Fort Washington Estates Pricing

When moving into a Continuing Care Retirement Community (CCRC), residents are typically required to pay an entrance fee. This upfront cost is intended to in part prepay for future healthcare needs at today's rates, protecting against rising healthcare costs in the years to come. The entrance fee also secures a residence within the community, acting as an investment in the resident’s future care and subsidizing the costs of higher levels of care, such as assisted living or skilled nursing. Residents enter the community while still independent, able to enjoy all the amenities it offers and an exceptional lifestyle. Should they later require a higher level of care such as assisted living, it will be provided on campus without any direct increase to their monthly fee. They have already covered these costs at current rates, shielding themselves from future financial uncertainty and inflation. The details and extent of coverage provided by the entrance fee can differ based on the chosen contract.

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

• Utilities such as water, standard cable television, and wireless internet
• Taxes like property taxes
• Maintenance including repairs, replacement of equipment, exterior cleaning, groundskeeping and lawn service, and snow removal
• Personal amenities including chef-prepared meals; recreation opportunities; social opportunities; educational and hobby opportunities; fitness, aquatics, and enrichment programs; 24-hour security; and local transportation
• Fort Washington Estates features a newly renovated resource center and café designed to foster fellowship and conversations.

Facing difficulties in paying the monthly fees for a Continuing Care Retirement Community (CCRC) can be a stressful concern, but there are options available should that happen.

Downsizing to a smaller living space within the community is one possible way to reduce expenses. Furthermore, many communities have benevolent funds designed to support residents who outlive their assets through no fault of their own, allowing them to stay in the community. When evaluating retirement communities, it is important to ask about their policies for residents who outlive their assets and whether they offer a benevolent fund. You can also ask the community about their financial review process, and if they offer the resident tips on budgeting and expenditures during their residency.

While Delaware and Florida are well-known retirement spots, Pennsylvania stands out as a more affordable option due to its lower cost of living and tax advantages. According to Yahoo Finance, you need about $817,000 in savings to retire comfortably in Pennsylvania. This can vary depending on your desired retirement lifestyle and goals.

Living costs in a retirement community in Pennsylvania depend on the type of care and the community itself. According to the National Investment Center for Seniors Housing & Care, the average monthly fee for a retirement community is $3,960. Pennsylvania is neither overly high nor overly low in terms of cost of living when compared to the rest of the country, and there is a fair range of variety available in retirement communities, from extremely high end down.

Pennsylvania is very tax-friendly towards retirees, as it exempts Social Security benefits and pensions for residents 60 and older from state income tax. Retirement income from traditional IRAs and 401(k)s is also tax-exempt. Also, with Pennsylvania's Property Tax/Rent Rebate Program, retirees can receive rebates between $380 and $1,000 for those who qualify and people with disabilities.

Many long-term medical expenses at a Continuing Care Retirement Community (CCRC) are built into your contract, so there's no need to figure out their tax deductibility. Additionally, residents who itemize deductions may be able to deduct a significant portion of their CCRC fees as prepaid medical expenses. This deduction applies to both the initial entrance fee and the recurring monthly fees.