Planning Financially for a Move to a Retirement Community
If you or someone you love is thinking about moving to a senior living community like Duncaster, financial details are most likely top of mind. And because senior living communities all price their services and amenities differently, it’s necessary to take a closer look.
For example, meals, utilities, landscaping, and maintenance are all included in the base fee while laundry, housekeeping, and transportation may or may not be. And you should consider the expenses you’ll no longer have like homeowners’ insurance, home maintenance and repairs, and property taxes.
Here are a few more financial details to consider if you’re thinking about a move:
Costs: Understand all costs you are likely to incur each month. Charges in addition to the monthly fee will vary based on your individual needs.
Rate changes: As community expenses increase, so will monthly fees. Ask about typical rate increases, their frequency, if there’s a cap on how high it can be, and how much notice you will be given prior to the change.
When needs change: Understand costs associated with higher levels of care. If additional support is needed, be sure the increase in cost would remain financially feasible.
Contract: Ask for copies of the residency agreement and financial documents you will be required to sign so you can review them ahead of time–preferable with an attorney experienced in aging services.
Elder care planning: If you haven’t already done so, work with an attorney to create advanced directives, a will, a power of attorney, and other necessary legal and financial documents.
Tax deductibility: Talk with your tax advisor to see if you qualify for a deduction.