It's no secret, most folks in Corpus Christi have heard about Mirador's requirement for an Entrance Fee to move into the Independent Living apartments. Unfortunately, that's where their research takes a screeching halt. Sure, we get it, at first glance asking for a sizeable upfront fee is indeed shocking. But it requires a deeper look to truly understand all that the Entrance Fee provides and how it is likened to an insurance policy for future care. Also, Mirador offers the only contract of this kind in the Coastal Bend area.
Here are the top things you need to know about Mirador's Entrance Fee:
1. Entrance Fees are lower than the average home value in Corpus Christi
Mirador's entrance fees start at roughly $150,000 and go up from there, based on the floorplan a resident may choose. The price is lower than the average home value in the Corpus Christi market according to local news station, KIII, in April of 2023 stating the average home was priced at roughly $265,000. Typically, in most markets, Entrance Fees mirror the price of homes in the area, however, it is notable that Mirador’s Entrance Fee pricing falls below that threshold and are also among the most affordable Entrance Fee pricing in the country when paired with a LifeCare Benefit.
2. Entrance Fees are largely refundable
While it may feel like a large amount of money to part with, the Entrance Fees are largely refundable, either 70% for couples, or 80% for a single person.
3. Entrance Fees secure a LifeCare Benefit
The reason why an elder may wish to pay this up-front fee has very little to do with the apartment and more to do with the LifeCare Benefit that comes along with their residency. The probability of future care is very high, with an estimated 70% of seniors over the age of 65 needing Skilled Nursing care at some point in their life. Many well-planned seniors have lost much of their estate unexpectedly when care became an unavoidable necessity.
With the cost of Skilled Nursing Care tipping the scales at nearly $10,000 per month, specialized Memory Support costing $6,500+ per month and Assisted Living ballooning to over $5,000+ per month, future care is arguably the most common way for seniors to outlive their resources. This is why Mirador’s LifeCare Benefit is life changing for the seniors of Corpus Christi.
Mirador residents not only have guaranteed access to any level of care they need, but they will not be susceptible to the full price of this care. Instead, they have what’s called an ‘Equalized Rate.’ This means they will pay a predictable fee for whatever care they need down the road.
Today that rate is $4533 per month. If they need assisted living- $4533, if they need Memory Support- $4533, if they need Skilled Nursing- $4533. It’s that simple, and that’s why Mirador’s LifeCare Benefit is likened to an insurance plan that is paired with residency. Seniors who are interested in estate preservation are investing in the LifeCare Benefit as a way to accomplish just that. The plan is especially attractive to those who have missed the window of opportunity to purchase a Long-Term-Care Insurance plan and find themselves highly susceptible to the financial impact of future care costs. (Rates in Independent Living start at $3235 per month and up, depending on the floorplan selected. The Equalized Rate only begins when care is needed.)
When you consider the expense of future care, the largely refundable Entrance Fee comes into crystal clear focus. The value of a having a predictable Equalized Rate, no matter what the future may hold brings the highest value there is…peace-of-mind.