Most people look forward to the retirement years as a time when you can finally enjoy carefree living, but the financial aspects of retirement can be stressful. How can moving to Montereau help? The financial benefits of a life plan community, also known as a continuing care retirement community, or CCRC, are often larger than you realize, from having predictable set costs in retirement to the potential tax benefits of a life plan community. Find out more to help you decide if your next address should be at Montereau.
1. Access to Home Equity
When you move from your current home to the Independent Living community at Montereau, selling your current home can make the move easier. The equity you have in your current home can help cover the entrance fee for your chosen life plan community. It can also help cover the moving costs and generally make the transition easier financially.
2. Predictable Set Costs in Retirement
One of the most helpful financial benefits of a life plan community is having predictable expenses. When you move to Montereau, you pay an entrance fee based on the type and size of the home you choose. You only pay the entrance fee once, and it's up to 90% refundable to you or your estate. Then, you pay a monthly fee, which can vary based on your chosen floor plan, how many people live in your home and the contract option you choose. We offer a financial calculator to help you find a good financial fit at Montereau.
This model means you know exactly what you'll pay each month. Life at Montereau is maintenance-free, with landscaping, home maintenance and repair and replacement of standard appliances included. Your utilities, except phone, and basic cable are also included. You never have to worry about an unexpected home repair or an unusually high utility bill. This can provide added peace of mind and make it easier to budget for other things like travel and hobbies.
3. Access to Other Healthcare Neighborhoods
Another one of the financial benefits of a life plan community is your access to other healthcare neighborhoods as your needs change. Your contract, along with your initial entrance fee, secures your spot within the community with guaranteed admittance to the other healthcare neighborhoods, including Assisted Living, Memory Care and Skilled Nursing. Like the Independent Living neighborhood, the other options offer a fixed monthly rate that keeps your expenses predictable. Plus, those costs are usually lower than the market rate for direct admission. By choosing Independent Living in a life plan community like Montereau, you're essentially securing your future with potentially lower costs when your needs change.
4. Tax Benefits of a Life Plan Community
Many seniors aren't aware of the tax benefits of a life plan community. Your entrance fee and monthly fees may be tax-deductible as medical expenses. This is only an option if you itemize your deductions on your income taxes. You'll see the greatest tax benefits of a life plan community in your first year when you can deduct a portion of the entrance fee. Each person's tax situation is unique, so consulting with your tax professional ensures you get personalized advice on how moving to a life plan community could affect your income taxes.
5. Included Amenities
Living in a life plan community, or CCRC, gives you access to a wide range of luxury amenities, all included in the fees you pay. For instance, residents of Montereau enjoy the following amenities and services:
This can save you significantly each month by eliminating the need for multiple memberships or additional paid services.
6. Overall Wellness
Montereau offers Vitality wellness programming to support your overall wellness. It incorporates social engagement, intellectual challenge, physical well-being, spiritual fulfillment and emotional health for a total wellness approach. The community fosters active lifestyles with walking trails and a fitness center to promote your physical health. Plus, the available healthcare neighborhoods, including short- and long-term rehabilitation, support your health needs at all stages of life. By living in a community that promotes wellness and offers easy access to healthcare, you can optimize your well-being, which could save on additional medical costs.
Visit Our Campus
From predictable costs to potential tax deductions, the financial benefits of a life plan community just make sense. The friendly staff at Montereau is ready to show you what's waiting. Call us at 918-495-1500 or schedule a tour to see the community for yourself.
Tuesday, June 20, 2023
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