There are so many reasons to join a retirement community such as Montereau. The lifestyle benefits of an Independent Living community are too numerous to quantify—from the active social life to the wellness amenities to the truly maintenance-free residences. While the lifestyle benefits are an important draw, the financial benefits of a Life Plan Community make the decision a no-brainer.
“We’ve had so many residents thank us for the peace of mind they have at Montereau,” said Jamie Townsend, Director of Marketing. “They know that when they move into our Independent Living neighborhood, they will be taken care of for life.”
First, Montereau offers maintenance-free living, so the team here takes care of everything from lawn care to gutters to upkeep and repairs. The real benefit, however, is Montereau’s continuum of health services: Assisted Living, Memory Care and Long-Term or Skilled Care. Should a resident’s needs ever change, our health care neighborhoods are here around the clock with the assistance they need.
“A lot of our residents cite the value to their families,” Jamie said. “When everything is taken care of, when you have a plan in place as you age, your loved ones have peace of mind knowing they don’t have to worry about something happening in the middle of the night. If you fall or get sick, assistance is here. That’s a tremendous relief for families.”
The Financial Picture of a Life Plan Community
Most people researching senior living communities want to know how much it costs. That is an important consideration, but it’s equally important to ask, “How much is this saving me?”
Every community’s fees and fee structures are different. At Montereau, most residents join with an upfront entrance fee that buys into the community. From there, residents pay a monthly fee based on the type of residence they have.
When you meet with a team member at Montereau, we lay out the costs and benefits so you can get an apples-to-apples picture of what you are getting. You have the freedom of choice with our generous selection of different contract options, thoughtfully designed to offer the best options for all unique scenarios.
Many people look at monthly fees without considering the maintenance savings they enjoy month-to-month. There will never be need to pay for a new roof or water heater. Likewise, lawn care, utilities and other costs are rolled into our pricing. A comprehensive price comparison will help you make an informed decision.
One valuable benefit of joining our Independent Living neighborhood is that we are a Life Care community. Life Care is a financial option where you pay an entrance fee, but you will have guaranteed admittance to our Assisted Living or other supportive care neighborhoods—and at price well below market rate.
Older adults (and their families) often have trouble finding space in a good Assisted Living or Memory Care neighborhood when they wait until the need is there—and if they can find space, prices often are higher than expected. A Life Care contract today offers security for the future on both counts.
Tax Benefits of Senior Living?
When researching your retirement options, the peace of mind and security of a Life Plan Community may be invaluable, but be sure you don’t overlook the potential tax benefits. We recommend you meet with your tax adviser or financial planner to discuss your options, as everyone’s situation is different.
Big picture, however, when you join a Life Plan Community, you often pay two fees: an entrance fee to get into the community, and then a monthly fee for services. Because Montereau offers a variety of health services as part of the offerings, you may be able to write off some of your fees as medical expenses. Under US tax code, if more than 7.5% of your adjusted gross income is paid to cover medical expenses, you may be able to deduct some of those costs.
You should check with your financial planner to see if the entrance fee counts as an investment in future medical expenses—and thus might be eligible for a tax deduction. Additionally, a portion of your monthly fees—which support operational costs of the community—may be eligible for a tax deduction.
What About CCRCs and Vet Benefits?
If you are a veteran, you may have additional options to help you pay for care in a Life Plan Community—particularly if you are researching our health care neighborhoods. Veterans Aid (VA) benefits can be used to pay for fees for assisted living and long-term care.
We recommend reading through this information from the Department of Veterans Affairs, which outlines the long-term care options available to disabled veterans. If you are signed up for VA health care, the VA benefits may cover nursing care, physical therapy, help with daily tasks, and other services traditionally covered by assisted living or long-term nursing care.
Contact Us to Discuss Your Options
At Montereau, we pride ourselves in delivering resort-style service—and this service starts before you move in. Our team is here to help you navigate your options so that you do what’s best for yourself and your family. To discuss your plans or schedule a consultation, contact us today!
Saturday, March 11, 2023
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