Planning for retirement involves careful consideration of various financial aspects to ensure a comfortable and secure future.
One key element in this planning is understanding entrance fees. In this blog, you will find more information about entrance fees for retirement communities like Diakon Senior Living, including the different types of entrance fees and how living in a Life Plan Community, also known as a Continuing Care Retirement Community (CCRC), can benefit you!
Refundable Entrance Fees
Refundable entrance fees are a common structure in retirement living communities. You pay a one-time fee upfront, and if you leave the community, you can receive a portion of this fee back depending on the refundable option you choose and how long you have resided in the community. Many communities offer different options that allow you to receive anywhere from 0% – 100% of your entrance fee back once you are no longer living there.
Entrance Fee Tax Deductions
Understanding the tax implications of entrance fees, in addition to the types of contracts, is crucial for comprehensive retirement planning. Sometimes, a portion of the entrance fee is tax deductible. The portion that is tax deductible is often for medical expenses. It’s advisable to consult with a tax professional to explore potential deductions based on individual circumstances.
What Does an Entrance Fee Cover?
An entrance fee is an investment in peace of mind. It plays a pivotal role in securing a spot in a retirement community and often provides access to a continuum of care. This continuum of care may include independent living, personal care, memory care, rehabilitation and skilled nursing, ensuring that you have the support you need as your healthcare needs evolve.
Additionally, entrance fees contribute to maintaining the community’s infrastructure and amenities.
What is a Monthly Fee?
In addition to entrance fees, life plan communities typically charge a monthly fee. This fee covers various services and amenities, including maintenance, utilities, security and access to communal areas.
The monthly fee is an ongoing commitment that contributes to your overall well-being and comfort.
Unveiling the Perks of Life Plan Community Living
Moving to a Life Plan Community comes with many perks. From your day-to-day life to long-term care, you’ll have a retirement where you can flourish. Take a look at all the benefits of living in a Life Plan Community:
Maintenance-Free Living
A significant perk of living in a Life Plan Community is the embrace of maintenance-free living. You can bid farewell to the burdens of home maintenance because the community takes care of landscaping, repairs, and common area upkeep.
This liberating aspect enables you to focus on the social activities you love and relish every moment of your retirement without the stress of household chores.
Financial Predictability
Financial predictability is another advantage of a Life Plan Community, with clear fee structures that include entrance fees and monthly charges. This transparency allows you to plan your finances effectively, contributing to long-term financial security.
Knowing the costs upfront provides a peace of mind that extends to various aspects of retirement planning.
Healthcare Services
Healthcare security is paramount in a community like this, ensuring that healthcare services are readily available. Whether you require assistance with activities of daily living, medical care or specialized attention, the necessary support is just a step away.
This proactive approach to healthcare planning alleviates concerns about the uncertainties of aging, offering you and your family peace of mind for the future.
Varied Living Options
Life Plan Communities often offer diverse living options, from apartments to cottages. This flexibility allows you to choose living spaces that align with your preferences and needs. As lifestyles evolve, you have the freedom to adapt your living arrangements, ensuring your home grows with them. Communities like Diakon provide a holistic and person-centered approach to senior living.
With a commitment to a continuum of care, vibrant communities and an array of amenities, Life Plan Communities stand as a beacon of excellence in ensuring seniors experience the perks and peace of mind that this innovative living model can bring to their retirement years.
Connect with Diakon Senior Living Services
At Diakon Senior Living Services, our commitment to enhancing well-being goes beyond the present, ensuring a secure and fulfilling future. This approach empowers you to stay in control of your lifestyle, focusing on more energy, freedom, friends and peace of mind.
Diakon offers a full range of care and services on every campus, eliminating concerns about future healthcare needs. Our continuum of care provides residents with confidence as they navigate each stage of their retirement journey.
Beyond healthcare, Diakon cultivates vibrant communities that inspire vitality and offer more freedom. Residents enjoy the many activity options, which foster friendships and a fulfilling lifestyle tailored to individual interests.
Empowering Residents for Life’s Journey
At Diakon Senior Living Services, planning for the future means empowerment. Residents actively shape their destinies, making choices aligned with their preferences, ensuring the freedom to live on their terms.
Our communities are designed to infuse energy into every aspect of life, allowing residents to pursue passions and engage in activities they love. The camaraderie among residents creates a community of friends, contributing to a sense of belonging and fulfillment.
At the heart of our philosophy is providing greater peace of mind for the future. Diakon’s well-thought-out plan encompasses a continuum of care, vibrant lifestyle options and resident empowerment, ensuring graceful and confident aging. Diakon Senior Living Services offers more than residences – it provides an intelligent plan for the future. This plan prioritizes security, empowerment and a lifestyle that celebrates the joys of aging.
Join us on a journey where well-being knows no bounds and the future is embraced with open arms. Your future at Diakon Senior Living Services is a future that is well-lived.
Are you thinking about your future? You can start planning now. Find a Diakon Senior Living Services community near you to schedule a tour.
