Is a Concierge Lifestyle in a Retirement Community for You?
July 8, 2024
Concierge living retirement communities include a range of services provided to residents to help them live more comfortably and carefree. These services can vary from one community to another, but they aim to take everyday responsibilities off the hands of the residents.
Concierge Services May Include…
- Pet walking and pet care
- Reservations for events or restaurants
- Mailing services
- Packing services for new residents
Beyond these basic services, luxury assisted living facilities may offer a variety of additional concierge services to enhance the living experience of their residents. A number of them are listed below:
- Transportation Services: Many communities offer transportation services to their residents. This can include both local and long-distance transportation.
- Medical Assistance: Concierge services can provide medical assistance to residents, including arranging medical appointments and providing medical advice.
- Home Maintenance and Repair: Some communities offer home maintenance and repair services, which can be particularly helpful for residents who may find it difficult to manage these tasks on their own.
- Grocery Shopping and Meal Preparation: Many communities offer grocery shopping and meal preparation services. This can be a great convenience for residents who may find it challenging to manage these tasks.
- Companionship: Some communities offer companionship services to help residents feel more connected and less lonely.
- Specialized Care: Many assisted living communities offer specialized care services for residents with specific health conditions.
- Household Chores: Help with household chores is yet another service provided in some communities.
Benefits of Concierge Living…
- Socialization: Retirement communities often organize activities to bring people together, fostering social connection.
- Low Maintenance: As people age, managing all the maintenance of a home can become tiring or too difficult.
- Convenience and Time Saving: Concierge services relieve residents from time-consuming and bothersome tasks and errands.
- Personalized Assistance: With support tailored to suit the unique requirements of each individual.
- Sense of Security and Peace of Mind: Knowing that there is always someone available to assist with any needs or emergencies can be reassuring.
Overall, many retirees are drawn to specific retirement communities for the resort-style way of life they provide.
Possible Concerns With Concierge Living…
- The cost can be high compared to the average adult’s living expenses and can vary depending on how extensive the care is. On the other hand, monthly fees can include housing costs, meals, activities, and healthcare services.
- Most communities charge an initial entry fee that might be equivalent to the proceeds from a house or condominium sale.
- Personal Freedom: Some people may find the rules and regulations of a retirement community too restrictive.
Finding a Suitable Concierge Living Community…
- Identify Personal Needs: Determining personal needs or those of a loved one is critical to finding the appropriate retirement community. Factors to consider include medical care, transportation, meal services, and more.
- Research: Look for communities that offer the services required. Online resources like Care Finders Concierge and Concierge Care Advisors specialize in helping individuals find suitable senior living communities. Or simply type in retirement homes nearby for current listings.
- Visit the Communities: After compiling a shortlist, visit the communities in person. This provides an in-person feel for the environment and interaction with staff and residents.
- Ask Questions: Ask about the services provided, costs, activities for residents, and any other topics of concern.
- Consider the Location: The location of the community is critical. Consider its proximity to family, friends, and medical facilities.
- Check Reviews and Ratings: Look at reviews and ratings of the communities being considered. This can provide valuable information about the experiences and reactions of existing residents.
- Financial Considerations: Make sure to understand all the costs involved and check if they fit within your budget.
- Whether the search is personal or for a loved one, remember the goal is to find a community that feels comfortable, supportive, and offers plenty of opportunity for social engagement. It’s a big decision, so take the time to make the right choice.
Tax Benefits of Moving Into a Retirement Community…
There are, indeed, tax benefits associated with moving to a retirement community, particularly Continuing Care Retirement Communities (CCRC). Here’s how it works:
- Medical Expense Deductions: If medical expenses are more than 7.5 percent of adjusted gross income, you may be able to deduct some health care costs.
- Because CCRCs provide a full range of healthcare services, when residents enter a long-term contract with one of these facilities, they are contracting for future healthcare and qualify for tax rebates for prepaying for healthcare.
- If the CCRC’s entrance fee is non-refundable, the IRS considers a portion of that fee to be prepayment of medical expenses.
- If the entrance fee is refundable, the tax deduction only applies to the portion of the fee that is non-refundable.
- In addition, a portion of the monthly fee may also be deductible.
- States such as Florida, Georgia, the Carolinas, Delaware, and Pennsylvania are known to be tax-friendly and have some of the greatest CCRCs in the country.
- The exact percentage of CCRC fees that are tax-deductible varies from CCRC to CCRC. The CCRC is responsible for informing residents of the percentage of its fees that are for medical costs.
To take full advantage of potential tax benefits consult with a tax advisor or elder law attorney to understand how these potential tax benefits may apply.