Country House Pricing

A Continuing Care Retirement Community (CCRC) entrance fee is an initial payment made by new residents when they join the community. This fee, which can amount to several hundred thousand dollars, is primarily intended to prepay in part for future healthcare services at current prices, helping residents avoid the impact of inflation on healthcare costs in the years to come. The entrance fee also secures a living space within the community, meaning it acts as a financial commitment to the resident’s future care. It helps to subsidize the cost of more intensive care services, such as assisted living or skilled nursing, should they become necessary.

In other words, residents move in while they are still independent and able to enjoy the community’s amenities. If they later require a higher level of care, such as assisted living, that care is provided on-site without directly increasing their monthly fee. This arrangement allows residents to prepay much of their long-term healthcare costs at today’s rates, avoiding the uncertainties of future price increases.

The exact terms and coverage of the entrance fee can vary depending on the type of contract chosen.

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

• Utilities like electricity or natural gas, water, standard cable television, and wireless internet. 

• Property taxes and other applicable taxes. 

• Maintenance services including repairs, replacement of equipment, exterior cleaning, groundskeeping, and snow removal. 

• Personal services such as chef-prepared meals, recreational and fitness opportunities, swimming pools, enrichment programs, 24-hour security, and more. 

If you or a loved one find yourselves unable to pay the monthly fees at a Continuing Care Retirement Community (CCRC), there are several possible solutions. These may include downsizing the living arrangement or seeking help from a community benevolent fund, if one is available.

Such funds are intended to ensure that residents can continue to live in the community even if they outlive their financial resources through no fault of their own. It’s advisable to inquire about the community’s policies for residents who outlive their assets and whether a benevolent fund is offered.

A comprehensive financial assessment is typically conducted before residency to help the resident plan for their financial future in the community.

In 2024, Delaware is ranked as the fourth-best state for retirement, largely thanks to its minimal tax burden, highlighted by the absence of both estate and inheritance taxes. According to NetCredit, an individual would need just over $651,000 to retire comfortably in Delaware.

The cost of living in a retirement community in Delaware varies depending on the type of care provided and the specific community. According to the National Investment Center for Seniors Housing & Care, the average monthly cost nationwide is approximately $3,960. Delaware’s costs can vary based on the cost of living compared to other states, but the First State provides retirees with a range of lifestyle choices, with many communities located close to picturesque coastlines, quaint historic towns, and tax-free shopping centers, ensuring easy access to a variety of cultural and recreational opportunities.

Delaware offers retirees a highly favorable tax landscape, with no state sales tax and no taxes on Social Security benefits. The state also does not impose inheritance or estate taxes, providing additional financial relief. For other retirement income, including pensions and 401(k) withdrawals, residents aged 60 and above can exclude up to $12,500 from their taxable income. Delaware’s low property taxes further enhance its appeal, making it a cost-effective place for retirees to settle.

In a Continuing Care Retirement Community (CCRC), many long-term healthcare expenses are covered by your contract, simplifying the process of determining what is tax deductible. Residents who itemize deductions can often deduct a significant portion of their CCRC fees as prepaid medical expenses, including both the one-time entrance fee and the monthly fee.