Edgewater Pointe Estates Pricing

A Continuing Care Retirement Community (CCRC) entrance fee is an initial payment made by new residents upon moving into the community. This fee, which can amount to several hundred thousand dollars, is primarily intended to in part pre-fund future healthcare expenses at current rates, which helps to avoid higher unknown costs in the future. Additionally, the entrance fee guarantees a place to live within the community.

In essence, it serves as an investment in the resident's future well-being. Residents move in while they are still fully independent, ready to take advantage of the community's amenities. If a higher level of care such as assisted living becomes necessary, they receive such care on-site with no direct increase in their monthly fees.

The exact terms and benefits provided by the entrance fee can differ based on the chosen contract type.

The monthly fee covers a range of services and amenities, including but not limited to:

• Utilities such as electric or natural gas, water, basic cable TV, and wireless internet
• Property taxes and other related taxes
• Maintenance tasks like repairs, equipment replacement, exterior cleaning, groundskeeping, lawn care, and snow removal
• Personal services including chef-prepared meals; access to recreational, fitness, and aquatic facilities; enrichment programs; 24-hour security; round-the-clock access to resident nurses; a medical alert system; annual apartment inspection and cleaning; scheduled local transportation; additional storage; educational seminars, classes, hobbies, and more

If you or your loved one struggle to cover the monthly fees for a Continuing Care Retirement Community (CCRC), there are several potential solutions. One option is to downsize the living arrangement. Another possibility is to seek help from a community benevolent fund, if available, which can support residents in continuing their stay even if they outlive their assets through no fault of their own. When evaluating retirement communities, it's crucial to inquire about their policies for residents who outlive their assets and whether they provide a benevolent fund. A thorough financial assessment should also occur before residency, helping the resident prepare for budgeting expenses while a member of the community.

NetCredit estimates that you need a little more than $730,733 to retire comfortably in Florida.

The cost of a Florida retirement community varies based on the level of care required and the specific community selected. According to the National Investment Center for Seniors Housing & Care, the average monthly fee for such a community is $3,960. Additionally, Florida's overall cost of living tends to be relatively high, so this should be taken into account as well.

Overall, Florida is considered a tax-friendly state for retirees. To begin with, Florida does not impose a state income tax, and it also exempts Social Security benefits and retirement income, such as pensions and 401(k)s, from taxation. Additionally, there are no inheritance or estate taxes in Florida. However, property taxes in the state are higher than the national average, largely due to the costs associated with hurricane preparedness and recovery.

In a Continuing Care Retirement Community (CCRC), many long-term healthcare expenses are incorporated into your contract, so there's no need to figure out their tax deductibility. Additionally, residents who itemize deductions can deduct a significant portion of CCRC fees as prepaid medical expenses, including both the initial entrance fee and the monthly charges.