FAQ About Continuing Care Retirement Communities
Read our frequently asked questions below about Continue Care Retirement Communities to learn more about the benefits of a CCRC.
WHAT IS A CONTINUING CARE RETIREMENT COMMUNITY (CCRC)?
Continuing care retirement communities, or CCRCs, offer independent living with a combination of a private residence, services and amenities and Lifecare in return for a monthly fee and an entrance fee. CCRCs offer services such as assisted living, Alzheimer’s/memory support care, skilled nursing care and rehabilitation services on site so that residents may continue to stay within the same community, close to their spouse, friends and neighbors, even as their care needs may change.
WHAT ARE THE BENEFITS OF A CONTINUING CARE RETIREMENT COMMUNITY?
Becoming a resident of a continuing care retirement community helps you enjoy today, knowing you’ve planned for tomorrow. Residents at CCRCs maintain their independent lifestyle and receive guaranteed high quality care as they age, with less worry about unexpected costs and less effort arranging for needed services.
WHAT IS LIFECARE?
Lifecare is the nation’s most secure retirement choice. A Continuing Care Retirement Community with life care offers services and amenities specifically designed to keep you healthy and independent longer. A unique benefit of Lifecare is the guarantee of unlimited, on-site long-term health care services, including private enriched housing (assisted living), memory care suites and skilled nursing care with private accommodations for as long as needed.
ARE THERE CCRC TAX BENEFITS?
The IRS considers part of your entrance fee and your monthly service fee for the continuing care retirement community prepaid medical expenses. Each year, Woodland Pond’s actuarial firm will calculate the cost to operate the Health Care Center as a percentage of the cost to manage the entire Community. You may deduct that percentage of your entrance fee (in the year paid) and that percentage of your monthly service fees as prepaid medical expense deductions on your federal tax return. NOTE: Please consult your tax advisor when preparing your taxes.
As we age, we find ourselves living more independently and less isolated than within our own home, with the Wellness Nurse and Resident Director ready to assist if the need arises.