FREQUENTLY ASKED QUESTIONS
Here are some answers to our most frequently asked questions about retirement communities, especially Parkshore -Seattle’s leading 62+ community. If you don’t find the answers you are looking for, just give us a call at(206) 207-6746, we’re here to help!
What is Parkshore?
Parkshore is a non-profit Continuing Care Retirement Community (CCRC) offering Independent Living, Assisted Living, Skilled Nursing and Rehabilitation. With over 50 years of experience, Transforming Age is the only multi-site, non-profit senior living organization in the Seattle area. Our vision is to create a thriving residential community with an excellence in products and services and to enrich the lives of our residents. Our goal is to provide unique amenities at each location to enrich your life. To promote a sense of community, a comprehensive program of activities is offered to keep residents socially engaged, entertained, and active. Restaurant-style dining is served in each of our communities and all offer a full health and wellness program to ensure optimal well-being.
What is a CCRC?
Continuing Care Retirement Communities are retirement communities with accommodations for independent living, assisted living, memory support (2019) and skilled nursing care, offering residents a tiered approach to a continuum of care to accommodate the aging process and the resident’s changing needs. Upon entering, health qualified residents can reside independently in single-family apartment homes. When (or if) assistance with everyday activities becomes necessary, they can move into assisted living or skilled nursing. CCRCs give residents the option to live in one community for the duration of their life, with a plan for future care if needed. CCRCs provide great levels of comfort to both the resident and their families as much of the stress of future caregiving has been removed. What a great plan for the resident, and what a wonderful gift to the family.
What is an Entrance Fee?
An Entrance Fee is a one-time lump sum that you pay to live in the community. Entrance Fees provide access to the entire community and all the services and amenities provided. Entrance Fees are determined by multiple variables: how many people are moving in (1 or 2), the square footage, location of apartment in the community, the view, upgrades, and the refundable option of the Entrance Fee. The one-time entrance fee for independent living apartments at Parkshore starts at about $400,000. As a non-profit community, Parkshore’s entrance fees stay in the community working on behalf of all the residents.
What does Amortization mean?
Amortization is an accounting term that refers to the process of allocations; the cost of an intangible asset (your entrance fee) over a period of time. Parkshore amortizes the non-refundable portion of entrance fees over 36 months.
What is a Monthly Services Fee, and what does it cover?
Often referred to as “my rent”, the monthly service fee is what is paid monthly for your apartment home. This monthly fee provides all the services and amenities of the community and your apartment home. The monthly service fee is determined by square footage of your apartment and the number of occupants. At Parkshore, the monthly service fee provides and includes the following: 30 or 31 chef-prepared meals served with stunning views of Lake Washington and Mt. Rainier, all utilities and maintenance, weekly housekeeping including linen service, cable TV, Wi-Fi and phone, fitness center complete with wellness programs, scheduled and personalized free transportation, and much more.
Is there a Refundable Entrance Fee Option?
Parkshore offers two Entrance Fee options: a traditional plan (0% refund after 36 months occupancy), and a 50% refund of the Entrance Fee. Traditional plans provide a lower Entrance Fee, a 50% refundable option is approximately 35% higher. Both Entrance Fee options provide a 90-day trial period. After the 90-day trial period, the Entrance Fee, whether non-refundable (0%) or refundable (50%,) is amortized during the first 36 months of occupancy. For additional questions, and details, please schedule a visit/tour or call.
What are the qualifications for living at Parkshore?
Residents must be 62 years of age and be able to meet the financial and health requirements as outlined in the Independent Living Residency Agreement. Health history, a cognitive test and your latest physical (not more than 3 months prior) are required with 10% Reservation deposit.
Are pets allowed?
Parkshore is a pet-friendly community that welcomes dogs, cats and fish for Independent Living Residents. There are no size limitations, but all pets must be reviewed by the Executive Director who determines acceptable pet residency. For the safety and comfort of all Residents and guests, you are responsible for your pet at all times and must adhere to the Parkshore Pet Policy. We recognize the companionship value of pets and are fortunate to be located in an ideal area for dog walking.
Is there a Parkshore Wait/Priority List?
Known as the Parkshore Lakeside Club, residents that aren’t quite ready to make a move immediately, or are ready but no apartments are available, can join our wait list. A fully refundable $1,000 deposit is required to join the Lakeside Club. The deposit can be refunded at any time for any reason. As a Parkshore Lakeside Club member, you will have priority access to apartment homes that come available according to the size and style you have chosen. As a member, you will receive seasonal newsletters and invites to Lakeside Club events.
What is the Next Step?
1. Schedule a visit and tour to meet with Parkshore experts – learn more about Parkshore.
2. Consider joining the Lakeside Club waitlist while you wait for the perfect time to move and/or apartment to become available. The marketing team will keep in touch with you.
3. Sign your Independent Living Residency Agreement.
4. Let the marketing team of Parkshore help you with some customization of your new home.
5. Move in and start enjoying Lakefront Living in beautiful Madison Park.