Place refundable?
Yes. We offer two options – either 70% or 90% refundable to you or your estate. It’s a smart way to preserve your assets, protect your estate and leave a legacy for your family. Currently, our 90% refundable apartment home entrance fees start at $242,975.
Why does Newcastle Place have an entrance fee?
We charge an entrance fee to help cover community operating expenses and prepay some of the fees that come with offering access to continuing care for life. Your entrance fee is based on the size of residence you choose and the number of occupants.
What difference does having an entrance fee make?
In addition to all the included services, amenities and guaranteed access to health care, Newcastle Place residents have bought in and are invested in their community. At a rental community, you could have limited services and amenities as the length of stay is much shorter and the population is more transient. Not paying an entrance fee can give you some initial savings but you could get more long-term lifestyle and financial value from a Life Care Community like Newcastle Place.
How can a rental community cost more than Newcastle Place?
At a rental community, you will pay market rates for higher levels of health care, assuming it offers you the care you need and a room is available when you need it. At Newcastle Place, you’ll have priority access to our health care navigator and our on-site care is available at discounted rates: 50% discount for the first 90 days of care and a 10% discount after 90 days.
The monthly service package at Newcastle Place covers all the costs of living you might otherwise have in a house, plus fine dining, fitness programs, recreational, social and cultural activities, transportation and more. The monthly fee at a rental community may not include all the services and amenities we have available.
Plus, residents of Newcastle Place have a home for life, even If they have a change in finances through no fault of their own. To learn more about the financial benefits of choosing a Life Care Community like Newcastle Place, fill out our form below.