Normandy Farms Estates Pricing

A Continuing Care Retirement Community (CCRC) entrance fee is an initial payment made by residents upon moving into the community. This fee is intended in part to prepay for future healthcare needs at current prices, mitigating the impact of inflation over time. Additionally, the entrance fee secures a place within the community, acting as an investment in the resident's future care. It helps subsidize the costs of higher levels of care, such as assisted living or skilled nursing, if needed.

Residents typically move in while still independent, enjoying the community's amenities. When a higher level of care becomes necessary, it is provided on campus without a direct increase in the monthly fee, as these costs have already been prepaid, shielding residents from inflation and financial uncertainty. The specific terms and coverage associated with the entrance fee can vary based on the contract type selected.

The monthly fee for a Continuing Care Retirement Community (CCRC) covers a wide range of services and amenities designed to ensure comfort, convenience, and comprehensive care for residents. Here's a breakdown of what this fee typically includes:

• Housing
• Utilities including internet and TV access, plus property taxes
• Meals including fine dining opportunities
• Housekeeping services including laundry options
• Maintenance including home repair, lawn care, and snow removal
• Transportation including to doctor’s appointments or on excursions
• Activities including game nights and parties
• Amenities including swimming pools and hobby classes
• Security including emergency services
• Healthcare including assisted living and skilled nursing services

If a resident is unable to pay the monthly fee at a Continuing Care Retirement Community (CCRC), several steps and options may be available:

• Financial Assistance Programs (always check with a community to learn what they offer should funds become limited)
• Review Contract Terms
• Transition to Medicaid
• Family Support
• Relocation

According to Yahoo Finance, retiring comfortably in Pennsylvania requires about $817,000 in savings. This amount accounts for living expenses, healthcare, leisure activities, and other costs, allowing retirees to maintain a stable and enjoyable lifestyle throughout their retirement years.

Living expenses in Pennsylvania retirement communities vary depending on the type of care and the specific community. According to the National Investment Center for Seniors Housing & Care, the average monthly cost is $3,960. Pennsylvania generally has moderate living costs compared to other states, though prices can fluctuate widely based on the level of luxury, available amenities, and included healthcare services.

Pennsylvania is very tax-friendly towards retirees. Pennsylvania does not tax retirement income, which includes pensions, 401(k) distributions, and IRA withdrawals. Social Security income is not subject to state taxes. Pennsylvania has a low flat income tax rate of 3.07%, one of the lowest in the country. While property taxes can be relatively high, the state offers a Property Tax/Rent Rebate program to help eligible seniors, widows, widowers, and people with disabilities offset some of these costs. The state sales tax rate is 6%, with some localities adding up to 2% more. Overall, Pennsylvania’s tax policies can help retirees keep more of their income, making it an attractive state for retirement.

When living in a Continuing Care Retirement Community (CCRC), residents may be eligible for tax deductions on both entrance and monthly fees. A portion of these fees, which cover future healthcare services, can be deducted as medical expenses. To benefit from these deductions, residents must itemize their deductions on their federal tax return, and the total medical expenses must exceed a certain percentage of their adjusted gross income (AGI). The specific deductible amounts are typically provided by the CCRC in annual statements. Consulting a tax professional is recommended to fully understand and maximize these tax benefits.