As we grow older, it seems that the years fly by faster and faster. The holidays are a good opportunity to slow down, take stock of our priorities, and commit to refocusing on the things that matter most to us in life — whatever that might be. To quote Benjamin Franklin, “Dost thou love life? Then do not squander time, for that’s the stuff life is made of.”
2023’s top senior living blog posts
As the new year approaches, let’s take a look back at the five blog posts from 2023 that were most read by myLifeSite users.
Thanks to the wonders of the internet, the answer to just about any question is just a click away. Yet retirement communities’ websites often are hesitant to answer one very important question: How much does it cost to live there? Indeed, transparency with senior living pricing can be a touchy topic. Ultimately, it is about presenting a case for value versus cost. In this blog post, we examine the pros and cons of listing the cost of a retirement community on its website.
Residents of continuing care retirement communities often are able to take a tax deduction on a portion of their monthly fee (and even on any non-refundable portion of the entry fee in the first year) as a medical expenditure, either for care being received today or as pre-payment for care that may be received in the future. But there is sometimes confusion about whether this potential tax deduction is only available if the CCRC is a non-profit organization. We delve into this topic, with the caveat that you should always consult with a tax professional about your unique situation.
Again, because a CCRC (a.k.a., “life plan community”) provides residents with a full continuum of care services (if needed), a portion of a resident’s entry fee and monthly fee may be considered a prepaid healthcare expense. As a result, residents may be entitled to a tax deduction on a fairly significant portion of the entry fee in year one, as well as their monthly fees on an ongoing basis. This post explores other important financial considerations on this topic.
Many financial advisors understand assisted living and long-term care. However, they may be less familiar with life plan communities, which can be quite different from other types of senior living communities. Adding to the challenge, most financial planning software is not designed to account for the many potential cost variables that are inherent to the life plan senior living model. Here’s what you should know before your meeting with your financial planner and what to bring with you.
And our most viewed senior living blog post from 2023 was…
CCRCs are unique among senior living communities — both in their cost structure and the access they provide to care services. If you decide that a CCRC is the right senior living option for you, there are certain qualities you should look for in a community. In this blog post, we share a few of the characteristics that we believe are exhibited by the best life plan communities.
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The myLifeSite blog covers a wide range of educational topics that are important to seniors. You can visit our main blog page to see our most recent posts, sign up to receive a notification email when new posts are added, or use the keyword search to find previous posts on topics that are of interest to you. And if you are researching your senior living options, be sure to check out our free online retirement community search tool!
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