Choosing a retirement community is a big decision - financially as well as emotionally. It’s important to understand what you’ll be paying and if you can afford it.
We’ve answered a few top questions about costs at Otterbein, our price points, what your financial options are, and more. Read on to hear the facts from LeeAnn Collins, Otterbein SeniorLife sales manager.
How Much Does Independent Living at Otterbein Cost?
There’s no one-size-fits-all answer to this question because Otterbein offers so many options. In fact, depending on the campus you choose, you’ll find a variety of home styles and models to fit any budget.
Otterbein SeniorLife provides a wide array of independent living residences, with monthly services fee prices ranging from as low as $1,314 to as high as $6,411. The services fees vary based on size, type of residence, location on campus, and which community in Ohio you choose.
There’s also an Otterbein community located in Franklin, Indiana, which is an entrance-fee only life plan community with low monthly service fees that offset the initial investment. Please contact the sales and marketing team at the community of your choice for more details.
“We look at each client and their financial picture because everyone’s in a different spot. We want to work with their assets and their income as much as we can,” said Collins.
Monthly fees at Otterbein cover all maintenance for homes, bills (including gas, water, electric, cable, and trash), taxes, access to community activities and events, and more.
What Are My Payment Options?
Otterbein offers three different payment options at each of its Ohio communities:
- A monthly services fee option to rent. This agreement option provides the services, amenities, and activities of the community with an all-inclusive, once-a-month fee. No entrance fee of any kind is required.
- A 100 percent refundable entrance fee. With this option - that isn’t offered by most other retirement communities - you’re eligible to receive 100 percent of your entrance fee back if you leave the community. This entrance fee also reduces the monthly services fee you’ll pay.
- A refundable life use fee (RLUF). Choose how much you want to invest as a down payment. The balance depreciates over the time you live at Otterbein and is not refundable, but the allowable credit will apply in all levels of care for as long as you reside in the community.
As you consider the cost of moving to Otterbein, it’s important to compare it with your current costs of living. For instance, you won’t have to pay separate bills for utilities and lawn care because those things are already included with your contract at Otterbein.
Download our free independent living cost comparison guide to learn more.
Can I Pay With Medicare and Medicaid?
Independent living (at communities across the country, not just at Otterbein) is private-pay only. Some residents make use of their long-term care insurance to pay for independent living services, but most pay out-of-pocket.
“We have clients that have long-term care insurance and those who don’t have it. It’s an individual choice,” said Collins.
However, if you move to Otterbein and eventually live in the skilled nursing center, Medicaid may cover a portion of your stay. And Medicare could help cover rehab stay costs. If you have questions about how these funding sources work, talk to one of our senior living counselors.
What’s the Value of Independent Living at Otterbein?
Besides the maintenance-free ease of life at Otterbein, there are also varying levels of care available right on campus.
That’s because Otterbein is a continuing care retirement community (CCRC). Our communities offer assisted living, skilled nursing, and more types of health care services.
You’ll also be a part of a non-profit community. All the revenue goes back into maintaining and improving Otterbein. And Otterbein has more control over reducing price increases as compared to a for-profit community.
“If you’re ever going to make a decision like this in your life, going with a CCRC is hands-down the most important,” said Collins.
Learn More About Independent Living at Otterbein
You have questions about life at Otterbein. We have answers.
Send a message to a senior life counselor at Otterbein to ask questions and learn more about our communities. We're always happy to help - just fill out our contact form and we'll be in touch soon.