Cokesbury Village Pricing

A Continuing Care Retirement Community (CCRC) entrance fee is an upfront payment required when residents move into the community. This fee, which can be quite substantial, often in the range of several hundred thousand dollars, is intended in part to cover future healthcare needs by locking in today’s rates, thereby helping residents avoid the impact of rising healthcare costs. In addition, the entrance fee secures the resident’s place within the community, acting as a financial investment in their future care. It also helps to offset the cost of more intensive care services, such as assisted living or skilled nursing, if those should become necessary.

Simply put, residents move into the community while still independent, ready to enjoy the various amenities. When a higher level of care is required, such as assisted living, it is provided on-site without a direct increase in their monthly fees. This structure allows residents to prepay for much of their long-term healthcare at current costs, protecting them against future inflation and financial unpredictability.

The exact terms and benefits of the entrance fee can vary depending on the type of contract selected.

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

• Utilities such as electric or natural gas, water, basic cable television, and wireless internet.
• Taxes, including property taxes.
• Maintenance services like repairs, equipment replacement, exterior cleaning, groundskeeping, lawn care, and snow removal.
• Personal services such as chef-prepared meals; access to recreation, fitness, and aquatics areas; enrichment programs; 24-hour security; around-the-clock access to resident nurses; a medical alert system; annual apartment inspections and cleaning; scheduled local transportation; extra storage; educational seminars, classes, and hobbies; and more.

If you or a loved one can no longer afford the monthly fees at a Continuing Care Retirement Community (CCRC), there are potential options to explore. These might include downsizing the resident’s living arrangement or seeking assistance from a community benevolent fund, if available.

A benevolent fund is designed to help ensure that residents can continue living in the community even if they run out of financial resources through no fault of their own. It’s advisable to ask about the community’s policies for residents who outlive their assets and whether a benevolent fund is offered.

Typically, a thorough financial assessment is conducted before residency, helping the resident plan for their future expenses.

In 2024, Delaware is ranked as the fourth-best state for retirement, primarily due to its exceptionally low tax burden, which includes the absence of estate and inheritance taxes. According to NetCredit, you would need just over $651,000 to retire comfortably in Delaware.

The cost of living in a Delaware retirement community varies based on the type of care and the specific community. According to the National Investment Center for Seniors Housing & Care, the average monthly cost nationwide is around $3,960. Thanks to good tax incentives and a reasonable cost of living, Delaware makes for a relatively strong retirement destination in terms of affordability. In Delaware, retirees have access to a wide array of lifestyle options, with retirement communities often nestled near scenic coastal areas, historic landmarks, and tax-free shopping hubs, making cultural experiences and outdoor activities readily available.

Retirees in Delaware benefit from a tax-friendly environment, with no sales tax and an exemption for Social Security benefits from state income taxes. Delaware also offers no inheritance or estate taxes, further reducing the tax burden. For other retirement income, such as pensions and 401(k) distributions, retirees aged 60 and older can exclude up to $12,500 from state taxes.

At a Continuing Care Retirement Community (CCRC), many long-term healthcare costs are included in your contract, simplifying the process of determining tax deductibility. Residents who itemize deductions can typically deduct a substantial portion of CCRC fees as prepaid medical expenses, including both the one-time entrance fee and the monthly fee.