How Continuing Care CCRC Costs Actually Save You Money
Comprehensive Services Included
When you pay for a CCRC, you're not just paying for a place to live; you're investing in a lifestyle. The monthly fees often cover a wide range of services, including meals, housekeeping, transportation, fitness programs, and social activities. These services not only enhance quality of life but also eliminate many of the costs associated with home maintenance and transportation, leading to further savings3.
Tax Advantages
Another financial benefit of CCRCs is the potential for tax deductions. A portion of the entrance fee and monthly fees might be tax-deductible as medical expenses. This can provide significant savings, especially for those in higher tax brackets. It's advisable to consult with a tax professional to understand how these deductions can apply to your specific situation4.