Moving into a lifeplan community is a big life transition for many older adults. This upcoming change can bring with it hesitancy and many questions. At Harbor’s Edge, we can provide guidance and direction to help you evaluate your options.
One of the largest concerns many prospective residents have are the costs associated with a move to a community. Can I really afford to move into a CCRC? What are the different payment structures and which is the best fit for me? Can I use my long-term care insurance?
Working with our unique financial calculator, our sales team can help you learn more about the financial investment associated with moving to Harbor’s Edge. With this financial fit calculator from MoneyGauge, you can get a personalized affordability assessment in just minutes.
Using MoneyGauge, you can plan for different future scenarios so you can make the best decision about which type of contract is best for your situation.
With Tax Day coming up soon, you may also be wondering how this move will impact your taxes. Is any part of the cost of a CCRC tax deductible? In collaboration with tools like MoneyGauge and your tax professional, you can get many of your questions answered so you feel confident in your decision to make the move.
Depending on your financial situation, there are significant tax advantages that come with living in a life plan community which you may not be aware of. A portion of the cost of care costs associated with living in a lifeplan community can be considered a pre-paid medical expense – like the costs incurred in Assisted Living, Memory Support, and Long-Term Care – and is often deductible.
Our Lifecare contract may also allow you to deduct up to 35% of the entrance fee in year one, making the move to Harbor’s Edge even more financially appealing.
Talking to one of our experienced retirement counselors will help you better understand the extended value residents living at Harbor’s Edge experience every day.
