CONSUMER CHOICE
New LCS Hybrid Model Promotes Greater Financial Freedom
By Cynthia Helzel A Services (LCS) at
n innovative entry-level senior living option for active retirees is being introduced by Life Care their upscale Timber
Ridge at Talus continuing care retirement community (CCRC) in Issaquah, Wash. Dubbed “The Lofts at Timber Ridge,” the residences will offer small but sophis- ticated loft-style apartments for a reduced entry investment and lower monthly fees. As a hybrid of stand-alone apartments and traditional independent living residenc- es, The Lofts residences represent a new pathway to senior living. “The revolutionary part of the financial arrangement with The Lofts is that it’s a lower entry fee and the monthly fee is modest because it has a re- duced number of services that are available on an à la carte basis,” says Erik Gjullin, LCS corporate vice president and director of marketing and sales. “For the person who wants a pied-à-terre and then wants to go off and travel the world, they’re not paying for services that they’re not receiving.” That doesn’t mean residents of The Lofts
will be shortchanged when it comes to en- joying the amenities of the resort-style, Type A community. “Even though you’re paying a lower entry fee and a lower monthly fee, you still have access to all of the amenities of the community,” Gjullin says. “The Heal- thyLife® Services area that includes the pool, sauna, and the exercise and fitness room, and entertainment and educational oppor- tunities, all of that is included as if you were living there in a larger, more expensive home and paying the full freight.” The Lofts are intended for healthy, active
people who spend much of their time away from the community and therefore have a minimal need for its services. The minimum age for occupancy is 62; for a couple, one
44 SENIOR LIVING EXECUTIVE / ISSUE 5 2017
The Timber Ridge at Talus community, where the The Lofts will soon be under construction.
person must be at least that age while the other can be as young as 55. As residents age, they can easily transition to the full-ser- vice independent living apartments. The Lofts provide a relatively affordable
senior living option in the high-priced Se- attle area, says Timber Ridge marketing director Jill White. “We were excited to put The Lofts concept together because it is a more economical approach,” she says. “Our entry fees are 80% refundable, and the entry fee for The Lofts is 100% transferrable when they go up and into the community.” The entrance fee for a loft will be $275,000, compared with $395,000 for a full-scale independent living residence. Monthly fees will be lower as well—$2,250 for a 600 square foot residence at The Lofts versus $3,800 a month for a 700 square foot independent living residence.
Residents with significant financial re-
sources will have the freedom to use more of their assets for other purposes, such as travel or a second home, when they purchase a residence at The Lofts. They also have free- dom from worrying about what will happen to them as they age and need more assis- tance. “A resident of The Lofts is gaining access to a world-class community and is medically pre-qualified for our LifeCare® plan, which is a substantial underwriting of future long-term care costs,” White says. “It’s 10 times better than long-term care insurance, because it’s addressing where, and by whom, they would get their care.” White says the target resident for The
Lofts is a healthy, active single retiree who no longer wants the burden of caring for a home and yard or paying for upkeep and property taxes. “They’ve fallen out of love
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