The Financial Benefits of a CCRC
Over the past several years, continuing care retirement communities (CCRCs) have become a popular option for vibrant senior living. What is a CCRC? Also known as a life plan community, CCRCs provide a way for residents to truly “age in place.” They offer an array of living options, from spacious independent living cottages and apartments to supportive services like assisted living, memory support, skilled nursing care and rehabilitation for a full continuum of care. Residents enjoy life on their own terms, countless services and amenities for a maintenance-free lifestyle, and best of all, peace of mind for their future health needs.
Is a Continuing Care Retirement Community Right for You?
The general rule of thumb is the sooner you start planning for your future, the better. Most seniors have the notion that it’s most cost-effective to stay in their current homes, however, it’s important to consider all the costs involved with maintaining that home. Take a moment to calculate your current monthly expenses, including your mortgage, utilities, groceries, and health care costs. Don’t forget to add in big ticket repairs that could be on the horizon, like a new roof, driveway, windows or furnace. Often, just seeing the numbers in black and white is an eye-opening experience.
This is where the financial benefit of moving to a CCRC comes in. First of all, in a continuing care retirement community there are several different contract options to choose from. For example, as a Springpoint Senior Living community, The Moorings at Lewes offers two options designed to meet your specific financial goals. You can choose to pay less up front for greater liquidity with our traditional entrance fee, or go with our refundable entrance free, in which a portion of your principal returns to your estate.
Your monthly service fee then covers your utility and property taxes as well as a variety of amenities like dining, housekeeping, yardwork, social activities, fitness opportunities and more to provide truly carefree living. Financially, this makes managing expenses much easier, as your monthly costs are simplified. Every month, you’ll see predictable payments that are easily paid in one check.
There are some tax benefits to moving to a continuing care retirement community, too. Many new residents at a CCRC can qualify for a tax deduction on their entrance fee and monthly services fees. These fees are deductible due to the fact that they represent a charge or pre-payment for future health care, including assisted living or skilled nursing services. Talk to your accountant or tax advisor for more specific information about how much you could potentially save.
The Benefits of a Plan for Life
The entrance fees at CCRCs assure access to the entire continuum of care. What this means is that as a healthy, active senior you move into an independent living apartment or cottage, and then should your needs change, you’ll have access to a higher level of care, all without the worry of leaving the place you already call home.
Studies show that individuals who move to a continuing care retirement community when they are still independent are more likely to stay that way longer than those who choose to age in place in their homes. They enjoy maintenance-free living and a variety of other benefits, including:
- Opportunities to improve overall wellness. From onsite fitness classes, delicious dining options and a variety of life-enriching events and activities, CCRCs provide plenty of programming to ensure a healthy mind, body and spirit.
- Social activities to stay engaged in life. Continuing care retirement communities recognize that social wellness is key to your quality of life, and for this reason offer a wide variety of engaging social activities daily, weekly and monthly.
- The right level of care for everyone. There are incidences where one spouse is independent, requiring no assistance with daily activities, but perhaps the other needs some help with bathing or dressing. At a CCRC, spouses with differing needs can stay together, living in close proximity while receiving the services each needs to thrive.
- Peace of mind for loved ones. It’s all too common for adult children to become the primary caregiver to an aging parent, or for those who don’t live geographically close, adult children often feel guilty they can’t be there to assist their parent as much as they may need. Moving into a continuing care retirement community provides family members with the comfort of knowing their loved ones’ needs will be met through a comprehensive continuum of care.
The Moorings at Lewes: A Vibrant CCRC near the Delaware Beaches
You’ll enjoy an enriching lifestyle and a full continuum of care at The Moorings at Lewes, the only continuing care retirement community near the Delaware beaches. At our unique location in Lewes, you’ll find a variety of vibrant senior living options and life-enhancing services and amenities to keep you living your best life. We welcome you to experience our CCRC for yourself – please contact us today to schedule a personal tour.