What does it cost, and
what do you get?
There are as many ways to pay for
retirement housing as there are retirement communities. What
is important to realize is the obvious. You get what you pay
for!
Life
Lease
Entrance fees and security deposits for
not-for-profit Continuing Care Retirement Communities (CCRC)
like Panorama serve to finance the extensive array of services,
programs and amenities that make the selection and purchase of
the "Life Lease" contract valuable. At a CCRC, residents have
"purchased" a lifestyle that allows for more time and security
because of built-in services (see what you get!)
 When
you choose to live at Panorama , you purchase a "life lease."
This is a services program - not a real estate contract. The two
major financial obligations involved with your purchase are the
"Entrance Fee" (a one-time charge) and the "Monthly Charge"
according to the location and type of home you choose.
A
community that offers continuing care.
A Continuing Care Retirement Community like
Panorama differs from other retirement housing options by
providing a continuum of housing, support services and
healthcare which is centrally planned, located and administered.
Application
Prospective residents who wish to apply at
Panorama complete an application form and submit it with a
$3,000 entrance fee. This fee is applied to the Entrance Fee
when a home is selected and guarantees that the Entrance Fee
and Monthly Charge are fixed for six months from the date of
selection. This fee will also ensure that the applicants are
placed on the appropriate waiting lists for homes of their
preference. If an application is not approved, the application
fee is refunded in full.
Entrance Fee
The Entrance Fee is
a one-time-only payment. It purchases a lifetime lease; the
right to live within Panorama for the remainder of your life.
The amount of the Entrance Fee is based upon the size of the residence and the location on
campus. Entrance Fees at Panorama range from $41,000 for a
studio apartment to $330,000 for a single family home on
Chambers Lake or McGandy Park.
(See
Rates and Fees)The actual amount may vary
depending on location and size. In a very real sense, the
Entrance Fee
effectively reduces the routine monthly fees.
Panorama's refund policy is simple.
Should you terminate your Panorama residency
during your first 67 months, a portion of your Entrance Fee
is returned to you.
Panorama amortizes the
Entrance Fee over
67 months and prorates your Entrance Fee at the rate of 1
1/2% per month. This rule also applies to termination in case of
death.
Compare the costs.
If you compare the costs of living at
Panorama with your present living costs, you'll find the charges
for Panorama very reasonable.
Monthly fees are set to pay for ongoing
expenses. Panorama's very competitive fees pay only for those
items that all residents use or benefit from. Do not confuse the
monthly fee with monthly rental or even a mortgage.
What's not included?
Just as important is what is not included!
Meals, routine housekeeping or personal care services such as
laundry are not included. Of course they are available, but
residents enjoy the freedom of choice and economy of choosing
when and where they eat or how they obtain these other services.
Monthly
Fees
Monthly fees are based on services the
residents use. Other services such as laundry, housekeeping,
home care or personal assistance are available to residents but
are only charged if the resident needs or wants those services.
This allows Panorama to have some of the lowest monthly
fees of any Retirement Community.
Monthly Fees Continued
The monthly charge should not be confused
with a conventional rent payment since it covers much more.
Outlined below is part of the long list of items included:
1. Residence of your
selection with senior friendly amenities
2. Electricity
3. Heat
4. Sewer
5. Water
6. Garbage and trash removal
7. Structure insurance
8. Basic telephone service
9. Basic cable and closed-circuit television
10. Uniformed security patrol
11. Security check of your residence during your absence
12. Medical emergency alert system
13. Up to 30 basic care prepaid days in Convalescent Center
14. Resident Services staff support
15. Program Director
-
Organized trips
-
Social/cultural events
-
Resident activities
16. Services and recreation facilities
-
Carpentry shop
-
Ceramic studio
-
Weaving room
-
Art studio
-
Handicraft room
-
Lapidary shop
-
TV studio
-
Exercise and fitness rooms
-
Library
-
Reading room
-
Inter-faith chapel
-
Auditorium/stage
-
Coffee bar
-
Resident lounges/meeting rooms
-
Pool tables
-
Pea-patch gardens
-
Pitch and putt golf course
-
Mini-bus to shopping centers and churches
-
RV parking with electric hook-up
-
Covered parking at residence
-
Private streets and pathways for walking on 140 level
acres
-
Full access to Aquatic and Fitness Center -
Computer
Center
17. Emergency maintenance, 24 hours a day, 7 days a week
18. Continuing maintenance and services
Residence Interior
-
Repair and service of major appliances
-
Repair of damage caused by appliances
-
Replacement of broken windows
-
Plumbing, mechanical, electrical repair
-
Ceiling light replacement
-
Smoke detector battery replacement
-
Repair of structural wear and tear
Residence Exterior
Optional Services
(these services incur additional cost)
-
Long-term care insurance
-
Meal program
-
Home care program
-
Medication program
-
Home therapies
-
City bus service
True
freedom of choice
Panorama residents enjoy true freedom of
choice in regard to many aspects of their lives. For example,
although Panorama enjoys its own full-service restaurant,
residents eat there by choice. There is no requirement nor a
monthly fee to eat in the restaurant.
For more information, contact us at
retire@panoramacity.org
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