Henry ford retirement community

Average Room Pricing at Henry Ford Village

Disclaimer: The prices, amenities, features and care offered at senior communities are all subject to change; therefore information on this community profile may be out of date. Please note the costs per community are rough estimates; actual costs may vary depending on special offers and discounts, additional fees for services and care, and availability.

Estimated Fees at Henry Ford Village

Disclaimer: The prices, amenities, features and care offered at senior communities are all subject to change; therefore information on this community profile may be out of date. Please note the costs per community are rough estimates; actual costs may vary depending on special offers and discounts, additional fees for services and care, and availability.

Paying for care

Commercial Insurance

Private pay

Social Security

Separate pricing structure for care

Veteran's benefits

A New York firm has won an auction to buy the 1,unit Henry Ford Village retirement community in Dearborn out of bankruptcy and intends to pay a portion of current residents' refundable entrance fee deposits that bankruptcy had put at risk.

The village announced Thursday that Sage Healthcare Partners won the auction with a $ million bid, beating a $69 million offer from MED Healthcare Partners, the only other bidder.

The deal is still subject to U.S. Bankruptcy Court approval and is scheduled for a May 24 hearing. Sage plans to continue operating the village, but will convert it to a "rental only" residential model and stop the entrance fee deposits.

Henry Ford Village,  Ford Road near the birthplace of Henry Ford, declared Chapter 11 bankruptcy Oct. 28, citing as its biggest financial challenge the liability associated with the entrance fee deposits, which range from $27, to $, and can be refundable when a resident moves out or dies.

The deposits were supposed to be % refundable and totaled more than $ million for current residents, as well as some former residents and their heirs who are still waiting to get deposits back. 

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But the village struggled in recent years to make good on the refunds because its occupancy rate has slumped — especially during the COVID pandemic — and it depended on new deposits from incoming residents to pay out those of former residents.

More:Henry Ford Village bankruptcy puts seniors' deposits at risk. Here's why they are worried

The proposed Sage deal does not give former residents or former residents' heirs any deposit refunds.

Instead, they would be treated as unsecured creditors in the village's ongoing bankruptcy case, and may eventually receive some compensation for their unrefunded deposits.

The deal would allow current residents to become eligible to get a percentage of their entrance

Henry Ford Village, a 1,bed nonprofit continuing care retirement community (CCRC), has filed for Chapter 11 bankruptcy protection.

The spectre of financial distress has loomed over the senior living industry since Covid began sweeping across the United States last spring, placing providers under enormous operational and financial pressure. Providers that were strained prior to the pandemic have been particularly vulnerable. Henry Ford Village is another case in point, as Covid compounded existing financial challenges and created a “perfect storm” for the CCRC, according to court documents.

The CCRC campus is located on the site of Henry Ford’s birthplace in Dearborn, Michigan. The community was originally developed by Erickson Retirement Communities in the early s, and was acquired by Henry Ford Village (HFV) in Des Moines, Iowa-based Life Care Services started operating the CCRC in and is still the management company.

Over the years, a number of challenges beset Henry Ford Village, which led to mounting entrance fee liabilities, according to the Chapter 11 documents. These challenges included increased competition; the housing crisis and Great Recession; and the bankruptcies of General Motors and Chrysler, which decreased the number of older adults who were able to sell their homes and move to HFV.

Henry Ford Village began facing legal actions from parties seeking repayment of their refundable entrance fees. A class action that was filed in resulted in a settlement agreement that was reached in principle in , under which HFV and other defendants were to pay $,

Such was the situation when Covid struck. As the pandemic disrupted the capital markets, HFV was not able to complete a planned refinancing, while Covid also drove up operational costs and hurt occupancy. In early October, HFV received a notice of default on its bond obligations. HFV filed a motion seeking relief from paying the class action settlement, and the court denied that motion o

Recently, I had the pleasure of speaking with two residents of Henry Ford Village (HFV) in Dearborn, Michigan. Let’s call them Dan and Mary. They were not a couple but had become friends over their time living in this continuing care retirement community (CCRC, or life plan community).

I asked Dan and Mary the two question I often ask residents of the CCRCs I visit: “How long have you lived here” and “How do you like it?” Dan had lived there for about five years, and I think it was three or four for Mary.

When I asked how they like it Dan responded first by saying, “I love it. This place is made for me.” When I asked why, he described how it has everything he could ever want. He is particularly big into fitness, so he really liked jogging and being involved in the wellness programs. This wasn’t a surprise because I could tell by looking at him that he was in spectacular physical condition. But then he said something that really stood out to me.

>> Related: How Do I Know If I’ll Be Happy Living in This CCRC?

“The best thing about HFV,” said Dan, “is the smiling faces.” He talked about how it sometimes takes him 30 minutes just to walk from his home to the main building because he stops and talks with so many of his friends along the way.

It was about this time that Mary jumped right in. She explained that when she was in her early twenties, she was into photography and even photographed a few weddings back then, but had not done much with a camera in decades until she moved to HFV. As she described how much she is doing with photography now, it became clear to me.

The reason she can focus on photography now is because she finally has the time. She isn’t distracted with home maintenance, housekeeping, groceries, and more tasks and chores that used to take up so much of her time. She is free to do what she wants to do and not what she has to do.

>> Related:New Study Shows CCRC Residents ARE H