Lanier Village Estates Pricing

An entrance fee for a Continuing Care Retirement Community (CCRC) is an initial payment made by residents upon joining the community. This fee, which can reach several hundred thousand dollars, is typically designed to partly prepay future healthcare services at current rates. This helps avoid the higher costs that may arise later, if the person had not prepaid at a lower rate.

Additionally, the entrance fee ensures a guaranteed place to live within the community. It acts as an investment in the resident's future care, helping to offset expenses for more intensive care levels, such as assisted living or skilled nursing, if needed.

Essentially, residents move into the community while they are still fully independent, ready to take advantage of its myriad amenities. When they eventually need a higher level of care, such as assisted living, they receive it on-site without any direct increase in their monthly fees. By prepaying at today's rates, they protect themselves from future inflation and financial uncertainty.

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

The monthly fee includes a variety of services and amenities, such as:

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

• Taxes: Property taxes and related levies

• Maintenance: Repairs, equipment replacement, exterior cleaning, groundskeeping, lawn care, and snow removal

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

If you or your loved one are finding it difficult to afford the monthly fees for a Continuing Care Retirement Community (CCRC), there are several possible solutions. Downsizing the living arrangement is one option. Alternatively, you might seek assistance from a community benevolence fund, if available, which can help residents remain in the community even after their financial resources are exhausted. When researching retirement communities, it's essential to ask about their policies for residents who outlive their assets and whether they offer a benevolence fund.

NetCredit estimates that you need a little more than $613,328 to retire comfortably in Georgia.

The cost of living in a retirement community in Georgia depends on the type of care and the specific community. The National Investment Center for Seniors Housing & Care reports that the average monthly expense for living in a retirement community nationwide is $3,960. Of course, residents should consider other expenses. The good news is that Georgia has the 5th lowest cost of living in the country.

Georgia does not tax Social Security benefits, and withdrawals from pensions and retirement accounts are only partially taxed. Additionally, residents over 62 or those who are permanently disabled can qualify for a retirement income exclusion of $65,000. The state also offers various tax relief programs for retirees.

In a Continuing Care Retirement Community (CCRC), medical expenses are included in your contract, eliminating the need to determine their tax deductibility. Moreover, residents who itemize deductions can claim a substantial portion of CCRC fees as prepaid medical expenses, covering both the initial entrance fee and the ongoing monthly charges.