Westminster Village Pricing

An entrance fee for a Continuing Care Retirement Community (CCRC) is an initial payment required from new residents when they move in. This fee, often amounting to several hundred thousand dollars, is designed in part to prepay future healthcare costs at current rates, thereby preventing higher expenses down the line. Additionally, the entrance fee secures a spot within the community and acts as an investment in the resident's long-term well-being, helping to cover the costs of more intensive care if needed.

Typically, residents join the community while they are still fully independent, allowing them to enjoy the various amenities offered. Should they need a higher level of care, such as assisted living, it is provided on-site without a direct increase in their monthly fees. The specific terms and benefits associated with the entrance fee vary depending on the type of contract selected.

The monthly fee covers a range of services and amenities, including:

• Utilities: Water, basic cable TV, and wireless internet.

• Taxes: Property taxes are incorporated into the monthly fee.

• Maintenance: This covers repairs, equipment replacement, exterior cleaning, groundskeeping, lawn service, and snow removal.

• Personal Services: Residents benefit from chef-prepared meals, access to recreational, fitness, and aquatic facilities, enrichment programs, 24-hour security, and 24/7 access to resident nurses. Other services include a medical alert system, annual apartment inspection and cleaning, scheduled local transportation, additional storage, educational seminars, classes, hobbies, and more.

If you or a family member find it difficult to cover the monthly fees for a Continuing Care Retirement Community (CCRC), consider downsizing your living space or exploring assistance from a community benevolence fund, if one is available. These alternatives can help ensure that residents can stay in the community even when their financial resources run low.

When researching retirement communities, it's important to ask about their policies for residents who exhaust their assets through no fault of their own, and whether a benevolence fund is provided for financial support.

According to NetCredit, you need just over $536,348 to retire comfortably in Alabama. 

The cost of living in a retirement community in Alabama varies based on the type of care and the particular community. According to the National Investment Center for Seniors Housing & Care, the average monthly expense for living in a retirement community nationwide is $3,960. Alabama boasts the fourth lowest cost of living in the United States, making it possibly more affordable to retire than other states.

Alabama is generally a tax-friendly state for retirees. First, there is no state income tax on Social Security benefits, regardless of income level. And retirement income such as 401(k) or IRA distributions are also exempt.

In a Continuing Care Retirement Community (CCRC), medical expenses are covered by your contract, so you don't have to figure out their tax deductibility. Additionally, residents who itemize deductions can claim a significant portion of CCRC costs as a prepaid medical expense, which includes both the initial entrance fee and the ongoing monthly fees.