The Financial Review Process Demystified

For anyone thinking of joining the Kendal at Lexington community, there are a lot of options to consider. Kendal has a lot to offer: beautiful campus, wide range of activities and cultural outings, friendly atmosphere, and learning opportunities, not to mention the full continuum of care. Kendal at Lexington aims to make the decision process smooth by clarifying which options are the best fit for each resident.

Prospective residents are first encouraged to speak to the Marketing Department to learn about the various residential options offered and entrance and monthly fees for these apartments and cottages.  Part of the discussion will be about finances, as Kendal at Lexington requires residents to be financially approved before making Kendal their home. One tool the marketing team offers is a Simple Worksheet to help prospective residents understand how their finances match up with the type of floorplan they are interested in. Kendal’s Marketing Director, Jessica Buhler, aims to make that first part of the process “quick and easy.”

Oftentimes, the journey includes a lot of discussion, Q&A’s, tours and visits.  Once a prospective resident determines that Kendal is in fact where they would like to live, and an apartment or cottage becomes available, they would make a reservation (put down a deposit) on the residence.  At this point, the prospective resident works with the Marketing Department and Kendal at Lexington’s Finance Manager, Felicia Bush, on a full financial consideration. This process involves filling out a longer form looking at one’s financial situation in greater detail. All of the information is kept strictly confidential.

Felicia will then put the financial information into an actuarial program. According to Jessica, “The form captures detailed information on whether finances match up with a particular apartment or cottage, and that is where the prospective resident(s) would get their official approval for admission to Kendal.” She adds that during this process , they are also discussing contract options – a full life contract or modified contract – and refund options.

In discussing the necessity of running the full financial review, Felicia explained, “What we are really doing is protecting the folks that live here. We promise that we can take care of them for the rest of their lives.” It is important that as a non-profit, the organization does not take on any undue risk. Felicia finds that checking finances in this manner can be an educational tool for prospective residents to become fully aware of their financial situation. If one’s finances are fairly straightforward, the form could be filled out in as little as half an hour, but people with more complicated situations could need a few hours. Sometimes prospective residents will share it with their financial planner or accountant.

During this process, Felicia looks through the financial documents and may ask some basic questions. In addition to income and assets, she is also considering the age and gender of the prospective residents. The type of residence is also a factor – a studio has a lower entrance fee than a larger apartment.

Hardin Marion is a Kendal resident who recently went through this process. A lawyer with a 40-year career in Baltimore, Hardin and his wife, Heather, moved to Kendal about 2.5 years ago. According to Hardin, the process was extremely easy. “I know what my assets are, and I have almost no liabilities. It was pretty easy to deal with. If you know what your finances are and what they are all about, it shouldn’t be hard at all.”

Hardin adds that everyone is different with how they deal with their money and financial circumstances. Some people may benefit from discussing their finances with someone they trust, such as a tax accountant or friend, for help going through the process.

“Kendal is a wonderful place,” he said, “and whatever paperwork is required to go through, it is worth it to be here.”

Anyone interested in learning more can contact the marketing team at (540) 463-1910.