Lantern Hill’s New Financial Structure Offers Significant Savings

By Gregory J. Alexander

“I wanted peace of mind, for both me and my children. At Lantern Hill, I have that, and more!” says Steve Heller, who moved to the Erickson Senior Living community in New Providence, N.J., in January.

Drawn to the community’s continuing care neighborhood, Steve knew that–if or when he needed support in the future–he would be well-taken care of.

“I live independently now, but if I ever need more health care services, they will be available right here,” he explains. “I didn’t want to rely on my family, and now I won’t have to.”

Since settling into his apartment home, Steve has made the most of his worry-free lifestyle by spending plenty of time with his grandchildren, who live just 15 minutes away.

After discovering Lantern Hill, Steve joined the Priority List to learn more about the community’s amenities and services. By becoming a Priority List member, he also gained right of first refusal on desired apartment homes and access to realty and moving services.

Leading up to his move, he stayed in touch with Sales Counselor Carlos Aguilera to explore the floor plan and pricing options that worked best for him.

“Ultimately, I chose a one-bedroom apartment home with a den,” says Steve. “I loved the size and scope of the floor plan. It’s very open, with lots of natural light.”

Making a decision

Steve also took advantage of the 80% refundable entrance fee*–a new financial structure that reduces the cost of the monthly service package, which covers everything from cable TV, telephone, and Wi-Fi to utilities and maintenance.

“In fact, the 80% refundable entrance fee was a primary driver of my decision to move to Lantern Hill,” he says.

The onetime entrance fee secures your apartment home and is 80% refundable to you or your beneficiaries, if or when you leave the community.

“For years, we had only offered the 90% refundable entrance fee,” says Joe Pisano, finance director Erickson Senior Living.

“If you are in your 70s or early 80s and in great health, it may make sense financially to take advantage of the lower monthly service package that the 80% refundable entrance fee offers.”

He adds, “With this new model, residents can keep more money in the bank–and use it to do things they love, like traveling!”

If a resident needs a higher level of care and moves to the community’s continuing care neighborhood, they can access 80% of the entrance fee funds to pay for qualified continuing care expenses if they have exhausted their other assets.

Current residents were offered the chance to change to the 80% refundable entrance fee or stay with the 90% model last year.

“I met with residents who were interested in learning more about the change,” he notes. “Each person’s situation is unique, so we discussed what works best for them.”

Pisano notes that the new financial structure, which is now standard, will ensure that more people who want to move to the community can afford to do so.

A smooth move

After solidifying his floor plan decision, Steve was ready to call Lantern Hill home. To ensure a smooth move, he connected with the community’s preferred realty and moving vendors.

“I used one of the recommended real estate agents, and the process couldn’t have gone any better,” he says. “We had 30 showings and four offers. My house sold over asking price in one week! I couldn’t believe it.”

Now, not even six months later, Steve has made lots of friends and gotten involved on campus.

“When I looked around at other retirement communities in the northern New Jersey area, the amenities at Lantern Hill were far superior,” he notes, pointing to the community’s multiple on-site restaurants, fitness and aquatics center, and bocce courts–all of which he enjoys for less.

Out and about

And he’s happy putting those savings to work, visiting places nearby with his grandkids.

“I know the New Providence area pretty well. I was an engineer at Bell Labs, which is right across the street from Lantern Hill,” says Steve. Bell Telephone Laboratories, Inc., commonly referred to as Bell Labs, is a research and scientific development company now called Nokia Bell Labs.

“It’s a full-circle moment, living so close to where I worked,” he adds. “There are lots of other residents who worked at Bell Labs too. We love reminiscing together!”

To learn more about senior living at this vibrant community, request your free brochure to get the scoop on amenities, floor plans, and so much more.

*As per the Residence and Care Agreement.