Manor House Pricing

A Continuing Care Retirement Community (CCRC) entrance fee is a substantial upfront payment made when residents join the community. This fee, which can range into the hundreds of thousands of dollars, is intended to prepay in part for future healthcare services at today’s prices. The point of this is to protect residents from the effects of inflation on healthcare costs. In addition to securing a place in the community, the entrance fee also serves as an investment in the resident’s future care, helping to cover the costs of more intensive care services like assisted living or skilled nursing, should those needs arise.

In essence, residents move in while they are still fully independent and able to enjoy the community’s amenities. If they later require a higher level of care, such as assisted living, that care is provided on-site without a direct increase in their monthly fees. This structure allows residents to prepay for a significant portion of their long-term healthcare needs at current rates, avoiding the uncertainties of future price increases.

The specific terms and benefits associated with the entrance fee can vary based on the contract chosen.

The monthly fee typically covers a broad range of services and amenities, including:

• Utilities like electricity or natural gas, water, standard cable television, and wireless internet.

• Property taxes and other related taxes.

• Maintenance services, including repairs, equipment replacement, exterior cleaning, groundskeeping, and snow removal.

• Personal services, including chef-prepared meals, recreational and fitness activities, swimming pools, enrichment programs, 24-hour security, and more.

If you or a loved one are no longer able to afford the monthly fees at a Continuing Care Retirement Community (CCRC), there are options available. These might include downsizing the living arrangement or seeking assistance from a community benevolent fund, if one exists. Such funds are designed to ensure that residents can continue to live in the community even if they exhaust their financial resources through no fault of their own. It’s important to ask about the community’s policies for residents who outlive their assets and whether a benevolent fund is offered. Typically, a thorough financial assessment is conducted before residency to help residents plan for their financial future within the community.

Delaware is ranked as the fourth-best state for retirement in 2024, driven by its extremely low tax burden, which notably excludes estate and inheritance taxes. According to NetCredit, an individual would need just over $651,000 to retire comfortably in Delaware.

The cost of living in a retirement community in Delaware can vary depending on the type of care and the specific community. According to the National Investment Center for Seniors Housing & Care, the average monthly cost nationwide is approximately $3,960. Delaware makes for a relatively strong retirement destination in terms of affordability. Retirees in Delaware can enjoy diverse lifestyle options, with communities frequently situated near beautiful coastlines, charming historic towns, and tax-free shopping areas, offering convenient access to cultural attractions and outdoor leisure activities. 

Retirees in Delaware enjoy several tax advantages, including no sales tax and exemption from state taxes on Social Security benefits. The state also does not levy inheritance or estate taxes, easing the financial burden on retirees. For other types of retirement income, like pensions and 401(k) distributions, Delaware allows residents aged 60 and older to exclude up to $12,500 from state taxation.

In a Continuing Care Retirement Community (CCRC), many long-term healthcare costs are incorporated into your contract, making it easier to determine what is tax deductible. Residents who itemize deductions can often deduct a large portion of their CCRC fees as prepaid medical expenses, including both the entrance fee and the monthly fee.