MANCHESTER, N.H., April 2, 2019 /PRNewswire/ -- Birch Hill, Manchester's only Continuing Care Retirement Community (CCRC), and an affiliate of The RiverWoods Group, unveiled a new, limited-edition flexible contract today. This contract is the first of its kind in New England featuring greater flexibility and lower monthly cost.
"We created this new contract to respond directly to interest we had from prospective residents," said Linda Phypers, Executive Director of Birch Hill. "This provides greater predictability of costs, and the unique advantage of accessing your refundable assets during your lifetime."
CCRCs welcome people 62 years or older, to enter as independent residents. Once there, residents enjoy a variety of amenities from housekeeping, laundry service, dining, inside and outside maintenance to educational programs and exercise classes, while making friends and cultivating community engagement. As they age, if a resident needs a higher level of care, it is available to them within the same campus.
Several CCRCs in New Hampshire that offer a refundable contract provide a percentage of the original entrance fee to a resident's estate or to a resident, if they leave or when they pass away, and their home is resold.
The major innovation in Birch Hill's contract is that residents can access their refundable portion during their lifetime, to pay for health care fees.
The difference is in the details:
- Increased refundability: 70% vs. 50%
- Lower monthly independent living fees
- Lower monthly healthcare fees (if and when needed)
- The opportunity to maintain predictable cash flow through your lifetime
- The ability to access the 70% refundable entrance fee during your lifetime to pay health care costs
This contract option, which is being pioneered in New England by Birch Hill, delivers increased value for couples, increased predictability of cash flow, as well as greater flexibility for residents. Importantly, the ability to dip into the refundable entrance fee during your lifetime is a valuable asset.
Birch Hill is an affiliate of The RiverWoods Group (TRWG), the largest charitable non-profit family of CCRCs in New Hampshire. TRWG affiliates include RiverWoods Exeter, a charitable, nonprofit, nationally-accredited CCRC comprised of three vibrant campuses on 200 wooded acres in Exeter, New Hampshire, as well as RiverWoods Durham, the newest affiliate, opening in Durham in late 2019. For a primer on CCRCs, download the Insider's Guide to CCRCs at: https://riverwoodsrc.org/what-is-a-ccrc/
About Birch Hill
Birch Hill began in 1875 and has evolved through the decades to meet the changing needs of seniors in Manchester, NH. In 2009, the organization became a CCRC (Continuing Care Retirement Community), providing independent, assisted living, memory support and nursing care.
Vera Voce Communication
SOURCE The RiverWoods Group